In the past, virtual payments like sending money to loved ones abroad or paying vendors often relied on physical methods like cash or checks. While these traditional methods still exist, they can be slow, inconvenient, and even risky.  Whether you're supporting loved ones studying abroad, facilitating business transactions with overseas partners, or fulfilling financial obligations across borders, finding a safe, convenient, and affordable way to transfer funds is crucial. 

Mama Money lets you support your loved ones back home 24/7, and with EFT payments, you can conveniently pay for your transfers directly from your South African bank account. Plus, enjoy the benefits Mama Money offers: get your money there quickly with instant transfers, save on fees with their competitive rates, and have peace of mind knowing your transaction is secure.

This is where Mama Money steps in, offering faster, safer, and more reliable options for electronic payments. As a leading international money transfer service, Mama Money is able to send money to over 50 countries across Africa, Asia, and Europe, simplifying the process with its user-friendly mobile app. But what exactly are EFT payments, and how do they work? This comprehensive guide will answer all your questions and equip you with everything you need to know about the EFT payment process, how Electronic Funds Transfers (EFTs) work, and how Mama Money uses them to make sending money abroad simple. 

What are EFT payments?

EFT, or Electronic Funds Transfer, lets you move money between bank accounts electronically and makes sending and receiving money quicker and more secure. It eliminates the need for physical cash or checks, offering a faster, more secure way to send and receive funds. EFT uses electronic networks to zip your money from one account to another. This can happen within the same bank (domestic transfer) or even between different banks (international transfer). This streamlined approach translates to faster processing times and eliminates the risks associated with lost or stolen checks. The exact steps might differ a bit depending on where the money is going, but it all starts electronically. You can often do EFTs with your bank's website or app, just like Mama Money's mobile app!

How do EFTs work?

Electronic Funds Transfer (EFT) payments rely on designated money networks, which serve as the digital highways for transferring funds between different financial institutions. These networks ensure a smooth and secure flow of money. 

• Sender Information: To initiate an EFT payment, you'll need to provide the recipient's bank name, bank account number, branch code (if applicable), and account type.
• Transfer Amount: Specify the amount you wish to send, ensuring you have sufficient funds available in your account to cover the transfer amount and any associated fees.
• Authorisation: Once you confirm the details, you'll typically be required to authorise the transfer through your Mama Money app using a secure method like a PIN or fingerprint verification.

What are the different types of EFT’s? 

No matter your needs, there's likely an EFT type that fits the bill. Lets explore the different types:

• Mama Money: Sending money internationally? Look no further! Mama Money utilises EFTs to offer a secure, convenient, and affordable way to send money directly to someone's bank account in over 50 countries, all through our user-friendly app.
• Direct deposit: Have you ever received your salary electronically? That's a direct deposit, an EFT that allows businesses to pay employees directly into their bank accounts.
• ATMs (Automated Teller Machines): These familiar machines are a type of EFT, allowing you to withdraw and deposit cash, check balances, and even transfer funds electronically, all without visiting a bank teller.
• Credit/debit cards: Every time you swipe your card at a store or make an online purchase, you're essentially making an EFT payment. Your card acts as an intermediary, facilitating the electronic transfer of funds between your account and the merchant's.
• Wire transfers: Need to send a large sum of money quickly and securely? Wire transfers are EFTs specifically designed for such situations, often used for things like real estate transactions or large business purchases.
• Instant EFT: Paying bills or transferring money can be done conveniently on the phone using EFTs. Simply download the banking app of your choice, add a beneficiary, and select Instant EFT.

The Benefits of EFTs:

Despite the additional steps involved, EFTs offer several advantages over traditional methods like cash or checks:

• Faster Transfer Speeds: Compared to checks or money orders, EFTs offer significantly faster transfer times, often reaching the recipient's account within 1-3 business days.
• Enhanced Security: EFTs leverage secure electronic networks, minimising the risks associated with lost or stolen checks.
• Convenience: Initiate and track your money transfer from the comfort of your home using a service like Mama Money's mobile app.

Overall, EFTs present a secure, convenient, and efficient way to send money, even across borders. By understanding the process and choosing the right service provider, like Mama Money, you can leverage the power of EFTs to connect with loved ones. Mama Money's user-friendly platform and transparent fee structure make it a reliable and cost-effective choice for your international money transfer needs.

Why use EFT payments with Mama Money?

There are many reasons to choose EFT payments with Mama Money for your international money transfers:

• Super convenient: Mama Money's app lets you send money anytime, anywhere, with just a few taps on your phone. No need to visit a bank or wait in line.
• Speedy transfers: EFT payments are much faster than traditional methods like checks or money orders. Your loved ones receive the money in minutes, depending on the country.
• Top-notch security: Mama Money understands the importance of keeping your money safe. They use strong security measures to protect your information and transactions, giving you peace of mind.
• Clear fees: Mama Money is upfront about their fees, so you know exactly how much you're paying before you send money. No hidden charges or surprises.
• Widespread reach: Send money to over 50 countries with Mama Money, whether it's to family in Zimbabwe, a business partner in India, or for education costs in the UK. Mama Money has you covered.

The world is changing, and so are the ways we send money. EFTs offer a faster, safer, and more convenient alternative to cash or checks. Whether sending funds locally or internationally, understanding EFTs and choosing a reliable provider like Mama Money empowers you to manage your finances seamlessly.

Mama Money utilises EFT technology, making international money transfers from South Africa to over 50 countries a breeze. Our user-friendly app and transparent fees ensure a smooth and affordable experience. Ditch the limitations of traditional methods and embrace the convenience of EFTs with Mama Money. Download the app today and experience the difference!

Need help? Mama is here.

To learn more about how to send money from South Africa to several other countries worldwide, follow Mama Money and learn all about our international money transfer services via

Facebook

Instagram

Twitter

LinkedIn

Should you have any questions that are not covered above, please contact Mama via WhatsApp at +27661041097.

‍

‍