Learn how to transfer money to South Africa with the best rate in a few easy steps
Even though the currency market is uncertain, it is a good idea to stay on top of it to optimize how many the recipient will get. Monitor the evolution of the South African rand mid-market and make your transfer when the rate is at its highest level of the past days.
Decide if you’re looking for the money transfer provider with the best price, the shortest transfer time, best reviews, or other criteria.
You may also want to have a look at the pay-in and pay-out methods. You can often find money transfer providers allowing you to transfer the money directly from your bank account, other providers will also give you the option to pay by credit and debit cards. At the other end, in South Africa, look at different options if you need the money to be sent directly to the recipient's bank account or received in cash (from an agent location).
Visit the money transfer provider's website to sign up (you usually have to provide information to prove your identity), and provide the details of your money transfer to South Africa.
The rainbow nation sees a lot of immigrants coming from neighbouring countries to live and work in South Africa, while a lot of South Africans are living and working abroad themselves, whether in the United Kingdom, the US, or other english speaking countries. It is therefore no wonder that a lot of people need to send money to South Africa.
There are many options to send money to South Africa, but depending on which provider you use, the differences in the total cost of your transfer can be extremes. It is therefore paramount to use our comparison engine above to find the best companies to transfer your money to South Africa with the lowest possibles fees and the highest exchange rate.
Whether you need to send money to your family or friends who are living in Cape Town, or you’re sending money to your own bank account in South Africa because you just moved there and need to transfer all your savings, comparing which providers will give you the lower total cost for your transfer can help you save a lot of money.
Not all the companies listed above will be available from all countries. If you’re sending money from the United Kingdom to South Africa, you will have plenty of options to choose from (sending money from Ireland, Canada, United States or New Zealand is also quite cheap if you select the right operator).
The cheapest ways of sending money to South Africa is usually to transfer money to a bank account (rather than a cash pick-up location). But never directly use your bank to make an international transfers as although the fees might sometimes seem competitive, you will lose a lot of money in the exchange rate margin due to the bad exchanges rates towards the South African Rand. Instead, transfer your money through an online transfer service like TransferWise, CurrencyFair or TransferGo who act as intermediary between your bank and the bank of the recipient in South Africa to give you much better rates. South Africa is one of the only african countries where these innovative companies are sending money to, so take advantage of it.
Should you need your money to arrive in cash in one specific region of the country, providers like Azimo or WorldRemit have a good geographical coverage and often better rates than some of the more well-known options such as MoneyGram or Western Union.
For bigger transactions (if you need to transfer part of your savings to South Africa, or need to purchase a home or property or have a business transfer to make), you will be better off contacting specialized foreign exchange companies. Currency Solutions, Currencies Direct and OFX are all offering to change your money into South African Rands and send it to South Africa.
As South Africa is not part of the IBAN system, you will need some other information in addition to the recipient's account number and name.
All banks in South Africa are part of the SWIFT network, and you will therefore need to have SWIFT/BIC number of the recipient's bank in order to proceed to the transfer. Some providers may suggest you a list of all the banks in South Africa from which you need to select the right one, which might be conveninent if you know the name of the bank but not the SWIFT/BIC.