Payments to crypto exchanges blocked from Capitec's app and business web interface

Maybe Capislet thinks crypto is a scam?
No. I think they had a problem with fraud -- crypto is a way to get money out of an account digitally without relying on money mules. A phising operation in India or Nigeria can use crypto to extract money from compromised accounts from the luxury of their own homes....
 
Just means one extra step to transfer to Tymebank. This is ridiculous.
 
No. I think they had a problem with fraud -- crypto is a way to get money out of an account digitally without relying on money mules. A phising operation in India or Nigeria can use crypto to extract money from compromised accounts from the luxury of their own homes....
This was my guess too.

We've often seen Capitec accounts used as the exit point for a scam.

FNB and Standard Bank accounts too, but Capitec has had most success in the lower-income demographic that scammers target with a sob story and a fee to use their bank account under some false pretence.

With intensified surveillance between banks and cash withdrawals being inconvenient, perhaps criminals were using crypto exchanges as a way to get their ill-gotten gains out of their patsy's bank account.
 
Who needs crypto when you have Capitec?
Their international payments are amazing: When I send money to Interactive Brokers in the US, it's credited within a couple of hours. So it's faster than an EFT within SA! And the costs are also the best: R175 + 0.3%

But the limit is only R250k and there are many smaller countries they don't send to. Countries that are not on the FATF grey list.
 
This was my guess too.

We've often seen Capitec accounts used as the exit point for a scam.

FNB and Standard Bank accounts too, but Capitec has had most success in the lower-income demographic that scammers target with a sob story and a fee to use their bank account under some false pretence.

With intensified surveillance between banks and cash withdrawals being inconvenient, perhaps criminals were using crypto exchanges as a way to get their ill-gotten gains out of their patsy's bank account.
What I don't get is how the banks can't stop this fraud. They have all these fancy smancy measures that gets you a call when you use your account in a different location or suddenly get a large payout yet claim to be unable to track and investigate accounts that have been practically dormant or new accounts but now get multiple R10k doposits.
 
“We recognise the increasing interest in cryptocurrencies and encourage users to utilise Capitec Pay as a secure alternative for transactions.”
sneaky, I don't believe Capitec Pay is any more "secure" than a normal EFT, it does bring the bank more direct income though as it is their own custom payment rail ...

this is likely the bit that got the VALR CEO's panties in a twist ... Luno already has Capitec Pay, VALR apparently does not :ROFL:
 
sneaky, I don't believe Capitec Pay is any more "secure" than a normal EFT, it does bring the bank more direct income though as it is their own custom payment rail ...

this is likely the bit that got the VALR CEO's panties in a twist ... Luno already has Capitec Pay, VALR apparently does not :ROFL:
How much does Capitec Pay cost?
 
Next article will be about Capitec whingeing that it lost so many customers.
 
Just got the mail from Luno. Interestingly it makes no mention of Capitec Pay or that you can still make deposits using the web interface.
 
Late to the party here! But on ly just realized that Capitec are also blocking payments via PayPal. And when querying it, you get ridiculous BS like this:

I'm a simple man and not sophisticated with all the fancy tech banks have but can someone please help me understand how an outbound payment via paypal with my linked capitec card is considered gambling / trading? I want to purchase a stupid email app called Chuck Email and they only accept Paypal or I have to purchase via App store for a ton more money.

What am I missing here.

The query below was asking why PayPal transactions are being blocked.

Seems to me they want to force customers to use Capitec Pay which is actually more expensive than Paypal transactions.

Thank you for your email.

Kindly be advised that the below is considered gambling/trading which is restricted.

We would like to remind you that any online investments involving gambling or trading are strictly prohibited. This includes any purchases that are classified under these categories.

Therefore, we kindly ask that you refrain from purchasing any investments that involve gambling or trading.

Kindly be advised you are allowed to purchase cryptocurrency and fund a forex/Gold trading account as prescribed in Section B.4 (A) of the Currency and Exchange manual, which prescribes a bank-to-bank transfer such as a Swift payment.(optional).

The Global One Card (your Capitec bank card) may not be used for this purpose and Capitec Bank reserves the right to decline the authorisation of these transactions.

We now offer an outward international payment service through Mercantile Bank. Interested clients may contact the Interbank Forex team on +27 21 809 4501 email [email protected] to make use of this product/service.

The Interbank Forex team will arrange for a Mercantile Bank consultant to contact the client and open a Mercantile Bank Trading Account as well as guide the client through the Outward International Payment Process.

Should you require any further assistance on our end, you may send us a new email at[email protected].

Alternatively, You may add and save the Capitec WhatsApp number (067 418 9565) as a contact on your phone or visit any of your nearest Capitec Bank branches.
 
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