Fundi, South Africa’s leading education finance provider, has helped countless students pursue their academic dreams by offering financial solutions like tuition loans, device loans, and MBA loans.
One of Fundi’s popular products is the Fundi Card, which allows students and beneficiaries to access funds for educational purposes easily.
With a Fundi Card, students can make purchases, pay for tuition, and even withdraw money from ATMs. If you’re wondering how to withdraw money from your Fundi Card, this article will walk you through the entire process step by step.
Fundi Card
The Fundi Card is a prepaid card linked to your Fundi account, designed to help beneficiaries access their funds quickly and conveniently.
The card is typically issued to individuals who are eligible for Fundi’s loan products. It allows you to make purchases for educational expenses and withdraw cash from ATMs or bank counters.
This card is a prepaid solution, meaning it can only be used for transactions within the available balance. This balance is typically funded through your loan or other amounts deposited into your Fundi account.
How Does the Fundi Card Work?
The Fundi Card operates much like a standard debit card, but it is not linked to a bank account. Instead, the funds are provided by Fundi, which means the money you can access is determined by the amount available on your account balance.
You can use the Fundi Card for:
- Tuition payments
- Purchases related to your education, such as books or devices
- ATM withdrawals
The card offers a simple, convenient way to access and manage your education-related funds.
Requirement to Withdraw Money from a Fundi Card
Before you can withdraw money from your Fundi Card, you need to take a few key steps.
First, ensure that you’ve activated your Fundi Card. This typically involves registering the card online through the Fundi portal, confirming your identity through a PIN or other security methods, and linking the card to your Fundi account, where your funds are managed.
Next, make sure that there are sufficient funds in your Fundi account. The amount you can withdraw is based on the balance available. If your balance is low, you may need to contact Fundi for assistance or deposit additional funds.
Finally, locate an ATM that accepts Visa or Mastercard. Most ATMs in South Africa, especially those from major banks like Standard Bank, Absa, and FNB, accept Visa and Mastercard. Check the back of your Fundi Card to confirm which ATMs are compatible with it.
How to Withdraw Money with Your Fundi Card
Once your card is activated and you’ve ensured that there are sufficient funds, withdrawing money is easy.
Insert your Fundi Card into an ATM that supports Visa or Mastercard. After inserting the card, the ATM will prompt you to enter your PIN for security purposes. This is the same PIN you created during the activation process, so be sure to keep it safe to avoid unauthorized access to your funds.
Once you’ve entered your PIN, you’ll be presented with several options on the ATM screen. Choose the “Withdrawal” option. Some ATMs may ask you whether you’re making a withdrawal from a chequing or savings account. Select chequing if prompted.
Now, enter the amount you wish to withdraw. The ATM will only allow you to withdraw what is available in your Fundi account. Be mindful of any ATM withdrawal limits that might apply. If the amount exceeds your balance, the ATM will decline the transaction.
After confirming the withdrawal, the ATM will process the transaction. If successful, you’ll receive the cash and a printed receipt, while your Fundi Card will show a deduction for the amount withdrawn. Your updated balance will also reflect the withdrawal.
Fees Associated with ATM Withdrawals
While withdrawing money from your Fundi Card is simple, it’s essential to be aware of potential fees. ATM withdrawal fees can vary depending on the ATM provider and the type of transaction. If you use an ATM outside of Fundi’s network or your bank’s network, a small fee may apply.
International transactions could also incur extra charges, so be mindful if you are withdrawing money from an international ATM. Additionally, Fundi may charge a maintenance fee for cardholder services, so be sure to check with Fundi for a full breakdown of any costs associated with your card.
Other Ways to Access Funds from Your Fundi Card
While withdrawing cash from an ATM is the most common way to access funds, there are other methods available. You can use your Fundi Card for in-store purchases related to your education, such as books, stationery, and devices. Swipe or tap the card at the point of sale and enter your PIN to complete the transaction.
Fundi Cards can also be used for online purchases. You can pay for educational resources or make tuition payments through online payment systems that accept Visa or Mastercard. The card is a flexible tool for managing your educational expenses in multiple ways.
Additionally, if you need to transfer funds to another account, you can do so through a bank or Fundi’s online platform if that service is available. Fundi may also allow for some fund transfers to other beneficiaries under specific conditions.
Managing Your Fundi Card Balance
You can check your balance by logging into your Fundi account online or through the Fundi mobile app.; This gives you an up-to-date view of your available funds, which helps you make informed decisions.
Setting up alerts through Fundi’s website or mobile app is another excellent way to monitor your balance. You can receive notifications when your balance reaches a certain threshold, preventing you from accidentally attempting a withdrawal that exceeds your available funds.
If you need help with your card or experience any issues, Fundi offers customer support to assist with troubleshooting. You can contact their support team through their website or by phone to resolve any problems.
Fundi Card Withdrawal Issues
While withdrawing money from your Fundi Card is typically straightforward, you may occasionally need help with problems. Here are some common issues and their solutions:
- Insufficient funds: If the ATM rejects your transaction, check your Fundi account balance to ensure you have enough money. If your balance is low, you can deposit more funds into your Fundi account.
- ATM errors: If the ATM malfunctions or fails to dispense cash, contact the ATM provider immediately for assistance.
- Card not working: Ensure your Fundi Card is activated and linked adequately to your Fundi account. If the problem persists, reach out to Fundi support for further assistance.
Withdrawing money from your Fundi Card is a simple and convenient process. Whether you need to access cash from an ATM, make purchases for educational materials, or manage your balance, the Fundi Card provides a reliable way to handle your education-related finances.