How to send money to South Africa

 

If you need to send money to South Africa you will discover that there are a number of options available.

Which one you choose will depend on why you need to send money to South Africa and how much you are intending to transfer.

But whether you need to send money to South Africa to cover payments on a new property, to move your pension or simply to send money to friends and family, it is worth doing a bit of research before you jump in.

If you need to send South African rand to somebody with a bank account in the country it might be worth using a high street bank to move the money.

This will provide you with a convenient way of sending money to South Africa, with transfers usually set up with just one phone call or visit in branch.

Unfortunately, this convenience comes with quite a high cost. The rand exchange rates on offer to consumers are generally quite poor and you will also need to factor in the per-transfer costs that will be imposed each time you send money to South Africa. 

In addition, transferring money this way is only of any use if you are moving money to somebody with access to a bank account, say with the Standard Bank of South Africa or the Absa Bank.

If you need to send money to South Africa to someone who cannot access funds this way then a Money Sending bureau might be of more use.

These are small establishments visible on high streets around that world that allow you to send money internationally.

Unfortunately, they tend to be poorly regulated and will charge high per-transfer fees - sometimes between ten and 15 per cent!

If you want to avoid these high fees and access a competitive currency exchange rate then using a foreign exchange broker might be the best way for you to send money to South Africa.

RationalFX can guarantee you a low fee service and you can check out our currency exchange rates for free before making up your mind.

Simply open an online account for free today and start saving money when you send money to South Africa!