Type of Payment 

Examples 

ADVANTAGES  

DISDVANTAGES 

ELECTRONIC FUND TRANSFER
                  (EFT)

Internet / telephone banking 

• Saves time you can do EFT from home
• No need to use credit card or provide credit card info online
• Secure you instruct your bank to transfer money to a beneficiary account 

• Online Security  is a concern
• Reliable Internet connection is essential for payments.
• Can take a few days for funds to reach the beneficiary

Telegraphic transfers
(SWIFT transfers) 

Cash send (ABSA) 

• it is good method when you do not have access to a bank account.
• it is more secure and desirable.
• Can save paper needed for checks and deposit slips.

• the seller can provide false information to the sender.
• Cash can be collected at the receiving end under the false ID

Internet Payments

Pay pal (FNB),  

ALERT PAY,  Liberty reserve and Pay Fast 

• No need to carry cash
• Saves Time.
• no need  to go to retail shops as you can shop online 

• Security is the major concern
• Reliable Internet connection is essential  

Bank Drafts

Bank guaranteed cheque 

• It is a cheaper method of sending money.
• It  is better than personal cheque
• It can be made out to pay a named account to give it absolute security

• Long time (up to two weeks) to make a deposit 

Foreign Bank Notes

Cash 

• Cash is easy to exchange.
• It can be used widely.
• All places accept cash without any problems.  

• Cash can easy be stolen and cannot be traced.
• Cash would have to be exchanged to be used in a foreign country. 

Credit Card
  

Visa, MasterCard,  American Express, Diners  Club 

• if you lose your credit card, you can always just get it blocked.
• No need to carry too much cash around.
• one of the best ways to transact abroad 

• There are a lot of places that don’t accept certain credit cards.
• If lost, it can take a while to block it.   

Travellers Cheques

pre-printed cheques 

• Are safer to carry around
• Can be replaced should they be stolen or lost. 

• regarded as outdated by many tourists
• Can inconvenience you by paying exchange rate when you want to convert it into another currency  

Preloaded Debit Cards

• Cash Passport card
• Travel Wallet
• International  Travel Card 

• Simple and one of the best ways to carry money abroad.  

• Quite limited in their coverage
• There will be charges on the amount of money you get in your account.