Benefits Of Using Instant EFT
One of the benefits that immediately jumps out is that it’s a wholly local payment method meaning that it works in conjunction with most South African banks and financial service providers. Beyond that it also means that you won’t have to pay any conversion charges since it operates in Rands natively.
As an EFT method, transfers don’t take much time at all to reflect. You’ll have access to your funds nearly instantly depending on where to transfer them from.
Their fees are also incredibly reasonable, charging 2% per successfully completed transaction and a fee of R8.70 for payouts.
Which South African Banks Are Supported?
Since this is a local method that is powered by PayFast, there are a number of local banks that are supported by Instant EFT. Those banks include:
- African Bank
- Bidvest Bank
- Capitec Bank
- Standard Bank
- Limited cryptocurrency support.
How To Make A Deposit Using Instant EFT At An Online Casino
Making your first deposit at an online casino might seem like an intimidating task at first but once you do it two or three times it becomes incredibly easy. To help guide you through your first deposit we’ve thrown together three easy steps to follow in order to get you playing as soon as possible.
First things first however, you need to make sure you’ve signed up and verified your account with your casino of choice.
Step 1 – Selecting Your Method
When you’re ready to make your deposit, navigate to the cashier tab and choose deposit. Once there you’ll see a lot of different options to choose from, select Instant EFT from the list and continue to the next step.
Step 2 – Entering / Selecting Your Amount
After choosing your method you’ll be asked to enter in the amount you wish to deposit or select a predetermined amount from the list. Keep in mind that there are minimum and maximum deposit limits. When you’re happy with your amount click on the button to continue.
Step 3 – Confirmation
When you’re ready to proceed click on the button to continue. You’ll be asked to provide relevant account details in order to confirm that it is you. Follow the on screen prompts to finalise your deposit and you’ll be all set.
How To Cash Out Your Funds Using Instant EFT
Just like when making a deposit the process can be broken down into three easy to follow steps. Just understand that when you make a deposit for the first time you might be asked to provide verification of identification in whatever form they see fit. That could be a copy of an I.D. or driver’s license or a copy of utility bills.
Step 1 – Selecting Your Method
When you’re ready, access the withdrawal section of the cashier or you might be able to do it straight from your account section. Select Instant EFT and proceed to the next step.
Step 2 – Entering Your Amount
Enter in the amount that you wish to withdraw from your account. Keep in mind that there are minimum and maximum withdrawal limits, daily to monthly limits and just how much you have available in your account.
Step 3 – Confirmation
Click on the button to continue and you’ll be asked to enter in your account details once again. Follow any on screen prompts that might appear and once everything is done you might have to wait a little while for your transaction to reflect.
When using this payment solution expect to pay a 2% processing fee on successful transactions and a R8.70 payout fee.
History Of Instant EFT
Instant EFT is PayFast’s online payment method. PayFast first started operating back in 2007 and has been assisting merchants and users alike to make and receive payments reliably and securely across the internet.
The sheer variety of payment options that their users can accept and use is staggering which is why it’s gained such popularity over the years that it’s been in service.
While PayFast was established in 2007, their first EFT transaction wasn’t until a year later in 2008. Three years later, in 2011, they hit a massive milestone; they had their 100,000th unique buyer purchase. There was no slowing down from there because four years later, in 2015, they had their 1,000,000th unique buyer purchase.
As you can see, it took a little bit of time for PayFast and Instant EFT to start gaining momentum but now that they’ve started running, nothing can slow them down.
Instant EFT Security
Instant EFT prides themselves on being a PCI DSS Level 1 service provider, meaning that they incorporate the highest levels of security around for their users. They implement 3D Secure for all credit card transactions that they process and on top of all of that they have anti-fraud risk measures in place to make sure that each transaction is legitimate.
Customer Support & Contact Details For Instant EFT
If you’re experiencing any issues with your service or you wish to find out if their service is right for you, you can reach out and contact Instant EFT’s customer support via email through their website or by calling 086 172 9327.
Instant EFT FAQs
Does Instant EFT work with local banks?
Are there high fees when using Instant EFT?
No, Instant EFT’s fees include a 2% charge on successful transactions and a R8.70 payout fee.
Is there an app that I can download for Instant EFT?
Currently there is no app that has been developed for Instant EFT.
Can I manage cryptocurrencies through Instant EFT?
There is limited functionality with cryptos at the moment. Hopefully that changes in the future.
Is Instant EFT South African?
Yes, Instant EFT is a division of PayFast which is a South African payment solution.