Buy bitcoin with Instant EFT

What is Instant EFT?

Instant EFT is South Africa's bank login checkout method, offered by payment providers such as Ozow and Payfast rather than by a single national scheme. You pick your bank at checkout, sign in to internet banking inside the provider's page, and approve the payment with your bank's one time PIN or in app prompt, which lets the provider confirm the transfer to the recipient straight away. Bank coverage depends on the provider: Ozow lists Capitec, FNB, Standard Bank, Absa, Nedbank, TymeBank, Investec, Bidvest Bank and African Bank, while Payfast lists a shorter set that does not include Capitec.

Speed

Confirmation reaches the recipient within seconds of you approving the payment, while Ozow says the money itself reflects in the recipient's account the same day or under standard interbank EFT rules.

Cost

The providers charge the payer nothing and bill the receiving business per transaction, though your own bank may still apply its usual EFT fee.

Limits

Your daily internet banking transfer limit is the real ceiling here, because the payment is an ordinary EFT leaving your own account.

Speed and cost describe the rail itself. What an exchange adds on top varies by platform and is shown per exchange below.

Using Instant EFT in South Africa

Instant EFT appears in one country guide on this site, South Africa, where deposits settle in South African rand (ZAR). Buyers there fund exchange accounts with EFT bank transfer, Credit or debit card, P2P marketplaces as well, and the country guide ranks the exchanges that take each one.

Buy bitcoin with Instant EFT in South Africa