Rates of Exchange

Sending money to South Africa is one of the simplest things to do . If you find a really good remittance company they make this often thought cumbersome process very easy.The thing to watch out for the rate of exchange , so below i have just copied a rate board from sa venues.com they facilitate finding accommodation in South Africa for those that live abroad.

Knowing what the rate is will help you see weather you are being offered a good deal when sending your money to South Africa. Please note that these rates change daily so be sure to get the most current rate.

One Rand equals X currency One currency equals X Rand
0.121584 US Dollar (USD) United States 8.22 ZA Rands
0.0748757 Pound sterling (GBP) United Kingdom 13.36 ZA Rands
0.0941289 Euro (EUR) European Union 10.62 ZA Rands
0.116404 Australian dollar (AUD) Australia 8.59 ZA Rands
0.119236 Canadian dollar (CAD) Canada 8.39 ZA Rands
0.766394 Chinese yuan renminbi (CNY) China 1.30 ZA Rands
0.702311 Croatian kuna (HRK) Croatia 1.42 ZA Rands
0.0550912 Cyprus pound (CYP) Cyprus 18.15 ZA Rands
2.36454 Czech koruna (CZK) Czech Republic 0.42 ZA Rands
0.701763 Danish krone (DKK) Denmark 1.42 ZA Rands
0.942729 Hong Kong dollar (HKD) Hong Kong 1.06 ZA Rands
26.7255 Hungarian forint (HUF) Hungary 0.04 ZA Rands
15.1479 Icelandic krona (ISK) Iceland 0.07 ZA Rands
6.44222 India Rupees (INR) India 0.16 ZA Rands
9.43525 Yen (JPY) Japan 0.11 ZA Rands
0.373938 Malaysian ringgit (MYR) Malaysia 2.67 ZA Rands
0.146315 New Zealand dollar (NZD) New Zealand 6.83 ZA Rands
0.69433 Norwegian krone (NOK) Norway 1.44 ZA Rands
0.388263 Polish zloty (PLN) Poland 2.58 ZA Rands
0.425808 New Romanian leu (RON) Romania 2.35 ZA Rands
3.76866 Russian rouble (RUB) Russian Federation 0.27 ZA Rands
0.149103 Singapore dollar (SGD) Singapore 6.71 ZA Rands
0.793856 Swedish krona (SEK) Sweden 1.26 ZA Rands
0.113947 Swiss franc (CHF) Switzerland 8.78 ZA Rands
0.217382 New Turkish lira (TRY) Turkey 4.60 ZA Rands

Sending money to South Africa into a bank account

South Africa has four major bank’s and a few smaller ones, these major banks are FNB (First National bank ) , Nedbank , Standard Bank, Absa. This is important in sending money because a lot of companies that send money to South Africa need to send it into a valid bank account and so the receiver need an account with a registered bank .

This transaction usually takes two to three working days to be received in the receivers bank account . Easy exchange , worldremit , Ria , Mukuru.com,  Transfers.com, 1st contact Forex, Coinstar , Afritrans, , these are just a few companies that allow you to send money to South Africa into a bank account and Mukuru.com being the most affordable at 50p and the most expensive being Coinstar at £10. When you know all the factors to consider when sending money to south Africa you can make an informed decision that will save you time and money.

Sending Money to South africa from the USA

Today we are going to be looking a t a company called Xoom , in sending money to South Africa from the unites States of America. They facilitate two types of payment method you can either make a transfer from your bank account which will cost you $4.99 or by debit/credit card which costs $10.99 on top of the actual money you will be sending

Their exchange rate is $1 = 8.0281 zar , so if you want them to receive R1500 you will have to pay $191.83 if you make a transfer or $197.83 if you pay by debit/credit card. The money is deposited into a South African bank account , the banks they can facilitate payments for are Absa, Bidvest, FNB, Nedbank, Teba, Standard and Meeg .This money is only available after two working days and there are no additional costs. there are many ways of sending money to South Africa easily.

Comparing prices of sending money to South Africa

I found a very interesting table on the world bank group site that i would like to share with everyone who wants to send money to South Africa .

So let me try and explain the table a little bit more we have a list of the money transfer companies that send money to South Africa. and looking at the fees The most affordable is Mukuru.com at 50 p when you transfer the money from your account , 99p when you pay by card then £2 when you deposit cash. The next competitor would be Worldremit at £2.99, followed by  Money X Press and easy exchange at £ 3 and the rest is history.

3.00
1,552.53 ZAR Less than one hour
3.00
1,475.67 ZAR 3-5 days
3.60
1,451.96 ZAR Less than one hour
2.99
1,443.06 ZAR 3-5 days
6.00
1,473.20 ZAR 3-5 days
0.50
1,348.14 ZAR 3-5 days
0.99
1,342.20 ZAR 3-5 days
2.00
1,329.97  ZAR 3-5 days
7.00
1,383.92 ZAR 3-5 days
5.00
1,291.46 ZAR Next day
10.00
1,344.45 ZAR 3-5 days
9.50
1,299.83 ZAR 3-5 days
10.90
155.83 USD Next day
8.00
1,276.79 ZAR 2 days
10.00
1,293.64 ZAR 3-5 days
12.90
152.85 USD Less than one hour
10.90
1,209.78 ZAR Less than one hour
10.90
1,209.78 ZAR Less than one hour

Sending Money to South Africa Part 4

Sending money to South Africa is not as difficult as sending money to other African countries this is because South Africa is very developed and has very good relations with most countries if not all in the world.  Companies are not fearful or hesitant when asked to open centers in South Africa .

Moneygram allows you to send money in a few simple steps , firstly you go to a Moneygram agent , carry with you some identification . you are then asked to fill in a senders form that you hand in together with the money you are sending as well as the fee for sending money to South Africa . You are then given a reference number that you must give to the receiver.

Within a few minuets your receiver can collect the money at any moneygram agent and they need to carry with them their proof of identification, and also fill in a receivers form.

Sending Money part 3

Today we will be looking at SWIFT and the role it plays in sending money to South Africa . SWIFT actually stands for Society of Worldwide Interbank Financial Telecommunications. what a mouth full but everyone knows SWIFT it even has a Wikipedia definition of what it does which is :

SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as “SWIFT” codes.

SWIFT does not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

SWIFT is a cooperative society  under Belgian  law and it is owned by its member financial institutions. It has offices around the world. SWIFT headquarters is actually in La Hulpe in Belgium near Brussels.

Sending Money to South Africa Part 2

Just some quick fix tips on sending money to south Africa and the pros and cons, i will be mixing it up between ways to sending money to South Africa and the different remittance  companies that actually send money to South Africa.

1. Bank Transfer – You can send money from your bank account into someone else’s bank account in South Africa, you just need to check with your bank if they can facilitate such a transfer and how much it would cost. These transfers can take between three to seven days though if the banks are not affiliated it could take up several weeks. Just double check before your start the process with your bank, and also find out if the receiver incurs any charges.

2.Currency Dealer – If you know of a reputable currency dealer that might work out cheaper and faster for you, A Lot of companies specialize in currency dealing and usually offer great exchange rates  especially when you are looking to transfer large sums of money. these can be quantified anywhere between £1000 – £4000 depending on which company you will be sending with .