Electronic Funds Transfer Frequently Asked Questions

  1. What is Electronic Funds Transfer?
  2. What is the difference between a Electronic Funds Transfer and a Bank Wire Transfer?
  3. How do I send a Electronic Funds Transfer?
  4. How long does it take before you will credit the money to my account?
  5. Are there any transaction fees associated with Electronic Funds Transfer withdrawals?
  6. Can I withdraw to Electronic Funds Transfer?
  7. How do I withdraw using Electronic Funds Transfer?
  8. What is the minimum and maximum amount I can withdraw using Electronic Funds Transfer?
  9. How long does it take to receive the money transferred into my account?
  10. Can I withdraw the same day I deposit through Electronic Funds Transfer?
  11. Can I withdraw more than my initial deposit using Electronic Funds Transfer?

1. What is Electronic Funds Transfer?

A Electronic Funds Transfer is a transfer of funds from one bank account to another locally. In most cases, you will need to login to your online banking and authorize the bank transfer or authorize your bank to initiate the transfer.

2. What is the difference between a Electronic Funds Transfer and a Bank Wire Transfer?

A Electronic Funds Transfer is a transfer of funds from one domestic bank to another whereas a Bank Wire Transfer is a transfer of funds from one international bank to another. A Electronic Funds Transfer is much quicker than the Bank Wire Transfer.

3. How do I send a Electronic Funds Transfer?

Please follow the steps below to send a Electronic Funds Transfer:

  1. Log in to your account.
  2. Go to the cashier and select 'Deposit'.
  3. You will now see the 'Electronic Funds Transfer' logo, to select this deposit option simply click on the icon.
  4. Enter or select your deposit amount and bonus code (if applicable), then click on 'Deposit'.
  5. On the next screen, you will see the Payee Information and 'Purpose of Reference; please provide all these details to your bank.
  6. A unique reference ID will be created; please record this and request that your bank uses this as a reference for the Electronic Funds Transfer as this will allow us to locate your transfer quicker.
  7. The Reference Number is unique for your account and you can use the same Reference Number for future deposits.
  8. Click 'Confirm' to register the deposit in our system.
  9. Go to your bank or log in to your online banking account and request a Electronic Funds Transfer using the information you obtained with the same deposit amount. Please make sure that you mention the 'Purpose of Reference'.

4. How long does it take before you will credit the money to my account?

Funds will be credited to your account once the transfer has cleared and been credited to our account, this can take anywhere from 1 - 4 business days depending on the processing time at your bank.

5. Are there any transaction fees associated with Electronic Funds Transfer withdrawals?

We do not charge a transaction fee for withdrawals via Electronic Funds Transfer.

6. Can I withdraw to Electronic Funds Transfer?

Yes, you can withdraw using Electronic Funds Transfer.

7. How do I withdraw using Electronic Funds Transfer?

  1. Log in to your account.
  2. Go to the cashier and select 'Withdrawal'.
  3. Select Withdrawal.
  4. You will now see the Electronic Funds Transfer logo, to select this withdrawal option simply click on the icon.
  5. Enter or select your withdrawal amount and fill in your bank details (for the bank you want to withdraw to), then click on 'Withdrawal'.
  6. If the transaction is successful, you will see the message 'Successful Withdrawal' and a unique transaction ID that you should keep for your records.

8. What is the minimum and maximum amount I can withdraw using Electronic Funds Transfer?

The minimum withdrawal amount that you can withdraw via Electronic Funds Transfer is 10.00 USD equivalent and the maximum withdrawal amount is 70000.00 USD equivalent.

9. How long does it take to receive the money transferred into my account?

Once approved your Withdrawal will be credited to your bank account within 2-4 business days. 

10. Can I withdraw the same day I deposit through Electronic Funds Transfer?

Yes, you may request a Withdrawal the same day you deposit.

11. Can I withdraw more than my initial deposit using Electronic Funds Transfer?

Yes. However, please remember that all withdrawals are first approved by our internal review team. Once the withdrawal is processed it will take 2-4 business days for you to receive the funds in your bank account.