EFT Frequently Asked Questions

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

1. What is EFT?

Electronic Funds Transfer (EFT) refers to the movement of money from one bank account to another within the same country. In most cases, you will need to log in to your online banking and authorise the transfer yourself, or authorise your bank to initiate it on your behalf.

2. What is the difference between an EFT and a Bank Wire Transfer?

An EFT (Electronic Funds Transfer) is the transfer of funds between domestic bank accounts. A Bank Wire Transfer, on the other hand, is used to send funds between international bank accounts. EFTs are typically faster to process than Bank Wire Transfers.

3. How do I send an EFT?

Please follow the steps below to send an EFT:

  1. Log in to your account.
  2. Go to the cashier and select 'Deposit'.
  3. You will now see the EFT option, simply click the icon to select it.
  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 ensure your bank uses this reference when sending the EFT, as it allows us to locate your transfer more quickly.
  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 an EFT 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 EFT withdrawals?

We do not charge a transaction fee for withdrawals via EFT.

6. Can I withdraw to EFT?

Yes, you can withdraw using EFT.

7. How do I withdraw using EFT?

  1. Log in to your account.
  2. Go to the cashier and select 'Withdrawal'.
  3. Select Withdrawal.
  4. You will now see the EFT option, simply click the icon to select it.
  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. 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 3-5 business days.

9. Can I withdraw the same day I deposit through EFT?

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

10. Can I withdraw more than my initial deposit using EFT?

Yes. However, please remember that all withdrawals are first approved by our internal review team. Once the withdrawal is processed it will take 3-5 business days for you to receive the funds in your bank account.

11. Can I use any bank account? 

You can only use bank accounts registered in the same country as your account.