Deposit Time; How long does it take for my funds to reflect in my trading account and when is it instant? Only certain deposit methods are instant.
There are a few methods available to make use of when it comes to depositing funds into your live trading account. Popular options such as electronic funds transfer (EFT), Ozow and credit/debit card. Depending on the method and your choice of bank there might be some delay before the funds reflect and can be allocated to your account so you can start trading.
Electronic Funds Transfer (EFT) is only instant when; 1. It is made from the same bank as the receiving (recipient) bank.. 2. If you choose the option to make the specific transfer instant, know as an immediate payment (your bank normally charges a fee for this service). In all other scenarios, the payment can take up to 48 hours to reflect and can then only be allocated to your trading account.
Ozow is a service that allows you to do instant EFTs from any bank account (they support all major banks in SA) without any additional fee to the client. The only limitation is that you can only fund to a ZAR based trading account. If you have a USD account you can easily open a ZAR account to make the payment to and then do an internal transfer to your USD account.
Credit/debit card is an instant and convenient way to deposit funds into your trading account. The only draw down is that it may only be used to fund ZAR accounts. As explained above, this issue can easily be solved.
Depositing funds does not have to be a daunting task when you make use of the right method, understanding the possible delay involved. Sending a proof of payment can ensure a speedy allocation.