You can send money via EFT from your SOLmate app to any bank account in South Africa from your app:
- Go to the Services menu of the app
- Tap “EFT transactions”
- Enter the amount you wish to transfer and press Next
- Choose the bank, account number, branch number, and add a reference/note which will appear on the beneficiary’s statement.
- Turn on the RTC* (real time clearing) option if you need the funds to clear instantly.
- Confirm the withdrawal transaction
The payment will be executed immediately. Note that bank transfers are not instant, and may take up to 2-3 business days to reach the beneficiary bank account.
Note the RTC incurs higher fees than a normal EFT. With the RTC option turned on, the payment will be received within 60 minutes if it is sent before 15:00, and the next business day morning if it is sent after 15:00.