Electronic Funds Transfer

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Electronic Funds Transfer

Transfer funds or make payments worry free to any bank account holder within Tanzania.

EFT is used for low value bulk payments such as salaries, dividends and pension funds and one-off or recurring payments using Tanzania Automated Clearing House (TACH) platform where funds can be transferred from one bank account holder to another bank account holder in Tanzania where the settlement is done using Tanzania Inter-bank Settlement System (TISS), which is the country’s payments settlement system that processes high value and time sensitive payments on real time basis.

  • Safe & Reliable – Secure mode of fund transfer as it eliminates the use of cash

  • Minimum flat charges apply for outward and inward EFT irrespective of the amount

  • Electronic Funds Transfer service is available in TZS currency

  • Maximum transaction limit of up to TZS 20 million, amount exceeding TZS 20 million should be remitted using SWIFT local telegraphic transfer (TISS)

  • Send and receive money worry free to any bank account holder within Tanzania

  • Same day sending and receiving of funds through any of ICB bank branches

  • Convenient for Salary Payments

  • A payment sent through TISS is processed on real time, and therefore the beneficiary is assured of receiving the funds on the same day, hence an easy and convenient way of sending low value payments

  • Please refer to ICB Tariff Guide for fees and charges related to this product

  • This facility is available to ICB account holders only for the purpose of sending and receiving EFT in local currency (TZS) for their business and/or personal needs

  • Availability of cleared funds or an authorized credit facility for outward electronic funds transfer

  • Fill out the Remittance Application Form at the nearest ICB Bank branch

  • Name and address of recipient bank

  • Name and account number of the beneficiary

  • Present the completed form, the funds you wish to send, the transfer fee and your identification document and supporting documents for the funds transfer as required by the bank

  • Sign and keep the receipt after verifying that all details are correct

  • Your funds will be transferred to the receiver’s bank account