Electronic Funds Transfer (EFT)
Electronic Funds Transfer, or EFT, is a scheme that allows for the processing of payments from one customer bank account to another. The payer and receiver bank accounts may be held at the same bank or at different banks.
With EFT, debit and credit payments are sent to or received from BankservAfrica grouped in batch files. There are several different sub-services of EFT and each one requires a different type of file.
Transaction Limits
The transaction amount limit for EFT credits is R5 million. The transaction limit for EFT debits is R1 million.
Important
In order to better understand EFT you must first learn about some basic terminology and principles. Read more about EFT terminology and processes in the EFT Concepts section.