Send immediate EFTs with Instant pay


The days of paying for goods and services by cheque are long gone – thankfully. We are no longer forced to wait until payments have been delivered by post, deposited in the recipient’s bank account and cleared after a 3-day bank-to-bank verification process, before a transaction can continue. These days, you can simply make an electronic funds transfer (EFT), and if you’re making a payment to someone’s account at the same bank, they will receive the money right away.

However, you’ll still experience a delay of 2 or 3 days if you’re making an EFT to an account at a different bank. Banking should be convenient and easy. If you’re sending someone money in an emergency or you need to make a time-sensitive payment – or if you need someone to send you money in a hurry – bank transfers that take days to clear aren’t much help.

Fortunately, immediate EFTs are always an option. When you need to make a payment or send money urgently, try Nedbank Instant pay.


Why do EFTs between banks take longer to reflect?


It often takes a few days for money transferred between different banks to appear in the recipient’s account, because it’s more efficient and cost-effective for banks to handle these transactions in groups rather than individually. There are several steps involved in verifying transfers before the money finally reaches the recipient’s account. The time this takes varies according to the specific rules and schedules of the banks and organisations involved.


Payments to other banks are processed swiftly – typically within 30 minutes


Send money immediately


When you transfer money using an immediate EFT, such as Instant pay, it will appear in the recipient’s account almost instantly. Real-time processing allows for near-immediate transactions between accounts at different banks. Instant pay offers great value in return for a small fee – a faster, more convenient way to make payments from any of your Nedbank transactional accounts.  


How fast do you need your money?


It’s always a good money choice to be mindful of fees and charges, so when you’re considering how to send a payment, a key factor will be how quickly the money needs to be available to the recipient. For larger transactions, the cost of immediate EFTs may not be significant. If you need to send a smaller amount, more affordable options like PayShap may be cost-effective.

However, when the money must reach the recipient as fast as possible, the convenience of Instant pay makes the added cost worthwhile. You need to consider how urgent any payment is and decide when an immediate EFT is the appropriate solution.


Here are some other tips to speed up your EFTs:


  • Ensure accurate recipient details: Use the correct bank account, institution, branch and transit numbers, depending on the type and destination of the transfer. Accurate information is essential for a smooth transaction.

  • Choose a reliable payment provider: Use a reputable, fast payment provider, such as Instant Pay or PayShap. Trusted providers streamline the transfer process and reduce the chances of delays.

  • Schedule payments in advance whenever possible: Try to avoid weekends or public holidays, as you risk delays in the processing and clearing of EFTs over these periods. Planning your transfers on business days can help ensure a quicker transaction.


Access immediate EFTs with Nedbank


We have a step-by-step guide to using Instant pay via Online Banking or the Money app.

Payments to other banks are processed swiftly – typically within 30 minutes. Instant pay is accessible 24/7, including weekends and public holidays. There is a fee charged for each transaction. Your instant payment service limit is determined by your profile settings, which you can adjust through our digital channels, or by contacting the Nedbank Contact Centre or visiting a branch. Always check that all beneficiary details are accurate, as instant payments cannot be cancelled or reversed.