Deposits and withdrawals with local methods
What you learn in 3 minutesThis lesson shows which local payment methods can reach a broker account, how long each leg of the journey takes, and why money usually has to come back the same way it went in. If you deposit R1 000 by card and later withdraw R1 000, the rand amount can look the same while the timing and any conversion costs do not. By the end you will know what to check before sending money and what to expect when asking for it back.
R1 000 in and out: three local methods
| Step | Amount | Note |
|---|---|---|
| EFT deposit | R1 000 | You send rand from your bank account; the broker may receive it in one to three business days, depending on the bank and cut-off times. |
| Instant EFT deposit | R1 000 | You approve a payment from your online banking; the broker may credit it within minutes to a few hours, though this varies. |
| Bank card deposit | R1 000 | You pay by card; the broker may credit it quickly, but the card network may convert the rand to another currency first. |
| USD/ZAR reference rate | 18.4100 | A working rate for this example only; the live rate moves and your broker will use its own rate. |
| R1 000 at 18.4100 | USD 54.32 | R1 000 divided by 18.4100 equals about USD 54.32 before any conversion charge. |
| Withdrawal back to the same method | R1 000 | A withdrawal usually returns to the method used for the deposit; timing and any fees vary by broker and bank. |
The broker may round the exchange rate, add a conversion charge, or apply a minimum withdrawal amount. Your bank may also charge a fee. These figures are illustrative and will differ between brokers.
The mistake people make here
A common mistake is to deposit with one method and expect to withdraw to a different one, or to assume the rand amount will be identical in both directions. Brokers often require the withdrawal to go back to the same bank account or card used for the deposit, to reduce fraud and meet their own rules. If you deposit by card, the card network may convert your rand to another currency and back again, so the amount returned can differ from the amount sent. Before depositing, check the broker's withdrawal policy, the minimum withdrawal, and whether any conversion applies.Check yourself
You deposit R1 000 by EFT. The broker credits it at USD/ZAR 18.4100. About how many US dollars is that before charges?
R1 000 divided by 18.4100 equals about USD 54.32.
You deposit R1 000 by card and withdraw R1 000 later. Why might the rand amount you receive back not be exactly R1 000?
The card network may convert rand to another currency and back, and the broker or bank may apply a conversion charge or rounding. The exact result varies.
In South Africa
- Currency
- Rand, written R (ZAR)
- Common local deposit methods
- EFT, instant EFT and bank cards
- Regulator
- FSCA
- Example instrument
- USD/ZAR, around 18.4100
- Withdrawal rule of thumb
- Money usually returns to the method used for the deposit, but this varies by broker