EasyEFT can help address some of these challenges by routing payments between a bank and a casino. It supports deposits and withdrawals in ZAR, is described as processing transfers instantly and does not charge its own transaction fee. New to this casino payment method? Read on to learn how it works.
How Does EFT Work?
EasyEFT, or electronic funds transfer, acts as an intermediary connecting your bank to an online casino. You need an account with a participating bank that allows transfers through EasyEFT. The named banks include Standard Bank, Tymebank, First National Bank and ABSA. You can make a payment without an EasyEFT account, though registering can help you track your transaction history.
Speed is one of EasyEFT’s key features. A casino deposit is expected to appear in your account balance immediately. Withdrawals take longer because the casino must review and approve the request before releasing funds.
Security
EasyEFT’s acceptance by banks and financial institutions is cited as a reason it may be considered safe to use. EFT transfers are said to generally rely on 128-bit SSL encryption, intended to make data intercepted between the payment provider, casino and banks difficult to read. The casino is also said not to receive your banking details, keeping that information separate from the casino.
Availability and Currencies
EasyEFT is described as available only at casinos in South Africa. It can also be used for online shopping, sending money to other people and casino transactions. As South Africa’s currency is the Rand (ZAR), EasyEFT payments are made in ZAR only.
Making a Deposit Using EFT
To fund a casino account with EasyEFT, select it from the deposit options. You will be redirected to the EasyEFT website to choose the bank account you want to pay from. Enter your online banking credentials and authorize the transfer.
Once you complete these steps, the transferred amount should appear in your casino account.
Withdrawals Using EFT
Cashing out through EasyEFT follows much the same process as depositing. Enter the amount you want to withdraw and choose EasyEFT as the payment method. The service then opens its website and asks you to select the bank account that should receive the transfer.
Casino withdrawals are not processed immediately because the operator must first carry out AML (Anti Money Laundering) and KYC (Know Your Customer) reviews. This review can sometimes take up to 3 banking days. Once the casino approves the request, the payment is expected to reach your bank within a few minutes.
Fees and Limits
EasyEFT itself does not add a transaction fee, according to the review. Your bank may still charge for a payment made through the service under its own terms, so check with the bank before making a transfer.
EasyEFT does not set transaction limits. You are still subject to any caps imposed by your bank or the casino. Check the casino’s terms for minimum and maximum payment amounts; some operators also set weekly or monthly withdrawal limits.
Pros and Cons of Using EFT
For South African users, EasyEFT’s benefits include being designed for the local market, having no provider fee, keeping banking details from the casino and offering quick transfers. One convenience it reportedly lacks is a mobile app.
Advantages
- Designed for South African users
- Keeps banking details private from the casino
- Used by many casinos accepting players from South Africa
- Deposits reach the bank instantly
- No transaction limits set by EasyEFT
- Compatible with several participating banks
Disadvantages
- Only available to South African users
- Payments are limited to ZAR
- No mobile app
