Instant EFT

Instant EFT is a payment service made available by several South African payment companies. Though individual implementations may take different approaches, each one functions in a similar manner. Instant EFT payments connect you to your bank account to carry out the transaction. The funds get processed instantly, allowing you to start playing without delay.

The exact rules for deposits and withdrawals tend to vary between companies that offer Instant EFT. However, the actual step-by-step process remains the same overall. The payment method uses a one-time password for each transaction as an extra security layer.

As one of South Africa’s most well-known online payment methods, Instant EFT looks very promising. Should you use it in online casinos? We break down its good and bad sides in this article.

What is Instant EFT?

Instant EFT is a primarily South African banking method offered by local payment providers. EFT is a shorthand for electronic funds transfer systems. The payment method interfaces with your bank account, allowing you to transfer funds quickly rather than wait for long bank transfer times. Exact fees and wait times will vary based on the payment processor.

The fast transaction times are the primary reason Instant EFT took off as quickly as it has. With most South Africans using the payment method, there is no reason not to take advantage of it in online casinos too. Instant EFT acts as a gateway between the online casino and your banking information, lowering the odds of a security leak.
Instant EFT also supports withdrawing money. You will usually have to wait a few days to receive your funds.

Instant EFT Account

The payment method is tied to your bank account. Because of that, you do not need to register an account to use Instant EFT. However, you will need to have online banking enabled to take advantage of this banking option.

Facts

Payment Type	Bank Transfers
Popular in	South Africa
Launched	2014

How to Deposit with Instant EFT?

Your first step is finding an online casino that supports Instant EFT deposits. Register a casino account and then open the banking or cashier page. The website will list all available payment methods. Select Instant EFT from the list of available payment methods and enter how much you plan to deposit. The online casino will open a new window, asking you to choose between listed banks. Select your bank, enter your login details, and approve the deposit. The deposited money will immediately become available in your casino balance.

How to Withdraw with Instant EFT?

The process of cashing out via Instant EFT is similar to depositing. Log into your account and navigate to the cashier page. Select withdraw and then scroll through all available banking options. Select Instant ETF, which will prompt you to enter how much you plan to withdraw. You will also need to specify to which bank the withdrawn funds should go. After confirming the transaction, you will have to wait for the withdrawal to get processed and sent.

FAQ

Is Instant EFT only available in South Africa?

Yes, Instant EFT only partners with South African banks.

Do I need to register an account to use Instant EFT?

Instant EFT does not require you to register an account. However, you will need an online banking account to use it.

Which currencies does Instant EFT support?

You can only use ZAR to deposit and withdraw money with Instant EFT.

Transfer Times and Fees

Transfer times for deposits using Instant EFT are lightning fast. Meanwhile, cashing out takes a couple of days, based on your online casino and bank. Exact fees vary between different Instant EFT payment processors. That said, most charge fees to merchants rather than players.

Security

Instant EFT ensures your banking details are kept safe by offering a secure gateway between the casino and the bank. The service does not store your information either.

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