If you are new to South Africa, banking here can feel like learning a new language on top of everything else. Terms like EFT, FICA, OTP, and cash send get used all the time, but nobody stops to explain what they actually mean.
This guide is for you. We have broken down the most important banking and finance words you will come across in South Africa, explained in plain English, grouped by the things you actually do with your money. No jargon. No confusion. Just clear, useful information, with links to Mama Money products that make each of these things easy.
These are the words you will hear most often when opening or managing a bank account in South Africa.
Bank account
A bank account is a place to safely store your money with a registered financial institution. In South Africa, you can use your bank account to receive your salary, make payments, and send money. Most banks require a South African ID to open an account. The Mama Money Card accepts any valid passport or asylum document, so foreign nationals can open a bank account without a South African ID.
EFT (Electronic Funds Transfer)
An EFT is a digital payment from one bank account to another. Your employer might pay your salary by EFT. You can also use EFT to load money into your Mama Money Wallet or to pay for a money transfer. To pay Mama Money by EFT, simply add Mama Money as a Public Beneficiary in your online banking app and use your cellphone number as the payment reference.
Available balance
Your available balance is the amount of money in your account that you can actually use right now. It may be different from your total balance if you have a pending transaction or a recent load that has not yet cleared. Always check your available balance before making a payment or sending money home.
Account number
Your account number is the unique number that identifies your bank account. You will need to give this to your employer so they can pay your salary directly into your account. Mama Money Card holders can find their account number in the Mama Money App or via WhatsApp banking.
Branch code
A branch code is a number that identifies which bank and branch your account belongs to. Some employers or payment systems ask for this alongside your account number when setting up salary payments. Your Mama Money Card branch code is available in the app under your bank details.
Mama Money tip
Most South African banks turn foreign nationals away because they do not have a South African ID. The Mama Money Card gives you a bank account, with your own account number and branch code. All you need is your passport, asylum document, or SA ID. Sign up on the Mama Money App in minutes. No branch visits. No queues.
Open your account todaySending money home is one of the most important things you do with your money. Here are the key terms that come up when you make an international transfer.
Remittance
A remittance is money that you send from one country to another, usually to support your family back home. Remittances are one of the most important financial flows in the world, and for many families, they are a lifeline. Mama Money exists to make remittances faster, fairer, and easier for foreign nationals in South Africa. You can send money home to 90+ countries across Africa, Asia, and Europe.
Exchange rate
The exchange rate is the value of one currency compared to another. For example, how many Zimbabwean dollars, Malawian kwacha, or Indian rupees you get for every South African rand. Exchange rates change every day, which affects how much money arrives on the other side of your transfer. Mama Money shows you the full price before you confirm your transfer. What you see is what you pay, with no hidden charges added on top.
Recipient
The recipient is the person who will receive your money. When you set up a transfer on the Mama Money App or WhatsApp, you will be asked to add your recipient's details: their name, country, and how they want to receive the money (mobile wallet, bank account, or cash collection).
Mobile wallet
A mobile wallet is a digital account linked to a phone number, used to receive and spend money. In many African countries, mobile wallets are more commonly used than traditional bank accounts. When you send money home with Mama Money, your recipient can receive funds directly into their mobile wallet, often within minutes. Popular mobile wallets include EcoCash in Zimbabwe, Airtel Money in Malawi, and M-Pesa in Kenya.
Cash collection
Cash collection (also called cash pickup) is when your recipient collects your transfer as physical cash from a local agent or partner location in their country. It is ideal when your recipient does not have a mobile wallet or bank account. With Mama Money, cash collection transfers typically arrive within minutes, so your family does not have to wait.
Transfer limit
A transfer limit is the maximum amount of money you are allowed to send per day or per month, set by your money transfer provider and by South African financial regulations. With Mama Money, the standard limit is R25,000 per day. You can upgrade your account to send up to R50,000 per order and R100,000 per month.
Mama Money tip
Send to Zimbabwe, Nigeria, Malawi, India, DRC, Ghana, Bangladesh, and many more. Low fees. No hidden charges. Send via the Mama Money App or WhatsApp. Your family can collect cash or receive in their mobile wallet, often in minutes. Pay by EFT or cash at Pick n Pay, Shoprite, Spar, Makro, and more.
Send money home todayOnce you have a bank account, these are the terms you will use most often when paying for things, withdrawing cash, or managing your card.
Debit card
A debit card is linked directly to your bank account and uses your own money, not borrowed money, every time you make a payment. You can use it to pay in stores, shop online, and withdraw cash from ATMs. The Mama Money Card is a debit card accepted anywhere Mastercard is used in South Africa.
PIN (Personal Identification Number)
Your PIN is a secret 4-digit number you use to confirm payments and ATM withdrawals. Never share your PIN with anyone. If you forget your PIN or want to change it, Mama Money Card holders can reset it directly in the Mama Money App or via WhatsApp. No need to visit a branch.
OTP (One-Time PIN)
An OTP is a short code sent to your phone by SMS to confirm a transaction, especially for online payments and EFT transfers. It is an extra layer of security that helps protect your money. If you do not receive an OTP, check that the mobile number on your account is correct and that you have signal. Contact Mama Money support if the problem continues.
Contactless payment (tap to pay)
Contactless payment lets you pay at a store by simply tapping your card on the payment machine. No PIN required for smaller amounts. It is fast, safe, and widely available across South Africa. The Mama Money Card supports contactless payments at any store that accepts Mastercard.
Cash send
A cash send is a way to send money to someone within South Africa so they can collect it as cash at a retail store, like Pick n Pay, Shoprite, or Checkers. The recipient does not need a bank account to collect. With the Mama Money Card, cash sends cost R19 per transaction, with a per-transaction limit of R3,000 and a daily limit of R25,000.
Cash load
A cash load is when you add physical cash to your card or wallet by paying cash at a retail partner, such as Pick n Pay, Shoprite, or Spar. This is useful if you are paid in cash and want to move your money into your account safely. Cash load fees vary by store. The Mama Money App shows you the cheapest option near you.
Bank transfer out
A bank transfer out is when you send money from your account to another South African bank account by EFT. The Mama Money Card supports bank transfers out, meaning you can pay rent, send money to a friend's Standard Bank or Absa account, or pay any other South African bank account directly from your Mama Money Card. This costs R5 per transfer.
Mama Money tip
With the Mama Money Card, you can check your balance, view your bank details, freeze your card, buy airtime, data, electricity, vouchers and DStv, and send money, all from the Mama Money App or WhatsApp. No branch visits. No queues. Banking on your terms.
Get the Mama Money CardFees are a normal part of banking. Understanding what you are being charged, and why it matters, helps you choose the right account and avoid unexpected costs.
Monthly account fee
A monthly account fee is a fixed charge for keeping your bank account open, usually deducted from your account once a month. The Mama Money Card charges R29 per month, one of the lowest monthly fees available in South Africa. For this, you get a bank account with salary deposits, card payments, app and WhatsApp banking, and the ability to send money internationally.
Transaction fee
A transaction fee is a charge applied each time you do something with your account, like withdrawing cash at an ATM, making a cash send, or transferring money to another bank. Different transactions have different fees. The Mama Money Card fee schedule is published in full so you always know what you will pay before you act. A full fee breakdown is available on the Mama Money Card page.
Currency conversion fee
When you send money internationally, your rands need to be converted into the recipient's currency. Some providers add a hidden fee on top of the exchange rate, meaning you get less money on the other side than expected. Mama Money shows you the full price upfront before you confirm any transfer. The rate you see includes everything. No surprises.
Decline fee
A decline fee is charged when a payment is rejected because you do not have enough money in your account. The Mama Money Card charges R4.50 for a decline at a shop, R8.59 for an ATM decline, and R1.50 for an online purchase decline. To avoid these, always check your available balance before making a payment.
South African banks are required by law to verify who you are before opening an account. Here are the key terms around documents and identity, and what they mean for you as a foreign national.
FICA (Financial Intelligence Centre Act)
FICA is South African law that requires all banks and financial institutions to verify the identity of their customers. This is why every bank or money transfer service asks for your ID documents before you can open an account or make a transaction. It is not personal. It applies to everyone in South Africa, including South African citizens. It exists to prevent fraud and money laundering.
KYC (Know Your Customer)
KYC is the process a financial institution uses to verify who you are, usually by checking your identity documents and confirming your details. In South Africa, KYC is required before you can use most banking services. With Mama Money, you can complete your KYC entirely on the Mama Money App by uploading a photo of your document and a selfie. No need to visit any office or branch.
Proof of identity
Proof of identity is a document that confirms who you are. In South Africa, accepted forms of proof of identity include a South African ID, a valid foreign passport, or an asylum or refugee document. The Mama Money Card and Mama Money Send service accept all three, so you do not need to be a South African citizen to open an account or send money.
Proof of address
Proof of address is a document that shows where you live, such as a recent utility bill, bank statement, or lease agreement in your name. Most South African banks require this before they will open an account. Many foreign nationals do not have a South African proof of address, which is one of the main reasons they get turned away at traditional banks. The Mama Money Card does not require proof of address. Your passport or asylum document is enough.
Bank statement
A bank statement is an official record of all the transactions in your bank account over a set period, usually one month. It shows your deposits, withdrawals, fees, and closing balance. You may need your bank statement when applying for a lease, setting up a salary payment with an employer, or applying for certain services. Mama Money Card holders can access their bank statement directly in the Mama Money App.
Important
Traditional South African banks often turn foreign nationals away because they cannot provide a local proof of address. Mama Money is different. All you need to open your Mama Money Card account is your passport or asylum document. That is it. No proof of address. No South African ID. No branch visit. Mama makes it happen.
Sign up nowNow you know the words. Mama Money makes the rest easy. Open a bank account with your passport, send money home to 90+ countries, and manage everything from your phone.