Standard Bank is currently running a campaign in the United Kindgom and South Africa where people can refer a friend to the bank, and if that friend opens an account, you will receive £50 (R1,105) or R750 each. However, there are terms and conditions attached to this offer.
This is not the first time that Standard Bank has run this campaign. The current campaign was launched on 1 January 2016, and according to the bank, is expected to run until 31 December 2016.
How do you refer a friend?
In order to refer a friend to Standard Bank, you visit the website and enter your friend’s details. These include your friend's name, country of residence, telephone number, and email address. During the recommendation process, you are also required to provide your client number, your name, email address and country of residence, in addition to your bank account details.
Once you have submitted the recommendation to the bank, someone from Standard Bank will contact your friend to help guide them through the application process, according to the website.
You will only receive the money once your friend’s account has been opened and the minimum deposit amount has been placed in the account. The website explained: “You and your friend will receive £50.00 / R750 each (or currency equivalent) when your friend opens and funds an account with us up to the minimum initial deposit of the chosen account.”
What are the terms?
It is important to note that this offer is only valid for existing Standard Bank customers who recommend non-Standard Bank banking friends. “Introductions of persons who are existing customers of the Bank or customers who are applying for a Seafarer Account do not qualify. There is no limit to the number of individuals that you may introduce but only one payment will be made in respect of the first account opened for each introduced person. Additional accounts opened by an introduced person do not qualify for this reward payment,” explained Standard Bank.
Furthermore, Standard Bank highlighted that it is not obliged to open an account for the referred person. Anyone wishing to open an account with Standard Bank will be required to comply with the bank’s terms and conditions. Standard Bank also noted that it does not have to give a specific reason for rejecting an account application.
Once an account has been successfully opened by the referred person, both they and the person that referred them will be contacted by Standard Bank informing them that they are eligible to request that the money be transferred.