Online Casino Payment Methods in South Africa 2024
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There are crucial aspects that every South African player considers before picking an online casino, with some of the essential ones being casino payment systems. Before signing up with an online casino, one must determine whether the online casino payment options in South Africa fit their gambling needs. Once the proper payment is established, players consider how fast the deposit and withdrawals are handled, withdrawal limits, and, importantly, whether their financial information is safe.
You will be pleased to know that the robust online casino banking in South Africa supports various options. However, not all can be used to make deposits and withdrawals. Furthermore, some of these methods charge a small fee for transactions. Lastly, different times are taken to process both deposits and withdrawals. For your convenience, we have prepared this guide to help you pick the most suitable payment method for your gaming needs. We have reviewed some popular SA casino banking options at online casinos and what they are best known for.
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Written & published:
23.02.2023 By author
Elishama A.
Reviewed & updated:
16.04.2024 By gambling expert
Brad I.
Selecting the best payment options in SA online casinos
It is crucial you pick a payment method that fits your gaming needs to avoid inconveniences when depositing or withdrawing, loss of funds, and incurring any extra costs or delays when transacting. This is why we consider three key areas when reviewing the available online casino payment methods: transaction times, deposit limits, and fees.
Transaction times
We all want to play at an online casino that accepts our money fast and pays out winnings even quicker. This is in every player’s preference list. So, it only makes sense to consider the transaction times for the supported online casino payment options. The first thing you do after signing up at an online casino is to look at the time it takes to process your deposit. This information can be found under the banking section of the casino. While most payment methods process transactions almost immediately, a few can take up to ten minutes to reflect in your account.
Once you play games and win, you want to cash out your winnings faster. Once the real money online casino has reviewed and sent cash to your preferred payment method, how quickly you get the money depends on the selected option. One payment method of online casinos can process your withdrawal request in under 24 hours, while others take up to five business days. Cryptocurrencies and eWallets have the shortest withdrawal times.
Minimum deposit limits
Playing at online casinos has simplified how real money games are enjoyed. You can now deposit as little as R100 and start playing casino games for real money. Limits such as this can affect your overall gaming experience and dictate other aspects, such as how much bonus you receive and the games you can play. It is why you must consider them before you can top up your online casino account.
Generally speaking, all casino payment systems impose limits on the deposits you make. You can only deposit starting from a certain amount, which varies from one option to another. Yet, regardless of the method you pick, the minimum deposit limit will range from $10 to $100 (or an equivalent currency).
Electronic wallets, cryptocurrencies, Pay By Phone, and prepaid cards tend to offer much lower limits. If you choose to use bank transfers, you must match the high minimum deposit limits. The maximum deposit limit varies from $240 (Pay by Phone) to $50,000 (cryptocurrencies and bank transfers). Like the transaction times, all information regarding limits is usually found under the banking section, too.
Transaction fees for online casino payment options in SA
This is an area with a lot of controversies because of the misinformation that is spread online. To set the record straight, the online casino site can charge or not charge fees. It is up to the brand to decide the way they’d like to go. However, when you consider transaction fees on online casino payment options, you may be disappointed to know that there is no way you are escaping this.
All payment methods charge a small commission/fee for the transaction they facilitate since this is the only way they make money. The fee can be a percentage of the transaction you make to the online casino or a fixed amount, depending on the payment method. The best thing to do is to visit the payment methods page and read the terms and conditions to get a clear picture before using the option to deposit.
Popular payment methods in SA online casinos
So, you have decided on the online casino you want to visit and play from. And you are eager to make your initial deposit. But do you have a payment method in mind you will use to deposit? Are you aware that there are online casino payment methods much more suited for you than others? No? Don’t worry. In this section, we look at some popular online casino payment options in South Africa and why many players prefer using them.
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Pay By Phone
It is a payment that enables you to deposit directly from your mobile phone bill instead of your debit/credit card or bank account. If you are on postpaid services, the deposited amount will be deducted from your bill at the end of the month. Your top-up will be deducted from your credit if you are a pay-as-you-go customer.
There are a few advantages of Pay by Phone Bill. For example, there is a maximum monthly limit equivalent to R5000 and a minimum of R210. Because of this low maximum transaction limit, the chances of overspending while gambling are minimised. Secondly, every transaction has an SMS confirmation. This makes Pay by Phone Bill casino payments secure. But this can also be a shortcoming since anyone with access to your mobile phone can authorise a transaction.
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SID Instant EFT
SID Instant EFT stands for Secure Instant Deposit Electronic Fund Transfers. This payment method of online casinos exclusive to South Africans was launched in 1998 by Setcom. To use this, you only need a registered internet banking account with a bank in South Africa.
Before using SID Instant EFT for casino transactions, you must note a few things. For example, you will be charged a 1.5% fee for every transacting. Once you complete the transaction, the funds are credited to your account instantly, but only for transactions below R5000. This option is often found in fastest-payout online casinos.
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EasyEFT
This is an exclusive way of moving funds electronically. You do not need a credit/debit card or an eWallet to transact with EasyEFT. All that is required of you is to enter your bank details, confirm the details, and start depositing to the online casino.
The minimum deposit at an EasyEFT casino is as low as R25, and South African banks charge fees as high as this low deposit amount. However, you’ll hardly find any fees from the casinos’ end. All online casino payment options through EasyEFT are conducted in South African Rand. This saves you currency conversion fees, ranging between 2% and 5%.
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Swiffy EFT
Also known as SwiffyPay or Swiffy EFT, this is one of the online casino payment methods available for South African players, launched in 2020. Its popularity has skyrocketed due to the continued demand for secure and fast payments arising from the COVID pandemic. Swiffy is based on the highly popular EFT system, making it convenient for anyone with an account with a South African bank. Major banks such as First National, Capteic, ABSA, and Bidvest all support it as a payment option. You also don’t need a credit card to deposit. Swiffy exclusively uses the South African Rand as its currency. It means you avoid all currency conversion fees, which would otherwise make you lose your cash.
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QR Codes
QR Codes have been a rather peculiar way of making payments since their introduction in 2011. Despite this, they have proven beyond doubt to be secure and efficient. The contactless payment option lets users make deposits by scanning white and black square patterns using supported applications. You can then proceed and enter the amount you’d like to deposit before finally confirming the payment. Today, QR codes have become common in casino payment systems, and some of the top brands in South Africa support them.
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1Voucher
1Voucher is the perfect payment method for online casino players without access to traditional online casino payment methods such as bank cards and EFT. 1Voucher enables you to purchase a voucher valued at a certain amount. It’s this voucher that you use to top up your account.
Ozow
Ozow uses a third-party service to facilitate transactions. Because of this, it is super fast and offers high levels of privacy. Like many other eWallets, it bridges your online casino and bank accounts. This means you don’t have to provide the online casino with financial information you are uncomfortable with.
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Entropay
To use the service, you must register for a card at the official Entropay website. Once your request is approved, you can use your debit/credit card to top up your Entropay account. You will then visit the brand that supports Entropay as one of the SA casino banking options, select Entropay and enter the amount you’d like to deposit. Confirm the transaction to complete it.
Note that topping up your Entropay account using your debit/credit card will attract a 4.95% fee. However, no annual fee is charged for having an Entropay account, which can be a trade-off between settling for a credit card.
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Paysafecard
Paysafecard is a widely used voucher payment method in the online casino industry. In European countries, you must physically purchase a card to use it. In South Africa, there are no physical stores or shops where you can purchase cards. Instead, you must open an account on the official Paysafecard website. You will then follow the same steps as those of Entropay to fund your online casino account.
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Ukash
Ukash works in the same fashion as Paysafecard and Entropay. It is an option that enables you to fund your account without providing sensitive personal or financial information. The Ukash voucher you purchase is valid for 12 months, and no fees are involved when using this payment method.
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Bank wire transfer
Bank wire transfer as a payment method of online casinos allows you to transfer funds directly to your online casino account using a bank wire. And it offers several advantages. It provides higher transaction limits compared to other options, such as debit/credit cards. It is also considered one of the safest options, thanks to the strict KYC procedures involved. There are a few shortcomings with bank wire transfers, though. For example, the transactions tend to be slower – for both deposits and withdrawals. There are also significantly higher transaction fees. This makes it an unsuitable payment method for those transacting low amounts.
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EcoPayz
EcoPayz is a secure online payment service that allows you to send, spend and receive money worldwide. EcoPayz saves you time with instant transactions and offers a much more relaxed and flexible operation regarding control and costs. Deposit transactions range from a low equivalent of $25 to a maximum of $15,000. Withdrawals vary, but the maximum you can cash out to your ecoPayz account is $15,000. EcoPayz charges a credit card deposit that ranges between 1.69%-6%.
Beyond payment services, ecoPayz is dedicated to offering users a more complete and convenient service. One such upgrade is the ecoPayz mobile app that allows you to manage all your account info from one platform. There is also the ecoPayz Mastercard that you can use to pay for other services and goods online and at physical shops. You win, cash out and use the winnings to make the payments.
PayPal
PayPal is one of the most popular and oldest eWallet online. It was founded in 1998 and has since become one of the largest online financial institutions. You can use PayPal as one of the casino payment systems for both deposits and withdrawals. To use it, you must have an account with PayPal and connect it to your bank account through a debit/credit card. Once interconnected, make quick deposits by logging into your account and selecting PayPal as your preferred option. The minimum limits vary. If you are lucky to win, you can also cash out to your PayPal account.
Besides supporting deposits and withdrawals, PayPal is a safe and secure service provider. It has two-step verification, which involves receiving a code to your phone number using an authenticator app or a security key. It also allows you to use a customer service PIN to log into your account.
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Skrill
Skrill, like PayPal, is an eWallet and offers payments to different merchants online, including casinos. However, unlike PayPal, this payment method has a much more streamlined and accommodating service. For example, it has a platform that allows you to buy and sell cryptocurrencies within your account. It also has much lower transaction fees compared to PayPal, 0.50% (for crypto transactions) to 5% (for Paysafecard). Deposits directly from bank accounts have 0% commissions. There is, however, a currency conversion fee of 3.99% in case you want to convert your currency from Rand to USD or any other currency.
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Neteller
Neteller operates in the same principle as Skrill and PayPal. It makes it easy and convenient to send money to your account. Neteller is owned by the same company behind Skrill – Paysafe Group, a British company that the Financial Conduct Authority regulates. This means your private information and money are always safe.
To deposit using Neteller, you must open an account with the platform and link it to your bank account through a debit/credit card. The Neteller account will then be added to the casino account before completing the deposit.
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Cryptocurrencies
Tether, Ethereum, Bitcoin, and Litecoin are some of the SA casino banking options for cryptocurrencies. As digital currencies, their popularity stems from several factors; fast and secure transactions and bonus incentives for deposits. Decentralised, which means they are also not controlled by the government. As such, the value fluctuates depending on the demand and supply. This can be good as you can quickly turn a single coin/small win into huge sums of cash. It can also be a disadvantage in that you can quickly lose the coin’s value. Cryptos are typically offered in high roller online casinos.
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Mastercard
Mastercard is supported by over 24 million merchants, making it one of the most widely used options. It, therefore, doesn’t come as a surprise that Mastercard is accepted by over 90% of online casinos in South Africa. With the company’s MasterCard SecureCode, you are protected from unauthorised payments from your card.
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Visa
Depositing funds into your online casino account is usually done using your VISA bank card linked to your South African casino account. Visa is one of the most popular payment options because of its convenience. The card details are stored online, making depositing cash into your account speedy. You can use it to deposit and withdraw.
