The National Student Financial Aid Scheme (NSFAS) provides financial assistance to many South African students to cover the costs of their tertiary education.
Once they are awarded the funding, students receive their allowances through an NSFAS Wallet.
This wallet allows for secure transactions, including cash withdrawals at participating stores.
The limits on these wallets determine how much you can withdraw from NSFAS.
What is a withdrawal limit?
A withdrawal limit refers to the maximum amount of cash you can take out of your account at a given time.
This limit can be set by your bank, ATM operator, or, in the case of NSFAS, by the participating stores where you can withdraw cash.
How much can you withdraw from NSFAS?
There are two ways to access your funds and withdraw from NSFAS:
- Cash withdrawals at participating stores: NSFAS has partnered with various retail stores like Shoprite, Checkers, Usave, and some Spar outlets. At these stores, you can use a voucher system to withdraw cash. There is a daily withdrawal limit that applies, ranging from R200 to R1000 depending on the store.
- In-store purchases at participating merchants: You can use your NSFAS funds to pay directly at any registered merchant. There’s no limit on how much you can spend at these stores, as long as the total doesn’t exceed your remaining allowance balance.
What is the NSFAS daily limit?
The daily withdrawal limit for cash withdrawals at participating stores falls between R200 and R1000.
It’s important to check with the specific store you plan to visit to confirm their exact limit.
How much is charged when you withdraw from NSFAS?
Currently, NSFAS does not charge any fees for withdrawing cash or making purchases with your NSFAS Wallet.
But you will be charged R12 + 1.5 percent for every ATM cash withdrawal you make. You will also have to pay a monthly fee of R65.
The participating stores might have their own transaction fees, so it’s always a good idea to check their policy before making a withdrawal.
Can I transfer NSFAS money to my bank account?
No, you cannot directly transfer funds from your NSFAS Wallet to a personal bank account.
NSFAS is designed to be used for approved educational expenses, and the in-store purchase and voucher system helps ensure these funds are used responsibly.
Can I check my NSFAS balance online?
Yes you can, and there are two ways to check your NSFAS balance:
- USSD code: Dial 134176# on your cellphone and enter your ID number. This will display your current cash balance and recent transactions.
- Online portal: Log in to the NSFAS Student Self-Service portal (https://my.nsfas.org.za/) using your ID number and password. This portal offers a more detailed view of your account activity and remaining allowance.
When checking your balance online, keep in mind there might be a slight delay between a transaction and its reflection in your account balance.