Instant EFT Online Casinos
Online gambling in South Africa goes from strength to strength, yet not many payment methods have appeared on the market that would allow seamless online banking like Instant EFT. Instant EFT actually remains one of the most suitable and convenient solutions for South African players to use across global casinos and experience smooth transactions via their bank accounts, with immediate verification, meaning with instant processing times. It certainly makes things easier for those players who are looking for instant deposits and withdrawals. What is Instant EFT really and why use it across online casinos?
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Instant EFT FAQs
What is Instant EFT really?
This is a South African solution that basically instantly verifies a direct bank transfer (an EFT) and allows users to make inter-bank payments and purchases within seconds. It is completely secure and safe for online casino players to use across global sites, to make deposits and withdrawals with South African rands.
Which currencies can I use with it?
Considering it is a solution launched for the South African market only, by a South African company PayFast, the only currency it allows users to use, by law, is the South African rand. Any company regulated by the Reserve Bank of Africa, such as PayFast itself, cannot accept other currencies.
Is its website available in many languages?
Not really, no. Surprisingly enough, its website is only available in English, and not in other South African languages as you would expect. Tswana, Afrikaans or Zulu are not your options, for instance, even though this is a South African solution.
Can I use it via my mobile device?
Of course. As long as you’re playing at a mobile casino, you can request smooth deposits and withdrawals with this solution via any mobile device you may have, be it a smartphone or a tablet, be it powered by Android or iOS.
Will I get access to a Customer Support service in case I experience a problem?
Sure. The expert Support agents are at your disposal from 07:30 to 17:00 (GMT+2) during working days, but they are not available during public holidays. On the weekends, you can contact the team from 09:00 to 15:00 (GMT+2) in case you’re experiencing problems.
About Instant EFT
Launched in 2007 by PayFast, with the aim to provide South African users with the perfect option for inter-bank payments, Instant EFT is a patented solution which instantly verifies an electronic funds or online bank transfer, as implied by its name. The company behind it launched it with the mission to make online banking for South African users the most convenient and quick, and the results were amazing. With this solution, users can make inter-bank payments in an instant, since what the solution does is immediately verifying an electronic funds transfer. EFTs usually take hours and days, and proof of payments are needed for verification, but with Instant EFT, they are processed immediately, with no need for any documents to be submitted by users.
The best thing about it, though, is that it is a PCI DSS Level 1 Service provider, and it uses industry-approved security measures to protect users’ money, as well as the bank’s security systems to ensure transactions go smoothly. On that note, it is collaborating with nine top South African banks, Investec, Tymebank, Standard Bank, Capitec Bank, Ned Bank, Absa, African Bank, Bidvest and FNB. These are all leading banks, so basically every citizen has an account with at least one of them. And with that, the solution is even more accessible to users to have an active account with one of these banks and can enjoy transactions processed automatically, regardless of whether they are in the country at the moment of requesting them.
Now, there’s another thing you should know. Since it is led by a South African company and designed to the needs of South African users, Instant EFT gives users the chance to transact using their own currency, the South African rand, and avoid paying unnecessary currency conversion fees, no matter whether they’ve made a transaction internationally or locally. The thing is, all South African companies, regulated by the Reserve Bank of Africa, can only process transactions in South African rand, but this is what makes this solution attractive for online casino players.
South African online casino players can enjoy so many perks with this solution, and that’s why it is already offered across many South African casino sites. It is actually one of the most popular, trusted and used solutions across South African casinos, because it processes inter-bank transactions instantly, with no currency conversion fees involved. This is definitely something online casino players are looking for, and this is exactly what this solution delivers. If a South African player in a search for the perfect payment method to use across online casinos, stay with us to learn how to get started with it.
Types of Services Offered
PayFast is a powerful South African company that, in addition to Instant EFT, offers many other services and products. Credit cards, debit cards, SCode, Masterpass, and Zapper are just some, and you can use them all if the casino you’ve joined has integrated with it and you are eligible to use PayFast’s services and products. But, since Instant EFT is the most popular and most widely used product, most often offered across online casinos, we’ll focus on how it works and how to get started with it.
The getting started process is pretty simple. You don’t need to download and install a special program or software to use it. Since the solution processes EFTs instantly, all you’ll need is an active bank account with one of the nine banks the solution collaborates with. This, and the fact that you’d need to be a South African citizen, are the only requirements you need to meet to use it.
As long as you meet the requirements, all you’ll need to do is look for its logo on the online platform you want to use it. Even if the logo is not there, all you’ll need to do is select an online bank transfer as your payment solution. You’ll be redirected to a highly secured page by PayFast where you’ll need to enter either your mobile phone number or your email.
Next, you’ll need to select the bank you have an account with and request a transaction with Instant EFT. After you log into your online banking profile, you’ll just need to enter the amount of funds you’d like to send or receive and click on the Pay button, to confirm your request. The solution will generate the payment and you’ll receive a one-time PIN code along with an authentication message from your bank either on your mobile phone number or your email. You would need to enter the code in the designated field to confirm the transaction and with that, it will be instantly verified. You’ll know whether your transaction was successful, as you’ll get a payment notification, again, either on your mobile phone number or email.
How to Deposit with Instant EFT at an Online Casino?
As you could see, the solution is incredibly intuitive and easy to get started with and use. We basically explained the depositing process in the previous section, since there’s no actual registration procedure with it, but we’ll take you through the steps again, just in case. But first, let us tell you that you will find the solution across over 80 online eCommerce platforms, many of which are online casinos.
The solution, as mentioned, has become one of the most popular South African methods, hence, has been accepted by so many global online casinos catering to players from the region. So, finding a casino to join which accepts it would be as easy as 1, 2, 3. After you’ve found the right one for you to join, make sure you register an account with it and you’ll be ready to make your first deposit.
To successfully fund your online casino account with it, you would need to do the following:
- Go to the online casino’s Banking/Deposits/Cashier page.
- If you cannot find Instant EFT’s logo, select internet bank transfer and you’ll be redirected to a secure page by PayFast.
- Select your bank from the nine offered, and log into your online banking profile using your credentials.
- Specify how much you’d like to deposit.
- Wait for the solution to generate the payment and send you the PIN.
- Enter the one-time PIN in the designated field and confirm your request.
- The transaction is verified in an instant and your deposit appears on your balance right away!
How to Make a Withdrawal with It?
While you can make withdrawals with Instant EFT across online casinos, these transactions won’t be instant like deposits. In fact, they will take up to 12 days to arrive on your bank account, depending on your bank and its policies. If you don’t mind the wait, you would need to go through a similar procedure to get your winnings and wait for the casino to approve your request. As soon as it does, PayFast will ensure the money arrives on your bank account safely and securely.
But, if these waiting times seem too long for you, then the best thing you could do is fund your casino balance with the solution but use a different method for cashouts, like a crypto or an eWallet, which can actually provide you with instant withdrawals.
Country Restrictions and Limitations
The country restriction and some of the limitations with this solution are probably already clear to you by now, but let’s review them. It is evident that the solution can only be used by South African citizens with an active bank account with one of the nine partnered banks. Unless you are such a user, you cannot use it.
You’ve now discovered that withdrawals take a while, up to 12 days to arrive in your bank account. That’s another limitation you know about, and you also know that you cannot use any other currency but the South African rand.
As far as fees go, don’t worry, because you won’t need to pay any. You already know that when playing across South African casinos you won’t need to pay currency conversion fees, but you should know that no registration, monthly or annual fees apply either, so this solution is completely fee-free for you as a user. However, online casinos and other merchants that are offering it need to pay a flat ZAR8.70 fee for withdrawals plus a 2% fee for each deposit you make with it. That’s one of the main reasons why many casinos would refuse to offer the solution to their players, to avoid paying these fees.
Advantages and Disadvantages
The main advantages you’re getting with Instant EFT have been revealed right from the start. You will be able to make instant deposits, with instant verification, in your own country’s currency, the South African rand, hence you’ll avoid paying currency conversion fees. But, as you could see, the solution is also accepted across many South African casinos and easy to get started with, so you won’t have any difficulties starting using it for online gambling purposes.
But, while accepted for withdrawals, the withdrawal processing times with this solution are not instant, but take up to 12 days. This is one of the major disadvantages you’ll encounter with it. This, and the fact that only players from South Africa can actually use it.
Final Analysis
To be short and sweet, as long as you’re a South African player playing across global online casinos, make sure you choose Instant EFT for your payment method. Allowing for instant EFT verification, hence instant deposits, in your own currency, the South African rand, this is the perfect solution to use for online casino deposits. Add to that the fact that you won’t need to pay any fees when using it, and there you have your guarantee that your deposits would be the smoothest. The solution is accepted across most, if not all South African casinos, so you can rest assured that you’ll easily find one to join and use it.
On the other hand, while greatly convenient for deposits, withdrawals with it take up to 12 days, depending on your bank. This makes the solution slow for withdrawals, so the wisest thing to do is use it only for deposits, and look for a different method to cash out your winnings fast. Another disadvantage is that only South African players, with an account with one of the nine partnered banks, can use it. This is not a global method, so sorry to inform you, but if you’re from any other country, you cannot take advantage of the awesome things it has to offer.
Instant EFT Online Casinos
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