Binance  launched  South African rand direct bank deposits

Binance has added support for manual South African rand bank deposits.

Customers with South African bank accounts can acquire cryptocurrencies by onramping their fiat cash to the exchange via regular electronic funds transfer (EFT).

Binance formerly exclusively accepted South African bank transfers through Stitch, an Instant EFT service.

Binance continues to offer Stitch in addition to manual EFT. At the moment, neither system charges a transaction fee.

The difference is that the Stitch-based EFT clears instantly, whilst the direct bank deposit might take 0-2 days to reflect.

Instant EFT needs you to give the supplier with your online banking login and password.

This enables them to conduct the EFT on your behalf and confirm the transaction’s success by screen scraping.

Merchants (and clients) are no longer need to wait for money to clear before proceeding with a transaction.

Stitch has claimed that the data is safe and that neither it nor the merchants who utilise its service have access to consumers’ financial information.

They instead have a randomly generated token that represents the credentials. When making an Instant EFT, credentials are delivered from a vault in Microsoft’s Azure cloud to the bank.

While manual EFTs might take longer to execute, for a fee, most South African banks provide quick or real-time clearing payments.

Binance confirmed that if you select this option when making a manual transfer from your bank’s app or website, it will be deposited immediately.

“All other options will take up to 2 business days,” it stated.

“Deposits will be subject to standard bank processing hours.”

All users need to complete “know-your-customer” (i.e. FICA) to make rand deposits and withdrawals on Binance, the exchange said.