Money Transfers to South Africa
Currency Zone in Partnership with
Saving Money on Money Transfers to South Africa
Homesgofast.com works in partnership with foreign currency specialist Currencies Direct who simplify the process of sending money to South Africa whilst saving our visitors money.
Currencies Direct have teams of currency experts in the UK, Cape Town and Johannesburg who understand how to make money transfers fast and seamless.
Warning when transferring large amounts of money to South Africa
By using a specialist Foreign Currency Specialise like Currencies Direct to transfer money to South Africa rather than a bank you could thousands when purchasing an overseas property or transferring large amounts of money abroad?
Homesgofast.com is partnered with Currencies Direct to help our visitors with:
- Bank-beating exchange rates
- Friendly customer service
- Simple process to move your money to South Africa
- A company that is Authorised by the Financial Conduct Authority
- FX specialist with the highest possible Dun & Bradstreet credit rating, meaning the lowest possible level of risk.
Currencies Direct handled currency worth over £4.5 billion last year alone.More than 210,000 people have trusted Currency Direct to manage their currency transfers since 1996.
A dedicated account manager will explain everything you need to be aware of and guide you through the whole process.You can also wave goodbye to filling out lengthy SARB applications or SARS tax clearance forms as we’ll do this for you.
Guide to transferring money to South Africa
Have you got family in Cape Town? Are you purchasing some valuable goods or selling buying a property to a foreign buyer? The fact is that currency fluctuations can cost you thousands on large money transfers to and from South Africa. Whatever your reason, there are many options for a safe, secure money transfer.
Sometimes, it’s as easy as just taking a few minutes to open a transit account. Whether you are in the UK or in America or anywhere in the world, sending money to someone in South Africa shouldn’t be a problem.
With encrypted channels available online, you can transfer money to family and friends via internet banking. You can even top up your own international bank account in minutes.
Sending money to South Africa
Millions of transfers in various currencies are made to South Africa from around the diaspora every day. Officially known as the Republic of South Africa, the federal-state consists of nine provincial governments and three capital cities; Pretoria, Cape Town and Bloemfontein.
With a population of nearly 60 million people and several thriving businesses including exports, there are many reasons to send money abroad. The South African economy is rising steadily, and its GDP is currently ranked 25th largest in the world, thanks to its mining, metal-working and automotive assembly industries.
Sending money to South Africa from the UK
South Africa is the UK’s biggest trade partner in Africa. Both countries also share longstanding historical, cultural and linguistic relationship. Trade ties between South Africa and UK, as well as the EU, are presided by the 1999 Trade, Development and Cooperation Agreement (TDCA).
South Africa’s rand is a free-floating currency, and although there has been increased economic freedom since the end of apartheid, there are still some restrictions that may limit international transfers. When sending money from the UK, your best option is to hire a specialist currency broker.
As of 8th February 2018, the currency exchange rate for the South African Rand was £1 = R16.74. There are major ways to send money across to (and from) South Africa. They vary largely in terms of transfer fees, currency exchange rates, speed, online services, convenience and support.
1. Bank transfer
All major banks such as Nationwide, Barclays, NatWest and HSBC will allow you to transfer and receive money (ZAR) from South Africa. The main advantage is that they are recognised establishments. However, while the process is convenient, it may take some time and bank exchange rates are quite high.
2. Money sending bureaux
Money sending bureaux’ have both physical and online transacting platforms, and the present a more expedite way to send cash vis-a-vis traditional bank transfers. However, it will cost you higher fees and poor exchange rates. It is a premium service which guarantees safe transfer to your intended recipient. Popular bureaux companies include Travelex, Western Union and MoneyGram.
3. Foreign Exchange (Forex) brokers
Forex brokers are a more cost-effective way to exchange Pounds for South African Rand (ZAR) and vice versa. Some brokers provide cheap, quick money transfer and attractive exchange rates. Some foreign exchange brokers allow clients to complete a secure money transfer at more attractive rates than banks.
The cheapest way to send money to South Africa
As mentioned, banks offer somewhat good rates but are quite slow. Bureaux companies, on the other hand, a fast but charge significant transfer fees with poor exchange rates. Foreign exchange brokers provide a good mix of speed and cost-effective rates, making them the cheapest way to send money to South Africa.
Sending money to South Africa from the US
Like the UK, sending money to South Africa is no different. However, the options and restrictions may differ. As rough gauge on the of 8th February 2018, the currency exchange rate from the US dollar to South African Rand is $1 = 12.03.
Sending money from the US to Johannesburg doesn’t have to be costly. By comparing transfer fees and exchange rates across the variety of available options, you can get the most rand for your dollar.
Naturally, the first place many people go for money transfer is to their bank. However, this might cost you a pretty penny than firms that specialise in international money transfers. Opting for foreign exchange companies such as HiFX, Worldremit and Transferwise may provide more flexible alternatives.
How long does a bank transfer take from South Africa to the UK?
While this depends on the bank you choose, many banks can take as long as four working days to deliver money to the recipient. If it is to the same bank in the UK, the time may be shorter. However, bank transfers are usually the least favoured option for people in urgent need of cash.
Are you transferring money to South Africa? Always compare the transfer fees for different exchanges before you commit to a service.
How do you transfer money to an overseas bank account?
To transfer money to another country you'll need the following information from your recipient:
- Their full name and street address (not a PO Box)
- The IBAN or bank account number.
- A SWIFT code or BIC (this identifies their bank) or the full bank address.
- Any other information they have like sort codes or routing code.
How to Send larger amounts of money abroad
Advice from the Money Saving Expert
"When the amount you wish to transfer jumps to the 'serious' level, the only players able to give a good rate are specialised foreign exchange brokers.There are a lot of companies, and the same lack of protection applies as above - so be very diligent in checking, as the amount you could lose is huge"
Who's it suitable for?
This method only really adds up for sending a few thousand pounds at least. It's possible to use this method for smaller amounts too, but then it's costlier. Typical examples include:
- Buying/selling property abroad.
- Making regular payments - this includes overseas mortgages, bills or a pension.
- If you're moving abroad and want to convert all your cash.
It is very important to be aware that no compensation scheme exists if these firms were to go bust
The Best Foreign Currency Brokers
There is no hard and fast rule to which currency broker is best, so get quotes from all of them to find the best rate for your currency. The regularly quoted big brokers below are the obvious places to start - though of course, they're still no more protected than any of the other
Choose an FX company that :
- Has been established and trading for sometime
- Is regulated and has had millions of successful transactions
- Is creditworthy with a good reputation
- Has reasonable exhange rates
- Can make the process simple by using online transactions
Online money transfers to South Africa that put you in control
Currencies Direct online transfer service & mobile app are designed with your needs in mind. Whether you’re looking for a live exchange rate, need to make a transfer straight away or want to manage your account.
Advice on sending money abroad
Homesgofast.com promote thousands of homes for sale and to rent listed directly by owners, property developers and from real estate agents from over 50 countries worldwide. We work with real estate and homeowners helping them save money selling homes online. We also provide, tips, guides and advice about transferring money to Australia, France, India, Spain, South Africa, USA, Ireland. Homesgofast.com also operate the #TOPFX100 index