How to transfer money from NSFAS wallet to your bank account

Many South African students rely on the National Student Financial Aid Scheme for financial support during their studies.

NSFAS disburses these funds electronically through an NSFAS wallet.

While it might seem convenient to transfer this money directly to a bank account, NSFAS currently doesn’t offer a direct transfer option.

However, there are ways to access your funds.

This guide will explain how to use your NSFAS wallet effectively and safely.

Can I Link My NSFAS Wallet to My Bank Account?

No, you cannot directly link your NSFAS wallet to your bank account.

The NSFAS wallet acts as a separate account specifically designed to manage your student allowance.

However, you can still access your funds through alternative methods provided by NSFAS.

How Do I Withdraw Cash from My NSFAS Wallet?

There are two main ways to withdraw cash from your NSFAS wallet:

  1. Cash Vouchers: This is the most common method. You can generate cash vouchers through the NSFAS mobile app or online portal. These vouchers display a unique code that you can redeem for cash at participating retailers.
  2. In-Store Payments: Some participating stores allow you to make direct payments using your NSFAS wallet at the point of sale. This eliminates the need for cash vouchers.

What Can I Use My NSFAS Allowance For?

Your NSFAS allowance is intended to cover essential expenses related to your studies. This includes:

  1. Tuition fees
  2. Accommodation costs
  3. Books and learning materials
  4. Living expenses (food, transport, etc.)
  5. Travel to and from your institution

It’s important to manage your funds responsibly and prioritize these essential needs.

Misusing your allowance could lead to financial difficulties and potentially impact your studies.

How Do I Check My NSFAS Wallet Balance?

There are several ways to check your NSFAS wallet balance:

  1. Mobile App: Download the NSFAS mobile app and log in using your credentials. The app will display your current balance.
  2. Online Portal: Access your myNSFAS account on the NSFAS website. Once logged in, navigate to the “Wallet” section to view your balance.
  3. USSD Code: Dial 134176# on your phone and follow the prompts to view your balance.

What are NSFAS Cash Vouchers?

Cash vouchers are electronic codes generated through your NSFAS wallet.

These codes represent a specific amount of money you can withdraw at participating stores.

Below is the process:

  1. Generate a Voucher: Access the NSFAS app or online portal. Select the “Generate Voucher” option and enter the amount you want to withdraw.
  2. Receive the Voucher: You’ll receive a unique code via SMS or displayed on the screen. This code represents your voucher.
  3. Redeem the Voucher: Visit a participating retailer displaying the NSFAS logo. Present your voucher code at the cashier to receive cash. The retailer will deduct the voucher amount from your NSFAS wallet balance.

Where Can I Use NSFAS Cash Vouchers?

Cash vouchers can be redeemed at a wide range of stores across South Africa.

These stores include major retailers like Pick n Pay, Shoprite, Boxer Superstores, and Checkers.

You can also use them at participating pharmacies, clothing stores, and hardware stores.

Can I Open a Bank Account with My NSFAS Funds?

While you cannot directly transfer funds from your NSFAS Wallet to a bank account, you can certainly open a bank account and manage your NSFAS allowance there. Here’s how:

  1. Choose a Bank: Research and select a bank that caters to students and offers features that suit your needs. Consider factors like monthly fees, minimum balance requirements, and accessibility (branch network or online banking options).
  2. Open a Student Account: Many banks offer student accounts with benefits like lower fees and special features.
  3. Update Your NSFAS Details: Once you have a bank account, log in to your NSFAS online portal and update your banking information under “Profile Information.” NSFAS will verify your details with your chosen bank.

What If I Don’t Have a Bank Account?

If you don’t currently have a bank account, opening one with your NSFAS allowance is a great way to manage your finances effectively.

Here are some other options:

  1. Shop around: Compare different banks and student account options to find the best fit for you.
  2. Consider online banks: These offer convenient features and may have lower fees compared to traditional banks.
  3. Start small: You don’t need a large initial deposit to open a bank account. Begin with a portion of your NSFAS allowance and gradually build your savings.