(Beta Release: 26 April 2022)

To comply with FICA (Financial Intelligence Centre Act no. 38 of 2001) regulations, we need to verify your identity and other relevant information.

There are two levels of disclosure available when you sign up with Bettr: FICA Lite and FICA Plus. To upgrade from FICA Lite to FICA Plus, you must provide a proof of residence too Bettr.

The below table lists the various transaction limits applicable to both FICA Lite and FICA Plus:

Bettr Account Limits

FICA Lite

FICA Plus

Card Limits

Point of Sale Transaction

Limit per card transaction

R8,000

Unlimited

Point of Sale Transactions

Total spend limit for all card transactions in a day

R8,000

Unlimited

ATM Cash Withdrawal

Limit per cash withdrawal transaction.

R2,000

Unlimited

ATM Cash Withdrawal

Total limit of all cash withdrawals transactions in a day.

R5,000

Unlimited

Account Limits

Account Balance

The combined balances of your transactional and savings accounts may not exceed this amount

R100,000

R1,000,000

Electronic Fund Deposit

A single external electronic deposit (credit) may not exceed this amount per transaction

R50,000

R1,000,000

Electronic Fund Deposits

A single external electronic withdrawal (debit) may not exceed this amount per transaction

R50,000

R1,000,000

Electronic Fund Withdrawal

Total external electronic withdrawals (debits) may not exceed this amount in a month

R20,000

R1,000,000

Electronic Fund Withdrawals

Total external electronic withdrawals (debits) may not exceed this amount in a month

R150,000

Unlimited

How to correctly capture your residential address:

  • House address:

    Start capturing your residential address by entering the following details in sequence:

  • Street number

  • Street name

  • City

  • Flat address:

Start capturing your residential address by entering the following details in sequence:

  • Street number

  • Street name

  • City

Then specify the following details:

  • Flat unit number

  • Flat name

  • Complex address:

Start capturing your residential address by entering the following details in sequence:

  • Street number

  • Street name

  • City

Then specify the following details:

  • Complex unit number

  • Complex name

Bettr automatically detects your province and postal code via location enabled settings using Google maps. Please ensure you select the correct suggested location based on the information you entered.

Accepted proof of residential address:

Bettr is required in terms of FICA to verify your residential address, and to do this, we need to obtain a document as proof. Please take note that all documents must be either original, original certified copies, or original electronic version.

Please bear in mind the following requirements for your proof of address document below:

  • Always make sure that the proof of address document be:

    • In your name, or

    • If you are married, in your spouse’s name (accompanied by a marriage certificate), or

    • In your partner’s or spouse’s name (accompanied by a cohabitation declaration by your spouse or partner together with their proof of residence and identity document)

    • If you are younger than 16 years, in the name of your parent (accompanied with your birth certificate), or

    • If you are younger than 16 years, in the name of your parent (accompanied with a cohabitation declaration by your parent together with their proof of residence and identity document).

  • The document must reflect the name (as above) AND the physical address of the property

  • The document must be the most recent version available:

    • Documents issued monthly (e.g. utility bills) must be less than 3 months old, and

    • Documents issued annually (e.g. SARS documents) must be less than 12 months old.

The following types of documents are accepted by Bettr as proof of residential address:

  • Utility bill

  • Bank statement from another bank

  • Formal lease or rental agreement

  • Municipal rates and taxes invoice

  • Mortgage statement from another institution

  • Telephone, cellular or data account

  • Television licence

  • Long-term or short-term insurance policy document issued by an insurance company

  • Motor vehicle licence document

  • Statement of account issued by a retail store

  • Any official university / technikon / technical university documentation

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