Deposits and Withdrawal Methods in South Africa
The South African currency is known as ZAR (South African Rand). Currently, you can get US$ 7.6 for every 100 ZAR.
The south African market has emerged as one of the fastest growing markets and it has been adding new traders at an exponential rate. The traders having an inclination for the online binary trading uses different deposits and withdrawal methods including debit or credit cards, bank wire transfer, and popular e-wallets.
Debit and Credit cards
There are several choices for South Africans to execute their financial transactions through debit or credit cards.
The South African financial market is dominated by four large banks, also known as “Big Four”. These banks are NedBank, The Standard Bank, The First National Bank, and the Absa Group Ltd. These banks provide various cards (credit and debit) to their customer for ease of transactions and online financial dealings. The VISA card holds the leadership position in the South African market with more than 48 percent market share. Besides VISA cards, the citizens of the South Africa enjoy services of MasterCard and the American Express cards.
Another widely used card is the Virtual card in the South African market. It serves as a preferred mode of online payment and is issued by various banks. The virtual card is a prepaid debit card which doesn’t have a physical presence but can be used for the online financial transactions. The virtual card works on the principle that the end user can load the requisite funds to spend on online purchase and also, they can withdraw funds through the virtual card to their associated bank accounts.
The Central Bank of South Africa (The South African Reserve Bank) has recognized the e-money and the liability of equivalent monetary value has been assigned to the issuer of the e-money. Meaning, the issuing authority is liable to pay the real money equivalent to e-money to the holder.
Alternative Payment Methods
One of the oldest banks in the South Africa, First National Bank, provides several choices for depositing and withdrawing funds. Along with banks, there are several financial service providers who provide e-wallets to enable digital financial transactions in the country. The leading e-wallets in the South African region are Skrill, Moneybookers, PayPal, Neteller, Ukash, amongst others.
The First National Bank also offers e-wallets, which enables several modes of payments including money transfer to cell phone numbers. The customers are can utilize any of the following POS (Point of Sale) method to initiate the transaction with the bank: the bank’s website, the mobile banking, the mobile application, and through their nationwide ATMs. The PayPal is also enabled with the bank for transferring funds from the bank’s account.
As discussed, the South African market offers several e-wallets to the traders originating from the region. Besides the popular e-wallets, local companies also offer e-wallets to the residents of the South Africa.
M-Pesa: One of the largest cellular operator, the Vodafone, provides a mobile-based platform for the online transactions which is known as the M-Pesa (wherein M stands for Mobile and Pesa stands for money in Swahili). It is a secure and safe platform to transfer funds without a bank through SMS.
Zapper: Launched in 2014, the Zapper mobile application has been gaining momentum in the region for convenient and secure money transfers.
FlickPay: Another mobile based e-wallet which is popular amongst South Africans, is the FlickPay, which is powered by WiGroup – a company specialized in the mobile transactions. It enables safe and secure transactions along with simple user interface.
CellPay: Recently launched e-wallet, the CellPay, not only enables payment through credit cards, it also allows transactions directly from the First National Bank accounts.
How to Withdraw Winnings?
The withdrawal process at almost all the broker falls in the same category. This helps you, if you learn the withdrawal process at one brokerage site, the same process can be reused at the other websites.
The following text outlines the generic steps of withdrawal process which is followed by the most brokers.
Select the Amount: To initiate the withdrawal from a binary options broker website, the first and foremost thing is to identify and reach out to the financial handling page. Then you have to enter the amount you wish to withdraw. There are certain brokers who put cap of minimum withdrawal amount, meaning you are allowed to initiate withdrawal only if you meet their terms and conditions for the withdrawal.
This is definitely disheartening for the small or retail traders, as these traders don’t indulge into heavy trading and don’t meet the volume requirements.
Select the payment vehicle: once you have selected the amount of money you wish to withdraw in accordance with the terms and conditions of the website, you are required to select the payment vehicle which will assist in transferring funds to your account. The binary brokers offer a variety of options to transfer the funds to customers account including wire transfers, e-wallets, credit or debit cards, and Money bookers.
There is a limitation with most of the binary brokers in selecting the payment method, they restrict the withdrawal only through the mode which was utilized during depositing the funds.
Confirm: After completion of above steps, all you required is to confirm the transaction. The payment processing staff will then evaluate your request and if found valid, they will process it to initiate the payment. The payment takes between 4 to 7 days to reflect in your own account depending upon the payment method you had selected earlier.
Waiting period: The payment will not reflect in your credit or debit card as soon as you have confirmed the transactions. The main reason behind the delay is that it is not an automated process and requires human intervention to complete the transaction.
Generally, several traders are making a request for withdrawals on a daily basis, and all the request needs to be thoroughly screened by the payment processing staff of the binary broker. This leads to delay in processing the request, resulting in delay of 4 to 7 days.