While South African players enjoy frequenting international online casinos that accept players from the country, it is really hard for them to find trusted payment solutions that allow transactions in their native currency, but with MyEFT, their problems are solved. As a player from the country, should you find an online casino that accepts this solution, you should not miss out on it. This solution is what you need in case you don't wish to make deposits and withdrawals using your credit card, but still wish for your funds to arrive safely and swiftly to and from online casinos. What is MyEFT and why use it as your online casino payment solution?
About MyEFT
While you might not find a lot of pieces of information over the internet about it, if a South African citizen, you must have heard about MyEFT, a solution that exists in the country and is one that processes transactions only in South African rands. As its name implies, it is an electronic funds transfer service that allows you to swiftly, conveniently and safely transact money directly from your bank account, in your native currency, across the internet.
It is not an eWallet, but a service that provides a gateway for you to move funds online. As you’d assume, you’d only need to have a bank account with leading South African banks to start using it. Some of these banks include Capitec Bank, First National Bank, Investec, Standard Bank, Nedbank and ABSA, among others. You don’t need to have a line of credit or credit cards to transact online anymore; you just need this solution to make direct bank transfers to whomever you want.
You can use it via any desktop or mobile device, and to request a transfer, you’d just need to log into your online banking profile. It is super-easy to get started with since no real registration procedure will take place, but you only need to specify the banking details required. Due to the fact that it functions through the South African banking system, it is incredibly safe to use, as all the security protocols implemented by these leading banks are always on when you’re transacting with it.
Given all of these perks, it should not be shocking to learn that this is one of the most popular payment solutions across online casinos which cater to South African players. It might not be accepted across hundreds of sites, but you'd still have a decent number of casinos to explore and join to start using it for the most convenient transfers. If interested to know more about it, stay with us.
Getting Started with It
As mentioned, you won’t need to register an account with MyEFT in order to request a transaction. You do need to meet two criteria: to be a South African citizen and have an active bank account with one of the leading banks that offer the service. As long as you do, you’re good to go.
But, even if you’re only meeting the first criterium, it is easy to open an account with any of the top South African banks, to meet the second criterium. You’d just need to visit the nearest branch of any of the previously mentioned banks, and open an account in your name. While there, ask the desk clerk to give you your credentials for logging into your online banking profile, as you'll need them for online casino transactions. You'd need to verify your identity, providing a government-issued document, and your bank account would be ready.
Assuming you are prepared, the next step would be actually requesting the transfer. Since there’s no registration procedure, you’d need to log into your online banking profile, either via a desktop or a mobile device, and find the MyEFT tab there. Press it and enter the required banking details, both yours and the receiver's and specify how much it needs to be transferred. Double-check the details you've entered and just confirm the transaction. In an instant, the money will arrive at the desired destination.
We need to mention here that, if your bank offers an app, you can also download that app, either on Google Play or Apple App Store, and repeat the same steps as just described on the app. Using the app, it would be even more effortless for you to make an online casino deposit.
Considering how easy it is to request a transfer via this solution, the next step you’d need to take is to find yourself a fine online casino to join, which accepts it. This is what we’ll cover next, so continue reading.
How to Deposit at Online Casinos with MyEFT?
As mentioned earlier, you might not be able to find hundreds of online casinos that accept MyEFT, but you’ll certainly be able to find a decent number of sites to explore. For instance, Silver Sands Casino is one option. Explore other options and make your decision on the site to join. The moment you create your account with it, you’d be ready to take the next step.
To make a deposit with MyEFT, you’d need to go through the following procedure:
Open your chosen casino’s Banking page and locate MyEFT’s logo.
You’ll be redirected to a page where you’d need to choose your bank.
Press your bank’s logo and you’ll be guided to a new page where you’d need to log into your online banking account.
Once there, find the MyEFT tab, press it and enter the needed transaction details.
Confirm the transaction and watch the money appearing on your casino balance in an instant.
How to Withdraw Winnings with It?
While withdrawals are an option, they will take a while, we cannot sugarcoat the fact. The thing is, you’d need to wait more than 10 business days for the funds to arrive, depending on your bank and the policies it implements regarding withdrawals.
But as mentioned, since South African players do not really have that many choices when it comes to payment methods at their disposal, they are at peace with the waiting times. As long as they can get their winnings safely in their bank account, they are willing to wait for as long as it takes.
No one will judge you if you chose a different, faster method to withdraw your winnings. You might want to try some eWallets that have taken over the industry and that are available in your country, or cryptocurrencies, for instance. These would provide you with much faster waiting times to get your winnings as fast as possible, so make sure you have all of your options on the table.
Fees and Limits
Since this is just a gateway service, MyEFT does not charge any fees to users. It was designed to make South African users' lives easier by making their transactions faster, and cost-efficient, most importantly. You won't need to pay conversion fees since the solution only works with your native currency. No registration or maintenance fees would apply either since you never had to register an account with it.
However, it goes without saying that some banks might charge fees. You’d need to consult with your own bank to check whether and how big fees are when using the MyEFT service since each bank has its own policies and rules regarding fees.
Keep in mind, too, that some casinos might charge a fee of up to 2% for using the solution for deposits and withdrawals. As with banks, you’d need to check with your online casino to see whether any fees are charged for using the solution.
Allowed Countries
It is perfectly clear that South Africa is the only allowed country to use MyEFT. You’d need to be a South African citizen with an active bank account with one of the leading South African banks to use it. While you can send money globally, the two conditions to use it are to be a local with a local bank account.
By default, all other countries across the world are excluded. You won’t be able to use the solution unless you’re from South Africa.
Available Currencies
We mentioned at the beginning right away that MyEFT only processes transfers in South African rands. This, of course, means that no other currency but the ZAR is accepted.
But, as long as you find an online casino that accepts ZARs, your entire experience with the solution would be so cost-efficient, as you won't need to pay currency conversion fees. Conversion fees, naturally, are charged if you're frequenting a casino that does not accept South African rands.
MyEFT Casinos
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Is there an official MyEFT website I could visit and is it available in many languages?
No, there’s no official website you could visit, mainly because this is a service that functions through the banking system and is offered by leading South African banks. In case you’d want to discover more information about it, you’d need to visit your bank’s official website.
Does the solution have a native mobile app I could use?
No, not really. There is no official website to visit, nor an app to download, considering you never need to register an account with the solution to use it, but all you need is your online banking profile or the bank’s app.
Is there any way to use a foreign currency when transacting with MyEFT, subject to a conversion fee?
No, not really. Even if you wanted to, and were willing to pay a conversion fee just to use a foreign currency, that won't be possible. All payment solutions regulated by the Reserve Bank of South Africa, like the solution itself, must process transactions only in ZARs, and no other currencies, as set by the law.
What happens if I experienced a problem with my transaction?
If you ever experience a problem with your transaction, make sure you contact your bank’s Customer Support team. The agents there will guide you through all the steps you need to make to correct the issue. You can get in touch with them, too, in case you have any questions about the service. Customer Support teams across banks are usually available via phone, Live Chat and email, so try them. Of course, you can also contact your casino’s Support agents, via the same communication means and more, like on-site contact forms or WhatsApp. They are highly trained in assisting players with difficulties regarding the depositing and withdrawing processes.
What are the pros and cons of using this solution?
The pros are, it is a great alternative to credit cards, it is easy to use for online casino deposits and withdrawals, and it is reliable and safe since it works through the South African banking system. It processes transactions fast and it is mobile-friendly, great for online gambling on the go. The cons are, the number of eligible banks is rather small, fees might be charged by banks and you’d need to disclose important banking details with it.
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While South African players enjoy frequenting international online casinos that accept players from the country, it is really hard for them to find trusted payment solutions that allow transactions in their native currency, but with MyEFT, their problems are solved. As a player from the country, should you find an online casino that accepts this solution, you should not miss out on it. This solution is what you need in case you don't wish to make deposits and withdrawals using your credit card, but still wish for your funds to arrive safely and swiftly to and from online casinos. What is MyEFT and why use it as your online casino payment solution?
Assuming you are prepared, the next step would be actually requesting the transfer. Since there’s no registration procedure, you’d need to log into your online banking profile, either via a desktop or a mobile device, and find the MyEFT tab there. Press it and enter the required banking details, both yours and the receiver's and specify how much it needs to be transferred. Double-check the details you've entered and just confirm the transaction. In an instant, the money will arrive at the desired destination.
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