Article by MozoAn international money transfer offers a convenient and secure way of sending funds overseas. A common destination to send money abroad is South Africa. It may be over 10,000km’s away from Australia but you can still send rand to South Africa in the matter of just a day through a foreign exchange transfer specialist. There are many reasons why people might need to send money to South Africa these include: Business purposes, investment property, gifts to relatives or friends, family emergency.
Remember this guide is informing people about transferring money to South Africa not those wishing to travel there. If you’re planning a holiday to South Africa, head to the Mozo travel money section of our site.
There are several options when it comes to making a money transfer to South Africa. The two main players in this now competitive market are banks and foreign exchange providers. A foreign exchange provider specialises in sending money overseas, the big ones are; OFX, World First and TorFX. So if you're transferring money to South Africa on a regular basis, or need to transfer a large one-off amount you could save hundreds if not thousands of dollars by choosing a specialist provider over a bank.
|Feature||Bank||Foreign Exchange Provider|
Bank exchange rates are typically more expensive than an independent broker. The bank usually chooses the exchange rate.
As they are the specialists in foreign exchange they usually offer a better exchange rate.
Banks usually charge around $20 per transfer.
If you transfer over a certain amount, the provider won’t usually charge a transfer fee.
A bank can take 1-2 days to transfer funds to South Africa.
Most of the big foreign exchange providers take a day to transfer money to South Africa.
Most banks allow you to transfer money in a branch, online, by an app or over the phone; most options come with a fee.
You can transfer your money online, over the phone and some providers have an app you can use.
Click here to read about more options of sending money overseas.
South Africa is one of many countries in Africa that is home to the big 5 game animals…but given we’re talking about international money transfers let’s look at the big 5 features to consider when transferring money to South Africa.
As we’ve mentioned, transferring funds overseas is a fairly easy and hassle free process that can be done from the comfort of your own home. Regardless of which foreign exchange specialist you have decided to use the method is pretty much the same.
You now know how to transfer money so let’s look at what information you need to make it happen.
A spot deal is an arrangement where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC). This is an 8 or 11 digit code that identifies banks around the world.
This will depend on how much you want to transfer. If it’s just a small amount AUD$200 or less then PayPal is a fast and secure option, with low fees. For a one off larger transfer it’s definitely worth choosing a foreign exchange specialist. The better exchange rate you’ll receive from an IMT specialist could save you thousands on a large one off transfer.
You sure can! Just check in with the provider and they will give you an update.
The information on international money transfer rates is updated hourly on Mozo, but because of the fluctuating nature of foreign exchange you may find a small difference to the 'live' price you will get from the IMT provider at the exact time of your overseas money transfer.
It will depend on how far along the transfer is. You’ll have to check with your provider. If you do cancel or change the transfer you may incur a fee.Country guides for transferring money internationally