Send money to South AfricaAn 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.
Banks vs Foreign exchange provider
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.
The ‘big five’ things to look for when comparing providers
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.
- Limits: Some providers have a minimum and maximum amount you can send. You might have to shop around to find one that allows you to transfer the amount you wish to send.
- Exchange rates: The higher the exchange rate the more South African rand you’ll receive for your Aussie dollar. Don’t go with the first exchange rate you come across, take the time to calculate how much you’ll get from the different rates being offered by several providers. A few cents difference in the exchange rate could save you lots and lots! Compare the market and save right here!
- Transfer speed: This refers to the time it takes for your money to be processed, to the moment it hits the recipient’s bank account.
- Fees: There are several fees associated with transferring money to South Africa but if you do your research a few foreign exchange specialists waive some charges if you meet a certain criteria. Fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.
- Transfer options: Sending money to South Africa really couldn’t be easier, you can make the transfer online, by phone, in a branch and some providers even have an app you can use.
How to transfer 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.
- Register and set up an account with a foreign exchange provider
- Decide how much you want to transfer and to which country you want the money sent
- Confirm and make sure you are happy with the costs and exchange rate of the transfer
- Provide details of the recipient including their name and bank details
- Book the deal!
Checklist when setting up an international money transfer
You now know how to transfer money so let’s look at what information you need to make it happen.
- Personal details: name, address, date of birth, country of birth, phone number
- Senders account details: bank details of the account where the transfer will come from
- Recipient’s personal details: Name, address and bank account number
- Recipient's bank details: Full name and address of bank including the SWIFT/BIC code
What is a spot deal?
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.
What does a SWIFT/BIC code stand for?
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.
I only want to make a one off transfer, what are my options?
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.
Can I track an international money transfer?
You sure can! Just check in with the provider and they will give you an update.
How often is the information on exchange rates updated on your website?
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.
Can I change or cancel an international 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.