Standard Bank Shyft - be aware

[gboy]

I have a Standard bank Shyft account.

Please be aware of the limitations of this product, and use it wisely.

- They are prepaid cards and cannot be used at all merchants, so Netflix subscriptions ect are out.

- If you transfer into the USD wallet, you cannot transfer back into the ZAR wallet, you must do a full international transfer with the associated swift costs and paperwork. a bit stupid for $5.

- You cannot transfer from your ZAR Account into another SA Bank account, you must provide them with "Stamped Bank Statements" and they will manually transfer it back into your account. so if you want to use it for a day to day account, you cant as your money is "trapped".

- the Otherway if you want to get your money out of the Shyft wallet, you must go to an ATM, withdraw cash, then do a cash deposit into your other Bank and absorb the costs.

- Yes the physical rand Card allows Point of sale transactions, but that is a stupid way to draw down the balance.

Just very Frustrating as I have a few thousand I want to get out as I cannot use it to pay for my online purchases as intended.

 

[Jet-Fighter7700]

what about the Bidvest world cards, is it any better?

 

[backstreetboy]

what about the Bidvest world cards, is it any better?

Inactivity fee per month from month 13*** US$3

Madness.

 

[gboy]

what about the Bidvest world cards, is it any better?

I have no idea, the IDea of the Shyft cards is the ability to use create virtual cards and physical cards, so you can create a Netflix virtual card, Isolated from your Amazon Virtual card, etc.

Then with the Rand cards, you can do the same, as well have to have 3 Physical cards, the idea of the physical cards to pre-fund with an amount and give them to your kids/wife/housekeeper to buy food, movies, etc.

 

[Jet-Fighter7700]

Madness.

agreed, but besides this Shyft, what else can one use to walk around with US$ on them and use them safely.
its not like people like going around with 1USD$ bills in a fanny pack anymore, you just asking for a mugging.

if you wanted to get mugged, you could just go to the JHB CBD for that.

 

[Jet-Fighter7700]

I have no idea, the IDea of the Shyft cards is the ability to use create virtual cards and physical cards, so you can create a Netflix virtual card, Isolated from your Amazon Virtual card, etc.

Then with the Rand cards, you can do the same, as well have to have 3 Physical cards, the idea of the physical cards to pre-fund with an amount and give them to your kids/wife/housekeeper to buy food, movies, etc.

but you want to for overseas use? then yip not too many options out there for US$ cards.
unless you go with a FNB virtual card?

 

[gboy]

I the USD I can kind of understand, but not being able to get RANDS out of the RAND Card without a major issue is a turnoff. Oh and Support wipes their asses on you that is buried deep in the T&Cs. that this is how they operate, so just a warning, it's basically useless.

 

[MirageF1]

I haven't found it useless at all, on the contrary, very helpful actually.
Ít does what it says on the tin. I've made numerous payments on eBay, Skype, hell even used it for local McD or MrD can't remember for fun, and settling business account payments overseas.
Physical and virtual cards work great. Clever idea keeping only so much in a particular "card" for safety/security.

Yes there's the flat £10 charge for moving/paying into a overseas account and the drag of withdrawing back into local ZAR account but that s explained on their website and T+Cs

Perhaps you never understood what the card is for, or never did enough background research before signing up.

 

[Lukcydog]

I have a Standard bank Shyft account.

Please be aware of the limitations of this product, and use it wisely.

- They are prepaid cards and cannot be used at all merchants, so Netflix subscriptions ect are out.

- If you transfer into the USD wallet, you cannot transfer back into the ZAR wallet, you must do a full international transfer with the associated swift costs and paperwork. a bit stupid for $5.

- You cannot transfer from your ZAR Account into another SA Bank account, you must provide them with "Stamped Bank Statements" and they will manually transfer it back into your account. so if you want to use it for a day to day account, you cant as your money is "trapped".

- the Otherway if you want to get your money out of the Shyft wallet, you must go to an ATM, withdraw cash, then do a cash deposit into your other Bank and absorb the costs.

- Yes the physical rand Card allows Point of sale transactions, but that is a stupid way to draw down the balance.

Just very Frustrating as I have a few thousand I want to get out as I cannot use it to pay for my online purchases as intended.

I've used Shyft for more than 5 years so here are my comments:

- They are prepaid cards and cannot be used at all merchants, so Netflix subscriptions ect are out.
This is complete and utter BS. I have numerous subscriptions in USD so get your facts straight.

- You cannot transfer from your ZAR Account into another SA Bank account, you must provide them with "Stamped Bank Statements" and they will manually transfer it back into your account. so if you want to use it for a day to day account, you cant as your money is "trapped".
Have you tried using the "Request a refund function"? You need to empty the bank card back to the wallet and then request a refund...

- If you transfer into the USD wallet, you cannot transfer back into the ZAR wallet, you must do a full international transfer with the associated swift costs and paperwork. a bit stupid for $5.
Intent is relatively simple, they want to prevent people trading between ZAR/USD and vica versa...

I've found their support very helpful,

The fact that YOU don't understand what the product is for, is not a sign of a bad product.

LD

 

[gboy]

I've used Shyft for more than 5 years so here are my comments:

- They are prepaid cards and cannot be used at all merchants, so Netflix subscriptions ect are out.
This is complete and utter BS. I've used this since it was launched and I have numerous subscriptions in USD so get your facts straight.

- You cannot transfer from your ZAR Account into another SA Bank account, you must provide them with "Stamped Bank Statements" and they will manually transfer it back into your account. so if you want to use it for a day to day account, you cant as your money is "trapped".
Have you tried using the "Request a refund function"?

- If you transfer into the USD wallet, you cannot transfer back into the ZAR wallet, you must do a full international transfer with the associated swift costs and paperwork. a bit stupid for $5.
Intent is relatively simple, they want to prevent people trading between ZAR/USD and vica versa...

I've found their support very helpful,

The fact that YOU don't understand what the product is for, is not a sign of a bad product.

LD

this is from Shyft Support

Good day

For online transactions, you can only use a virtual card and not physical card.

You will unfortunately not be able to transfer forex to ZAR on the app. You will have to do an international transfer back to your SA bank account. Our product managers are working on that functionality though and it should be introduced beginning of next year.

If you want to transfer ZAR to another bank account, go ahead and do the devalue on the app as follows:
Go into the ZAR wallet and tap the 3 dots to the right of ZAR Cards button. The refund option will be there.

Once the above is done, you will have to email us a stamped bank statement for the destination account and we will action the refund for you. You can also withdraw it at an ATM using you physical card.

-------------------------------
And

also from Shyft Support

Our cards are prepaid cards. We cannot therefore facilitate payments to platforms that do not accept prepaid cards like subscriptions etc.

 

[Pho3nix]

As many others have said. Have a Shyft card for a couple subscriptions and no issues.
Was aware of the charge to refund but I usually just buy a voucher on Amazon for the amount etc and leave it there.

Not sure where you are going to find another platform that allows spot rate to convert to other currencies but okay :\

 

[Lukcydog]

this is from Shyft Support

Good day

For online transactions, you can only use a virtual card and not physical card.

You will unfortunately not be able to transfer forex to ZAR on the app. You will have to do an international transfer back to your SA bank account. Our product managers are working on that functionality though and it should be introduced beginning of next year.

If you want to transfer ZAR to another bank account, go ahead and do the devalue on the app as follows:
Go into the ZAR wallet and tap the 3 dots to the right of ZAR Cards button. The refund option will be there.

Once the above is done, you will have to email us a stamped bank statement for the destination account and we will action the refund for you. You can also withdraw it at an ATM using you physical card.

-------------------------------
And

also from Shyft Support

Our cards are prepaid cards. We cannot therefore facilitate payments to platforms that do not accept prepaid cards like subscriptions etc.

1. Are you trying to transfer to a different account than the one used to transfer to Shyft? Then this statement is correct.

2. I suggest you use the card and find out for yourself. I've got monthly subscriptions going off, as well as done numerous bookings for a trip to the USA (hotels, rental cars, flights) without issue. They dont say Shyft doesnt support subscriptions, they are saying, if the platform (ie doesnt support mastercard, which what shyft uses), then they cant do anything about that...

 

[isie]

I have a Standard bank Shyft account.

Please be aware of the limitations of this product, and use it wisely.

- They are prepaid cards and cannot be used at all merchants, so Netflix subscriptions ect are out.

- If you transfer into the USD wallet, you cannot transfer back into the ZAR wallet, you must do a full international transfer with the associated swift costs and paperwork. a bit stupid for $5.

- You cannot transfer from your ZAR Account into another SA Bank account, you must provide them with "Stamped Bank Statements" and they will manually transfer it back into your account. so if you want to use it for a day to day account, you cant as your money is "trapped".

- the Otherway if you want to get your money out of the Shyft wallet, you must go to an ATM, withdraw cash, then do a cash deposit into your other Bank and absorb the costs.

- Yes the physical rand Card allows Point of sale transactions, but that is a stupid way to draw down the balance.

Just very Frustrating as I have a few thousand I want to get out as I cannot use it to pay for my online purchases as intended.

are you saying that its


Shyfty