Binance launches South African rand direct bank deposits
-
Loading... - Eliza David
- 29 Mar 2023
- 75 Views
- 0 Like
- 0 Comment
Binance has launched support for South African rand manual bank deposits.
Customers with South African bank accounts can onramp their fiat currency to the exchange via regular electronic funds transfer (EFT) and buy cryptocurrency.
Previously, Binance only supported South African bank transfers via Instant EFT.
Both its Instant EFT and manual EFT options are supplied by Stitch, a South African financial API infrastructure startup that has raised $27 million (R460 million) in various funding rounds since February 2021.
Neither the manual EFT nor Instant EFT systems currently attract a transaction fee.
The trade-off between them is that Instant EFT requires that you provide your online banking username and password, and the payment will clear immediately.
Direct bank deposits can take 0–2 days to reflect, and the customer must initiate the EFT from their bank’s app or online banking portal.
Stitch insists it no longer uses screen-scraping to verify that Instant EFT transactions have gone through but instead employs its own “portal emulation technology”. Read More…
