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Bank-to-bank money transfers in South Africa is a mostly solved problem. (Electronic funds transfer/known as EFT locally) - payments above coffee-shop prices o
by louwhopley 5y ago
Bank-to-bank money transfers in South Africa is a mostly solved problem. (Electronic funds transfer/known as EFT locally)
- payments above coffee-shop prices often happen by EFT.
- it arrives within 2 days, bank sends proof of payment instantly and sellers accept that as sufficient proof.
- can opt to send instantaneously which reflects within seconds to minutes (for a small fee, like ~$1).
- non reversible
- need bank account number and bank name
That’s for push, for pull, debit orders exist, but they are luckily easily reversible. Unfortunately fraud on this is super high.
Always strange when in the US and the landlord asks me to pay by cheque. Something we havent seen in SA in ~15 years.
- deleted 5y ago[deleted]
- zuppy 5y agoGuy from Romania here: we can even pay to phone numbers if you’re on ING (Dutch bank) or Revolut (from UK). They will get their client’s IBAN for you. At least in Bucharest almost every person around me has an account on both of these.
- CaptainJustin 5y agoIn South Africa you can send money to anyone's phone number from several of the big banks. They can even be 'unbanked'. Regulation allows them to receive up to a certain amount before having to KYC and go through AML checks etc. To access their money they go to an ATM and a challenge response is sent to their phone number.
- csomar 5y agoFor a "third-world" country, South Africa has a quite developed financial infrastructure. This might be due to its historical links to the UK or by having a wealthy and connected elites.
- oblio 5y agoSouth Africa was the first "second world" country in the economic sense, from before apartheid. Rich elites living roughly Western lifestyles and everyone else super poor.
- woobar 5y ago"Second World" was the Soviet Union and its allies. SA most likely was a part of the First World.
- louwhopley 5y agoI think having a dualistic economy plays a big role in this.