If you’ve been awarded NSFAS funding, congratulations to you.
Now you might be wondering, “How do I claim my NSFAS money?” This article will guide you through the process of accessing and using your NSFAS funds.
How Do I Claim NSFAS Money?
There are two main ways NSFAS disburses funds to students:
- NSFAS Wallet: This is the most common method. NSFAS will create a virtual wallet for you. You’ll receive an SMS notification prompting you to verify your account using the cellphone number you provided during application. Once verified, your NSFAS allowance will be deposited into your wallet.
- Fundi System: In some cases, NSFAS may use the Fundi system. Here, your allowance will be credited directly to your student account at your registered institution. You’ll receive an SMS notification from Fundi requesting your banking details. Once it is confirmed, the funds will be transferred to your bank account.
How Do I Withdraw NSFAS money?
If you have an NSFAS Wallet, you have two options for accessing your NSFAS money:
- Cash Withdrawal: You can withdraw cash at participating stores like Checkers, Boxer, U-Save, and some Spar outlets. These stores have daily withdrawal limits ranging from R200 to R1000.
- In-Store Purchases: You can directly use your NSFAS Wallet balance to pay for purchases at any NSFAS-registered merchant. This method has no spending limit, allowing you to spend your full allowance value at registered stores.
You cannot withdraw cash directly from the Fundi system.
If your institution uses Fundi, your allowance will be used to settle your outstanding fees first.
Any remaining balance will be deposited into your linked bank account.
How Do I Convert My NSFAS Voucher to Cash?
Although NSFAS does not issue traditional vouchers in the usual sense, the NSFAS Wallet system generates electronic vouchers when you choose to withdraw cash.
This is how it works:
- Dial *120*7687# on your cellphone (ensure it’s the number registered with NSFAS).
- Enter your PIN and select “Cash Voucher.”
- Enter your desired withdrawal amount.
- You’ll receive a voucher with a unique number.
- Present this voucher number to the cashier at a participating store for cash withdrawal.
Can I Transfer NSFAS Money to My Bank Account?
Currently, there’s no direct way to transfer funds from your NSFAS Wallet to your personal bank account.
But if you receive your NSFAS funding through the Fundi system and have a remaining balance after settling your fees, it will be automatically deposited into your linked bank account.
How Much Can You Withdraw from NSFAS?
The daily withdrawal limit for cash withdrawals from your NSFAS Wallet varies between participating stores and usually ranges from R200 to R1000.
However, there’s no spending limit when using your NSFAS Wallet balance directly at registered merchants.
How Much Does NSFAS Charge for Withdrawal?
NSFAS charges R12 + 1.5 percent fee for every ATM cash withdrawal. It also charges a monthly fee of R65 and a card activation fee of R50.
NSFAS funds are intended to cover only your educational expenses so use your allowance responsibly for textbooks, accommodation, meals, and transport related to your studies.