For many, the perfect solution is EasyEFT, as it acts as the middleman between the casino and the bank. You can deposit and withdraw using ZAR, the transactions are instant, and there are no fees applied by EasyEFT. If you’re new to this efficient casino payment method and want to know more, continue reading.
How Does EFT Work?
EasyEFT (electronic funds transfer) basically acts as a mediator between your bank and the online casino. To use this modern payment method, you must have an account with one of the partnering banks that allows you to transfer money to EasyEFT. Among those banks are Standard Bank, Tymebank, First National Bank, and ABSA. You do not even need to have an EasyEFT account to complete transactions. However, if you like to keep track of your transactions, we advise you to sign up and create an account.
An enormous benefit of EasyEFT is how quickly transactions are completed. When depositing at an online casino, you can expect your funds to appear instantly in your account balance. Withdrawals are only slower because the casino first has to approve your withdrawal.
Security
If EasyEFT is accepted by many banks and financial institutions, there is a good chance it is safe to use. EFT transfers typically use 128-bit SSL encryption technology that makes it virtually impossible for a hacker to intercept data sent between the payment solution, the casino, and the banks. Plus, the casino never sees your banking information, which adds an extra layer of security.
Availability and Currencies
Currently, EasyEFT is only available in casinos in South Africa. You can use this payment solution to make online purchases, send money to friends, and transact with online casinos. As the local currency in South Africa is the Rand (ZAR), obviously, this is the only currency you can use when using EasyEFT.
Making a Deposit Using EFT
Using EasyEFT to get funds into your casino account is a straightforward process. Simply choose EasyEFT when making your deposit, and you’ll get taken to the EasyEFT website. There, you’re asked to select which bank you want to deposit from. At this point, you have to provide your online banking credentials before approving the transaction.
Once finished with the process, your casino account should now show your newly transferred funds.
Withdrawals Using EFT
Withdrawing money from your casino account using EasyEFT is done via a similar process. Once you have decided how much you wish to withdraw, you just select EasyEFT as the payment method you wish to use. Again, you’re taken to the EasyEFT website, which asks you which bank you wish to transfer to.
Just remember that online casinos will not process withdrawal requests instantly. They have to perform AML (Anti Money Laundering) and KYC (Know Your Customer) checks. This can take up to 3 banking days sometimes. That said, once approved, your payment should reach your bank within a few minutes.
Fees and Limits
The EasyEFT payment system does not charge any additional fees for the transactions that you make. However, this might not be the case, depending on which banks you’re using. Some may charge additional fees when transacting through EasyEFT. Make sure you check with your bank first.
As for limits, EasyEFT does not impose any. That said, you still have to adhere to any limits set out by the online casino and your bank. Check the terms and conditions at the online casino to see what the minimum and maximum transaction limits are. Some will even set weekly and monthly withdrawal limits.
Pros and Cons of Using EFT
We doubt South Africans will find too many negatives when using EasyEFT. After all, it is a payment method created specifically for them. It comes with no fees, allows them to keep their banking information private, and provides quick and painless transactions. That said, a mobile app would go some way to improving convenience.
Pros
- Developed specifically for South Africans
- Casinos never have to see your banking information
- Accepted at many online casinos that accept South African players
- Instant bank deposits
- No transaction limits
- Numerous participating banks
Cons
- Only available for South Africans
- Can only use ZAR
- No mobile app
