The South African banking system leaves quite a number of people financially inactive .This is because for one to open a bank account with certain banking institutes, a South African ID or a passport with a permit is a requirement.It is therefore very hard for an ordinary asylum seeker to open a bank account in South Africa let alone receiving money from the diaspora. Having realised that mukuru.com came to the rescue for many foreigners by offering the mukuru debit card.Now besides having access to the financial benefits, mukuru card holders can now receive money directly into their debit cards without hassles.
There are so many agencies remitting money to South Africa and they operate during banking hours.Mukuru.com however offers a more convenient service for the money is sent directly into the individual’s bank card therefore they can withdraw their money anytime rregardless of the banking hours.
There are millions of South Africans living and working outside the country.These people have dependants that they have left behind and they work hard to send money back to South Africa. These people are strewn all over the world with some of them being in America,some in Asia,some living in Europe.
There are agents and banks that send money to South to South Africa,but in particular from the UK,you have agents and banks that facilitate the trasnfer of money.Some of them offer online services wile some offer over the phone services,providing convenience for their clientelle.
Examples fo these agents include Money Gram,Travellex,Rational FX,Mukuru.com These agents offer different rates for different amounts.You may find that some are cheaper than others and these prices are determined by factors such as the length of time it takes for the money to be sent through to South Africa,as well as with the foreign currency rate for the day.
Today,HSBC will charge a fee of £17 to send £5000 at a rate of £1/ZAR13.6706.The recipient will get ZAR68,120.54.
At Mukuru.com you will pay £0.99 to send £5000 at a rate of £1/ZAR13.29.The recipent will get ZAR66,4400.00.
The catch is that at HSBC it may take a few days for the money to be remitted but with Mukuru.com is is just a matter of minutes before the money is remitted.