While many non-bank-related payment systems – such as PayPal, Skrill and Neteller – are global brands, a small number of payment providers are related solely to one single country. Off the top of our heads, we can name Sofort which is available primarily in Germany, Interac which is almost solely only ever used in Canada and iDEAL which is basically only available to people in the Netherlands.
And so it is with EasyEFT. If you use EasyEFT on a regular basis, then the chances are that you are a resident of South Africa. EasyEFT is not an eWallet such as PayPal or Skrill though – it is a payments facilitator via an approved bank that works via internet banking in the same way as other such services like Trustly.
A Brief History of EasyEFT
EasyEFT was created as an electronic funds transfer solution in 2014. Although only open to customers with accounts at the six largest banks in South Africa, EasyEFT is actually based in Mauritius, which is a small island some 1,200 miles from Madagascar in the Indian Ocean.
Take up of EasyEFT has not been as successful as its founders hoped it would be, and the company also has to rival a few competitors that provide an identical service.
EasyEFT – Pros and Cons
- EasyEFT transfers are usually very speedy.
- Such transfers are perfectly secure keeping your online identity safe.
- No need to open an EasyEFT account.
- Only generally available to players in South Africa.
- Not all casinos (including South African-facing ones) accept EasyEFT.
How to use EasyEFT at Online Casinos
The good news is that you do not need to open an EasyEFT account in order to use EasyEFT at an online casino – indeed, such a thing is not even possible. You do though, need to have a bank account at a bank that accepts EasyEFT’s services. At the time of writing, the full list of such banks is as follows:
- Standard Bank
- First National Bank
- Capitec Bank
As these are five of the most popular and used banks available in South Africa, then it’s likely (if you are based in South Africa) that you already have an account with one of them. If not, it is fairly easy to open an account, although you will probably have to do that in person as opposed to online. You will also need to make sure that you have internet banking facilities via the bank or banks at which you have an account.
Making a deposit via EasyEFT is extremely simple, as long as the casino you are making a deposit at accepts deposits via EasyEFT. Select ‘EasyEFT’ as your payments option at the cashier and the amount you wish to deposit, the confirm the transfer.
A portal will open where you can select the bank at which you have an account or the bank from which you wish to deposit from. This will open up your normal internet banking page, where you type in your bank login details including your password (don’t worry, neither EasyEFT or the casino keeps details of your password and login details).
If your credentials are okay then you will prompted to confirm the deposit. The money then should be transferred to your casino account virtually immediately.
Not as many top online casinos will allow you to make withdrawals via EasyEFT as will allow you to make deposits. This is because the casino has to take extra steps to allow transfers to a bank via EasyEFT as well as deposits. EasyEFT is aimed at merchants, and the ‘withdrawal’ system is basically a ‘refund’ system.
If you are fortunate to be able to make a withdrawal via EasyEFT then the process is practically identical to depositing except that the money goes in the opposite direction! The process also takes longer – from one to five days.
You will likely be charged for making an EasyEFT deposit (or withdrawal) but mostly such fees are charged by the bank via which you are making an EasyEFT transaction, and not by the online casino or EasyEFT themselves.
The main benefit of EasyEFT for South African online casino users is convenience. There is nothing to set up if you already have an account at one of the banks in South Africa that will accept EasyEFT payments – you do not need to create an EasyEFT account, for example.
Transactions are secure as the transaction is actually processed by the bank and not by EasyEFT, which means the usual security protocols as used by banks are already in place. You do not need to worry about identity theft or your money ending up where you don’t want it to be.
Always remember – just because EasyEFT is an easy and secure online payments system it does not mean that you should fail to adhere to responsible gambling protocols!
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I am not based in South Africa – can I use EasyEFT?
What does EFT stand for?
Is EasyEFT the only EFT system available in South Africa?
What fees can I expect to pay if I use EasyEFT?
What currencies can I use with EasyEFT?