(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