In today's fast-paced world, instant payments are becoming increasingly popular. These payments are processed and completed almost instantly, allowing money to be transferred from one account to another in seconds.
Immediate payments are typically used when funds need to be transferred quickly, such as in emergencies or when a time-sensitive transaction needs to be completed. This can also include sending money home for occasions likeRamadan orEaster. A better option, in these cases, than using a traditional bank to transfer money is Mama Money. Mama offers a faster and more convenient way to transfer money online instantly.
If you need to send money instantly, two main options are available: traditional banks and online money transfer services like Mama Money.
Let's take a closer look at the costs and benefits of each.
What are the costs of sending money internationally? Banks versus Mama Money
Every bank is different, but generally, you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally. The updated bank fees are not transparent and quite difficult for users to find - in most cases, you’ll need to get a quote from the Forex section of the bank’s website or app.
Mama Money’s fees are transparent, and once you download our app, you’ll be able to see exactly how much money your recipient will receive and how much the transfer fees will be for your transaction.
Immediate Payments: What are they, and how do they work?
Immediate payments, also known as real-time payments or instant payments, are electronic transfers of funds that are completed almost instantly. Unlike traditional payment methods, immediate payments are processed in real-time, allowing the funds to be transferred from one account to another within seconds.
Immediate Payments: Banks vs Mama Money
Banks
- Security: Banks are known for their high level of security, making them a popular choice for people who want to ensure their money is safe.
- Reliability: Banks have been around for a long time and have established reputations, making them a reliable option for people who need to send money.
- High fees: Banks are known for charging high fees for immediate payments, which can add up over time.
- Slow transaction times: Although banks are reliable, their transaction times can be slow compared to alternative payment providers.
- Poor exchange rates: Banks often offer poor exchange rates, which can result in you paying more than you need to for your transfer.
Mama Money
- Low fees: Mama Money offers lower fees for immediate payments, making it a cost-effective option for people who need to send money regularly.
- Fast transaction times: Mama Money's real-time payment system allows for fast and secure processing of payments, making it an excellent option for emergencies.
- Customer service: Mama Money offers customer service 24/7 to help you with any issues you experience on the app. Our customer service team is also available to chat in your language!
Ultimately, choosing between using a bank or Mama Money depends on individual needs and circ*mstances, and it is important to consider all options carefully before deciding. When choosing the best payment method for different situations, there are several factors to consider. For example, transaction size, currency exchange rates, and transaction speed are important factors to consider when choosing between a bank and an alternative payment provider like Mama Money.
Immediate payments can prove to be a lifesaver in many real-life situations. For instance, if someone suddenly falls ill and requires urgent medical attention, immediate funds are necessary to cover the medical expenses. Similarly, if a friend or a family member faces an emergency, immediate financial assistance can help them tide over the crisis. In addition, immediate payments are crucial in business transactions where prompt payment can secure better deals and establish credibility.
For people with relatives living in different countries, immediate payments offer a convenient way to send money quickly without worrying about transactional delays or poor exchange rates.
Mama Money is an excellent option for anyone who needs tosend money instantly. Compared to traditional banks, Mama Money offers lower fees, faster transaction times, and features such as transaction tracking on the app so you'll know exactly where your money is.
Whether you need to send money to a loved one in an emergency or to conduct business transactions quickly and securely, Mama Money can be a great choice. With our real-time payment system, you can be confident that your money will be transferred quickly and securely.
Why not try Mama Money and experience the benefits of instant payments for yourself?
FAQs
All Mama Money customers can upgrade their accounts, and it is easy to do - here's everything you need to know to do it. Open the Mama Money App and log in to your account. Then select “More Money Home” to start the simple upgrade process to send higher limits of up to R50,000 per transaction.
Why is Mama getting a check for $10000 What effect does this money have on the family? ›
Quick answer: Mama is receiving a $10,000 check from her husband's life insurance payout. The money represents a chance for the Younger family to improve their lives, with each member having different ideas on how to use it.
How much does Mama Money charge? ›
If you use Mama Money, the fee would be only R25, which is just 1.25% of the total amount sent. In comparison, other money transfer services might charge you upwards of R200, which is a 10% fee.
How to send money home using Mama Money? ›
Send money using the USSD Code
- Dial *134*542# on your registered and select “Send Money” on option 1.
- Enter your recipient's details and payout method - cash collection, wallet, or bank top-up.
- Go to Home by selecting option 0 and choose "Send Money" for option 1.
You can get higher limits by verifying your identity. Learn more about your limits below, or check out the Limits section in the settings section of your app. Before you verify your identity, you can send and receive up to $1,000 on a rolling 30-day period. There's also a total account limit of $1,500.
How can I increase my mobile money limit? ›
How can I upgrade my MoMo wallet limit?
- Enter your phone number to receive OTP.
- Select MoMo Enhancement Form.
- Fill the form and upload a picture of a valid ID card.
- Upload a Utility Bill in your name or Bank statement in your name or Notarized Tenancy agreement.
- Click on submit.
- An SMS will be sent with Ticket Number.
Mama receives a check for $10,000, a life insurance payout from the death of her husband. Mama wants to use the money to buy a house for the family. Her son, Walter, wants Mama to give the money to him so he can open a liquor store. Mama initially refuses because it goes against her religious beliefs.
Why does Mama buy a house in an all-white neighborhood? ›
Why does Mama buy a house in an all-white neighborhood? Mama wants to buy a house to secure a more comfortable standard of living for the whole Younger family.
Why does Mama give Walter the money? ›
She believed the realization of her dream could eventually open the door for other family member's dreams. When she realizes she was doing to Walter what the rest of the world was doing, not giving him a chance to be a man, she corrected her actions by giving Walter part of the money to open a personal bank account.
Which bank does Mama Money use? ›
Mama Money partnered with Access Bank, which has over 40 million customers across Africa, to launch its bank card.
If partial or full payment has been received by Mama Money and pay-out to the designated recipient has not yet occurred due to incorrect information supplied by you or due to a cancellation of a money order prior to pay-out, you can contact us on the WhatsApp number 066 104 1097 to request a refund.
How long does Mama Money take? ›
With Mama Money, transfers to mobile wallets and cash collection are sent within minutes and transfers to bank accounts, on average, take 5 hours to be received but can take up to 48 hours to reflect, depending on your recipient's institution.
What is the alternative to Mama Money? ›
Mama Money's competitors and similar companies include Meerkat Financial, Tik, Wallit and Fin.do.
How do I collect my Mama Money? ›
Create your order in the Mama Money App and select Cash as your payment method for your transaction. Go to your nearest Flash store. Ask for Cash Sends with Mama Money. Provide your Mama Money order reference number that will be SMS'd to you.
Who is the owner of Mama Money? ›
I'm Mathieu Coquillon, the co-founder and Director of Mama Money, South Africa's trusted name for convenient, affordable, and community-driven cross-border money transfers.
How do you increase your cash App limit? ›
Increase Limits
If you have verified your identity using your full name, date of birth, and your SSN, then you will have higher limits. If we are unable to verify your account using this information, we may ask you to provide additional information. We're unable to verify anybody under the age of 18.
What is the maximum amount you can add to cash App? ›
With Paper Money deposits, you can deposit up to $1,000 per rolling 7 days, and $4,000 per rolling 30 days. Transactions must be a minimum of $5 and cannot exceed $500 per deposit. The 7-day and 30-day limits are based on a rolling time frame.
How do I limit access to my money? ›
Lock it away
With a term deposit, your savings are locked away until the term ends. There are usually penalties if you take your money out early, which can stop impulse spending in its tracks. To help your savings grow even more, tell the bank to roll your term deposit over when the term ends.
