Banking Options at South African Online Casinos

Credit Cards and Debit Cards

Visa

Safe
Available at all casinos
Slow processing times

Similar to Visa, Mastercard is used by millions of people worldwide. As such, it is also a standard banking option at South African online casinos. In terms of processing times and fees, it is basically identical to Visa.

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Mastercard

Safe
Available at all casinos
Slow processing times

Being the world’s most used payment methods, Visa is offered at virtually all online casinos. It is a safe and convenient banking option that you are likely already using to pay for other products and services.

However, if you are looking for quick payouts, it is not your best option as it may take up to five banking days to receive funds.

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E-Wallets

ecoPayz

Commonly found at casinos
Pay and make ATM cash withdrawals using linked credit cards
Fees

ecoPayz is a popular e-wallet that was nominated for Anti-Fraud/Security Solution of the Year at the Fintech Awards a few years ago.

Besides offering the standard services on a traditional e-wallet, you can also order an ecoPayz Mastercard allowing you to make purchases at any outlet or make ATM withdrawals. You can apply for up to three cards and eight different currencies.

ecoPayz uses five account levels ranging from free to VIP level. Fees and services are then relative to your user level. Transfers range from R100 to R170, while currency conversion rates start at 2.99% and incrementally decrease with each membership level. For VIP level users, the currency conversion fee is 1.25%.

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PayNearMe

Complete payment platform hosting all your favourite payment methods
Near instant processing times for card payments
Still not common at South African online casinos

PayNearMe is a universal e-wallet to which you can add all payment methods you use.

You can link credit and debit cards, e-wallets, bank accounts and alternative payment options such as ApplePay. There is even a scan pay and go option, facilitating quick cash payments across various retail outlets. All your payment options are stored in an app that makes managing payments effortless.

Through its SMART LINK™, PayNearMe also enables casinos to send funds to players’ credit and debit cards with near-instant processing times. This payment provider operates in multiple industries and has sports betting and online gambling listed as a core sector, meaning that it is customised to provide casino players with quick, secure and hassle-free payments.

Bank Transfers and EFT Banking Options

Bank Transfers

Safe
Funds arrive directly in your bank account
Slow processing times

A standard wire transfer takes up to five banking days and is generally free of charge. Virtually all online casinos will allow you to make direct bank transfers.

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SID EFT

Safe
Funds arrive directly in your bank account
Quick processing times

This payment method works as a buffer between your bank and the casino, and you can link several bank accounts to your SID wallet.

To use this payment method, you choose it at the casino, launch the app and select which bank account you wish to use.

You will then receive an SMS verification code from your bank (known as OTP code) that allows you to finalise the payment.

The advantage of using SID is that you never leave out bank or card details and that all payments are instant.

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Cryptocurrencies

Bitcoin

Anonymous
Quick processing times
Not available at all casinos

So far, Bitcoin is the only cryptocurrency available at online casinos, and online casinos accepting Bitcoin are not very common.

To make payments with Bitcoin, you must register with a Bitcoin casino and download a crypto wallet that enables you to buy Bitcoin with fiat currency and vice versa.

Advantages of using this payment method are complete anonymity and instant processing times.

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Withdrawal Times

Withdrawal times vary greatly depending on what casino you are playing with and what payment method you are using.

When it comes to payment methods, e-wallets and EFTs are your quickest options. ecoPayz and PayNearMe generally process withdrawals in 24 hours or less, while some EFTs and Bitcoin are more or less instant. Credit cards and bank wire transfers, however, can take up to five banking days.

Regardless of what banking option you use, your payment is always subject to the casino’s processing times. Some casinos process payments in less than 24 hours, while others have much longer processing times ranging from three to five banking days.

As every transaction at an online casino is processed individually, differences in processing times can, at least partially, be attributed to the staff count and working hours of the casino’s financial department.

For instance, many smaller brands only have their financial team working office hours, which means they do not process withdrawals during the weekends.

On the other hand, more prominent brands commonly have staff working seven days a week to ensure customers never have to wait longer than necessary to receive their winnings.

Account Verification and KYC Procedures

If a casino asks you to send in documentation, you should not be alarmed as this is a standard KYC (Know Your Customer) procedure that licensed casinos must follow.

Such verification procedures aim to prevent money laundering and ensure that payment methods used on the account belong to the account holder.

As such, casinos will request you to submit documentation verifying your identity, residential address and ownership of the payment methods used on your account.

These are the documents you are usually asked to submit:

Photographs of credit cards – You will be asked to block the middle numbers so that you do not reveal the full card details.
Photocopies or screenshots of bank statements – You can block any sensitive information such as account balance and transactions. The important thing is your name and account number and your bank’s name are clearly visible.
Photocopies or screenshots of a utility bill – You can block out any sensitive information, as long as the document clearly shows your name and address.
Screenshots of your e-wallet – The image does not have to display any transactional information, as long as your name and/or email address is visible. Also, make sure the URL is shown on the screenshot.

Once you have submitted this information, the casino’s financial department will verify the documents and clear your account withdrawals. You will only have to go through this process once, provided you do not add new payment methods in the future.

When asked to send in documentation, you should ensure the casino is SSL-encrypted to keep your information protected and confidential. You can recognise encrypted casinos by the padlock symbol next to their URLs.

Withdrawal Limits and Fees

Most casinos do not charge any fees when you deposit or withdraw funds. However, you should never assume payments are free.

Some casinos will start charging fees when you request more than a specific number of withdrawals within a specific period.

You can find relevant information about fees with the various banking options on the casino’s banking page.

Whilst most casinos do not charge any payment fees, many of them have withdrawal limits. You are often not allowed to withdraw more than a specific amount during a day, week or calendar month. It is also not uncommon for casinos to limit the number of individual withdrawals you can make in a period.

Withdrawal limits are generally not an issue; however, if you turn over frequent request transactions, they become relevant to consider.

FAQ

All payment methods offered by South African online casinos are regulated banking options that are safe to use. Standard options are Visa and Mastercard and popular e-wallets such as ecoPayz and PayNearMe.

No, absolutely not. All online casinos allow you to make card payments methods, but you can also deposit and withdraw money using e-wallets such as PayNearMe and ecoPayz or make instant payments with EFT banking options.

More or less, all banking options are instant when you deposit money. However, when it comes to withdrawals, processing times range from 24 hours to five banking days, depending on which payment methods you use.

The quickest options are e-wallets, EFT payment options and Bitcoin – all of which have processing times of 24 hours or less.

Generally, online casinos do not charge any payment fees. Having said that, some operators may have them, especially when you request many withdrawals within a short period.

Furthermore, you may incur fees imposed by the payment providers. To give you an example, e-wallets generally charge a flat fee when you withdraw funds from your wallet to your bank account.

It depends on the casino’s processing time and the payment method you are using. When using credit cards or making a direct wire transfer, you can expect to have the money in your account within five banking days. If you use e-wallets, the money usually arrives in 24 hours or less.

These time frames are relevant to when the casino has approved your withdrawal, which may take between one hour and five banking days, depending on which casino you are playing with.

Yes and no. E-wallets such as ecoPayz and PayNearMe have much quicker processing times and offer an advantage because you do not leave out sensitive information on multiple websites. On the other hand, e-wallets charge deposit, withdrawal and currency conversion fees.

At this point, we can recommend ecoPayz as this e-wallet has the lowest fees.

Withdrawal limits are pretty common but not a standard feature. Casinos may apply withdrawal limits to the amount you can withdraw or else to the number of withdrawals you can request within a specified period.

Yes, it is perfectly normal. Casinos ask you to submit documentation to verify your identity and ownership of the payment methods used on your account. This is a standard practice that serves to prevent money laundering and other criminal activity.

Banking Options at South African Online Casinos