Why EFT Withdrawals from Betting Sites Are Delayed in South Africa

That said, it's quite a common issue at South African casinos, especially since EFT is one of the slowest payout methods. These delays usually have nothing to do with the players or the online casino; however, it is directly linked to how banking verification systems work together with gambling rules. Let's take a closer look at it below.

Are bank processing times instant?

If you've asked yourself if EFTs are instant, the short answer is, they're not. Even if a casino approves your withdrawal request instantly, your winnings still need to get through the banking system. When it comes to EFTs, the casino usually sends funds in batches, and this is not instant.

Additionally, every bank will process payments only during working hours, or let's say bank hours. What's more, weekends and public holidays are excluded, so if your withdrawal request was sent on a weekend or public holiday, just know that you cannot expect to get it anytime soon.

For example, if you request a withdrawal on a Friday night when banks are closed, you will only receive it on a Monday when banks are open.

FICA checks are also necessary for withdrawals

According to South African law or the Financial Intelligence Centre Act (FICA), casinos do need to verify players before paying them out ^[1]. That said, before EFT payouts are released, casinos will need to perform identity verification. This involves asking you to upload a copy of your ID document, smart card, provide proof of address, and proof of banking details. If you do not comply with the verification check or the KYC, also known as the Know Your Customer check, or if any information is missing or unclear, then just know that your EFT will be delayed.

How do players complete an EFT withdrawal request?

To complete an EFT withdrawal request, you will need to do the following:

• Add your banking details. This includes your bank name, be it FNB, Capitec, Standard Bank, or any other South African bank.
• You will also need to furnish the online casino with your account number as well as the name registered on your bank account.
• In compliance with the FICA rules and regulations, the name on your bank account must also match the name on your casino account.
• Once you've provided the relevant information, you should head over to the cashier page, find the withdraw tab, choose EFT or bank transfer as the withdrawal method, and then enter the amount you'd like to withdraw and confirm your withdrawal request.
• After you've completed the above steps, your withdrawal request is placed in a queue.
• This is so that casinos can check your account, and by that I mean confirming your FICA documents, confirming that you've complied with bonus wagering requirements, and also checking the transaction for safety and compliance.

If all is good, then your withdrawal request is approved. This is when the casino sends the EFT payment, and as mentioned before, it's not an instant transfer like e-wallet payments or cash sends. It only functions during normal banking hours.

So, in a nutshell, once all the above steps have been carried out, the bank will process your payment. In order to do so, this request needs to move through the EFT clearing systems, which banks only process during banking hours and not on weekends or public holidays. Overall, this process can take anywhere between one and three working days to reach your bank account.

Which payment methods are faster than EFT?

EFT is extremely secure and a traditional payment method, which is why many players still stick to it. That said, when compared to other popular payment methods, EFT is still slower, as it depends on banks ^[2]

Other payment methods that are frequently used by casino players include e-wallets, as they are usually faster than EFT withdrawals, not to mention cryptocurrencies, which offer near-instant payouts.