How To Receive Money From Overseas in South Africa
Byron Mühlberg
Guide
Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Read moreReceiving money from overseas in South Africa can be confusing due to the hidden costs, perplexing banking protocols, and SARB requirements that comes along the way.
In this guide, we explain step-by-step how to receive money from overseas in South Africa, which costs go along with the process, and how to avoid them. Finally, we look at online money transfer platforms to see when and how they could be useful.
Monito's Recommendation
If you're receiving payments from abroad in USD, GBP, EUR, AUD, CAD, NZD, SGD, HUF or TRY, we recommend opening a free Wise Multi-Currency Account to receive bank accounts in all of these currencies (you'll just need to share these details with the sender). You'll then be able to use your online multi-currency account to swap the money into rands at excellent exchange rates and deposit it into your primary South African bank account.
How To Receive Money From Overseas in South Africa
To receive an international SWIFT transfer in South Africa, you'll first need to provide your sender overseas with your bank details. Although the nuts and bolts can differ slightly from bank to bank, you'll always need to provide the following details to your sender in order for them to be able to instruct a payment into a South African bank account:
- Your full name;
- Your bank account number;
- Your bank's SWIFT/BIC code.
In addition to these, your sender also may also sometimes require additional information. This would most commonly be your branch code (as with a normal domestic EFT) although it could also include information such as your residential address, account type, branch or bank address, or the reason for the transfer.
In the end, the information your sender will need will depend on how fastidious their bank is: we therefore recommend providing them with the above three required details plus the optional branch code, just to be on the safe side.
Depending on their bank, your sender may also need to choose between 'SHA,' 'BEN,' and 'OUR' to make their payment. These are known as payment instructions, and they determine who (between the sender and the receiver — i.e. you) will pay the fees incurred by third-party banks and the beneficiary bank (i.e. your bank — more on these costs later). Here's how it works:
- SHA: Transfer costs are shared between the sender and beneficiary.
- BEN: Transfer costs are borne by the beneficiary only.
- OUR: Transfer costs are borne by the sender only.
Avoid 'BEN' Payments
International wire transfers open the door to correspondent bank fees, which can be as high as R1,500 per transfer. When receiving an international payment, we recommend avoiding 'BEN' payments wherever possible. These instructions can open the door to third-party banks levying further fees from you long after the transfer has been sent.
Payment instructions are generally something you're free to negotiate with your sender. However, keep in mind that if you have a contract with them, you might find this information there.
Finally, when your money's on its way from overseas, your bank will contact you to complete a SARB Reporting Mandate Form. This is an obligatory step for all South African recipients of foreign exchange, requiring you to fill out a few personal details and declarations via an online form before the transaction is settled into your account.
How To Receive Money From Overseas Without a Bank Account
If you'd like to receive money from overseas in South Africa without a bank account, then you'll need to select a pay-out method for your transfer that isn't a bank deposit.
Two options widely used in South Africa are the following:
1 — Cash Pickup
One of the fastest, simplest, and cheapest ways to receive money from overseas without a bank account is by having your sender transfer your money to a cash pickup location to be collected in rand banknotes.
Although traditional remittance services such as MoneyGram and Western Union get the job done well, in our experience, these companies are often (but not always) more expensive than newer fintech companies specialising in cash pickup, including WorldRemit, Remitly, and Xoom.
We recommend sharing our real-time comparison engine with your sender to find the best deal to suit your needs when receiving a cash pickup. Before they transfer, they can compare money transfer services and select the 'Transfer to a cash pickup location' tab.
2 — Mobile Money
Rather than using a bank account, many South Africans handle some or all of their financial services using a mobile wallet.
In South Africa, the most popular mobile money wallet is MTN Mobile Money, which allows instant money transfers via the smartphone. These balances can then be used to pay bills, top-up airtime, make purchases using a QR code, and withdraw cash at MTN agent locations. Mobile money is an excellent way to receive money from abroad because of its low fees and quick transfer times, although fewer vendors accept mobile wallet payments than cash.
Using Your Bank To Receive Money From Overseas
Most major South African banks are licensed by the SARB to offer wire transfers to their customers. This means that both sending and receiving international payments is convenient and accessible, but also costly. The only notable exceptions are Capitec and Tymebank, which operate under restricted licenses and don't offer forex services of their own.
Here are the costs and unique points of receiving international payments with each bank (bear in mind that you'll only pay the full fees if your sender chooses 'BEN' as the payment instruction):
FNB
When receiving money from overseas in South Africa with FNB, you'll be charged a commission and a flat fee on all inward international payments. If the payment is sent from abroad in rands (as opposed to a foreign currency), fees will be higher still. Inward transfers can be settled in your online banking, via the FNB call centre, or at a branch.
SWIFT/BIC code: FIRNZAJJ
Cost: 0.55% (min. R195, max. R450) + R185
More info: See our guide to FNB international payments.
Absa
Receiving money from overseas in South Africa with Absa is slightly cheaper than with the other SA banks, although it'll still charge a rather hefty commission. Inward transfers can be settled in your online banking or at an Absa branch, but not via the call centre.
SWIFT/BIC code: ABSAZAJJ
Cost: 0.55% (min. R180, max. R800)
More info: See our guide to Absa international payments.
Standard Bank
When using Standard bank for receiving money from overseas in South Africa, you'll be charged a fixed fee and commission. Inward transfers can be settled using your online banking or via the Standard Bank call centre, but not at a bank branch.
SWIFT/BIC code: SBZAZAJJ
Cost: 0.43% (min. R153, max. R555) + R122
More info: See our guide to Standard Bank international payments.
Nedbank
Nedbank customers can receive payments from overseas. Inward transfers at Nedbank are accessible via online banking and at a bank branch.
SWIFT/BIC code: NEDSZAJJ
Cost: 0.63% (min. R150, max. R747) + R102
More info: See our guide to Nedbank international payments.
Capitec
Receiving money from overseas in South Africa with Capitec is a bit trickier than with other SA banks. This is because Capitec isn't a fully licensed bank and currently doesn't have the SARB licensing to deal with forex. As a result, inward payments are routed through Nedbank.
SWIFT/BIC code: CABLZAJJ
Cost: R50 (up to R1,000 received); R150 (over R1,000 received)
More info: See our guide to Capitec international payments.
Comparing Bank Fees for Receiving Money From Overseas
To get a better picture of just how much the banks charge for receiving money from overseas in South Africa via SWIFT, take a look at the comparison below, where we compare the inward payment charges of FNB, Absa, Nedbank, and Standard Bank:
Using an Online Platform To Receive Money From Overseas
Going through the bank isn't the only way to receive money from overseas in South Africa. While the result is the same (money in your bank account), getting the job done via a digital money transfer platform tends to be significantly cheaper than through the bank.
Using an international money transfer platform is done by the sender via a normal bank transfer. In the end, both the sender and the beneficiary benefit — the sender saves money and the beneficiary receives more!
Here are the top international money transfer services that offer the best transfers from overseas to South Africa:
Wise — Best for Bank-to-Bank Transfers
London-based fintech Wise allows money transfer to South Africa from over 50 foreign currencies worldwide at some of the best exchange rates on the market. South Africans can also use Wise to send money abroad cheaply or even open an online multi-currency account to open bank accounts in 9 countries and receive a virtual Visa debit card.
Cost: Wise charges a mix of fixed fees and commissions for different corridors, which usually constitute between 0.25% and 1% of the total transfer value. Wise was the cheapest service on 21% of global comparisons on Monito between July 2020 and 2021.
Transfer limits: Precise limits vary depending on currency and country, but in general, the minimum transfer is $1, and the maximum transfer is $1 million, or currency equivalent.
Recommendation: We recommend Wise especially for small- to medium-sized bank transfers (up to $10,000) destined for international bank accounts, as the platform is particularly well-priced for these transfers.
More info: See our full Wise review.
Remitly — Best for Cash Pickup
American remittance platform Remitly is often the fastest and cheapest way to send money to South Africa on Monito. It offers various pay-in and pay-out options (including card payments, bank transfers, and cash services) and supports money transfers from over 85 countries.
Cost: Remitly's fees are built into the exchange rate and typically range between 0.5% and 2% of the international money transfer value, depending on the currencies in question. Remitly was the cheapest service on 20% of global comparisons on Monito between July 2020 and 2021.
Transfer limits: Exact limits vary depending on currency and country, but in general, the minimum transfer is $1 and the maximum transfer is $20,000 or currency equivalent.
Recommendation: Because of its speed and pricing for cash-related transfers in particular, we recommend Remitly for sending money for cash pick-up and cash home delivery services.
More info: See our full Remitly review.
WorldRemit — Best For Mobile Money
WorldRemit is a UK-based online remittance that's a particularly good option for sending money to Africa from North America and Europe.
Cost: WorldRemit's fees vary significantly from transfer to transfer and generally constitute anywhere between 1% and 2.5% of the international money transfer value. WorldRemit was the cheapest service on 9% of global comparisons on Monito between July 2020 and 2021.
Transfer limits: Transfer limits at WorldRemit vary from country to country and are reset daily. They range between $1 and $9,000 in the US and £1 and £50,000 in the UK.
Recommendation: We recommend WorldRemit for mobile money transfers due to its industry-leading coverage among mobile wallets. These include Vodafone M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, and many others.
More info: See our full WorldRemit review.
PayPal — Best for Same Currency Wallet Transfers
Paypal is the world's most popular money transfer app and is widely used in South Africa. However, while PayPal is fee-free for transfers from wallet to wallet in the same currency, the costs can soar whenever currency conversion is involved.
Cost: PayPal is free for wallet payments in the same currency, but charges a 4% margin on all forex transactions.
Transfer limits: You can transfer up to $10,000 per transaction without adding your bank account and other identifying information or up to $60,000 after adding it.
Recommendation: We recommend PayPal for wallet to wallet transfers in the same currency (e.g. ZAR, USD, etc.) where both parties already use PayPal. We strongly recommend avoiding PayPal for forex due to the high costs. Learn more.
More info: See our full PayPal review.
Frequently Asked Questions About Receiving Money From Overseas in South Africa
How can I receive money from the USA in South Africa? 💵
To receive money from the USA in South Africa, you'll need to provide your American sender with your South African bank details. This includes your full name, bank account number, your bank's SWIFT/BIC code, and (optionally) your branch code. Your sender can then instruct the transfer from their bank in the USA to yours in South Africa. If you want to save money, your sender could also make their transfer via a money transfer specialist platform, which can save as much as 95% in total fees along the way. Compare providers for USA to South Africa money transfers to find the best deal in real-time.
How do I send money from the UK to South Africa? 💷
To send money from the UK to South Africa, you'll need to have your recipient's South African bank details at the ready, including their full name, bank account number, their bank's SWIFT/BIC code, and (optionally) their branch code. This information will enable you to instruct the transfer from your internet banking in the UK to your recipient's in South Africa. If you want to save money, we recommend making your transfer via a money transfer specialist platform, which not only saves you money but ensures that your recipient receives more. Compare providers for UK to South Africa money transfers to find the best deal in real-time.
Are there tax implications for receiving money from overseas in South Africa? 🧾
Every foreign currency transfer arriving in South Africa needs to be cleared by the SARB. If the money you're receiving in South Africa from overseas is income (not just from employment but also dividends, rental, interest, royalties, etc.) it will be subject to tax. This is similarly the case if you're receiving a pension payment from abroad. See this article from tax specialists TaxTim to learn more.
What are PayPal fees for receiving money in South Africa? 💸
PayPal will charge around 4% for foreign currency payments destined for South African rands.
How do I receive money from PayPal in South Africa? 📲
If the transfer is from one PayPal wallet to another, it should be pretty much instantaneous. If the transfer is from one bank account to another, it can take around three business days,
International Payments at SA Banks
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