Money Transfer Services is a way to pass money from one bank account to another. In simple terms this is when you ask your bank to send a stipulated amount from one account to another account. It is also a faster form of transaction than using a bank draft.
Money Transfer Services In South Africa
The best money transfer services to South Africa
So you need to send money to South Africa? You have family in Cape Town who need help paying a bill. You need to send money to your own South African bank account. Or you need to pay for services from a business.
Whatever your reason for sending money to South Africa – you’ll want a money transfer service that’s fast, secure, easy to use and great value for money. World Remit can offer you just that. But let’s take a look at some of the other options open to you.
Money in South Africa
The rand is the currency of legal tender in South Africa. It’s divided into 100 cents. It was introduced in South Africa in 1961 (replacing the South African pound) when the country became a Republic. Until 1982, the South African currency had a value higher than the dollar, but it started to decline because of international pressure and sanctions imposed due to the South African policy of apartheid. Since then the rand has suffered several fluctuations in the exchange rate.
Today, the rand is weak against Western currencies, making travelling to South Africa less expensive than in Europe and North America. The best foreign currencies to take in cash are US dollars, euros or British pounds. Many of Africa’s tourist attractions will only accept US dollars for their entry fees and tips.
The current South African rand coins and banknotes
Currently, there are 1, 2, 5, 10, 20 and 50 cents and 1, 2, and 5 rands in circulation. Plus, there are banknotes of 10, 20, 50, 100, 200 and 1,000 ZAR.
International bank transfer using your bank
If you want to send money to South Africa, the first convenient place you may think of is your bank. Banks can send money overseas for you, but be aware that their fees are often a great deal higher and their exchange rates are not as competitive as companies specialising in international money transfers. So it’s worth looking at the specialist alternatives.
High street agents
When it comes to using specialist money transfer companies, the vast majority of people still use high street money agents like Western Union.
Here’s how offline money transfers work:
- You travel to an agent on the high street, in a newsagent or at the Post Office.
- You don’t usually need to open an account. Simply hand over the funds you want to send and pay any fees.
- After paying you’ll get a reference number, which you’ll give to your recipient. With this you can then pick up the money you sent to the overseas branch or agency.
It’s worth noting that Western Union also has an online service to South Africa.
The disadvantages of going offline
- Inconvenience – you have to physically go to the shop to send money and are bound by their opening times.
- Expense – these services may be fast, but they can often charge high fees and don’t offer the best exchange rate.
Sending money online
The world has moved online and so have money transfers! There are now many international online money transfer services offering you fast, secure and convenient ways to send money to those you love thousands of miles away.
Here are some of the best companies sending money to South Africa.
1. WorldRemit
With WorldRemit you can send money online to 150+ countries from 50 worldwide. Specifically to South Africa you can send money for cash pickup, bank transfer, mobile money and airtime top-up.
Here’s how it works
Using the website or app:
- Create an online account and login
- Tap in how much you want to send, how you want to send the money (cash pickup, bank deposit, Mobile Money or airtime top up) and where.
- Enter your recipient’s details.
- Pay
How long does it take to send money with WorldRemit?
This depends on the service you’ve chosen. Bank transfers usually arrive in 0-2 business days. Money sent for cash pickup can be ready instantly at a Mukuru branch – your recipient will need a valid photo ID and the transaction reference number.
Is WorldRemit secure?
Yes. Industry-leading technology protects your money and ensures it arrives safely every time. WorldRemit is licensed by government regulators around the world, so you can be sure we meet the highest possible standards.
2. TransferWise
TransferWise is a well-respected and trusted money transfer company. But at present, TransferWise can only deliver ZAR to bank accounts based in South Africa. TransferWise cannot send money from South Africa. The service is easy to use and it’s simple to set up an account, or make a transfer using their app.
Here’s how it works
- Create an online account, login and set up your first transfer
- Tap in how much you want to send and where. Enter your recipient’s details
- Make a payment to TransferWise, using your preferred method – bank deposit (ACH), bank wire transfer, debit card or credit card.
How long does it take?
Recipients will get the money in South African dollars (ZAR) directly into their bank account from TransferWise’s local bank account within 1-2 business days
Is TransferWise safe?
Yes. They follow a strict set of rules set by regulatory agencies in every single country they operate in, from the FCA in the UK to FinCen in the US.
Key benefits
- Quick online set-up
- Easy to get a quote
- Transparent fees
- Simple Cell Phone App
3. CurrencyFair
CurrencyFair is fairly unique. Instead of exchanging your currency with a bank or a money transfer company, you actually exchange with other CurrencyFair customers.
This means that you can choose which exchange rate you’d like, and as long as another CurrencyFair user is looking to exchange in the other direction and accepts your exchange rate, then that’s the rate you’ll both get.
Here’s how it works
- Open an account by visiting CurrencyFair’s website and open a free account
- Enter your recipient’s details
- Enter how much money you want to send and how you want to pay for your transfer
- Pay for your transfer
- CurrencyFair will then convert your money in the recipient’s currency and send it to them through the selected pay-out option.
Is CurrencyFair safe?
CurrencyFair is regulated and authorized by the Central Bank of Ireland under the European Communities (Payment Services) Regulations 2009.
Key benefits
- Good exchange rates
- Transfer money in 20 currencies to over 150 countries
- Low, flat fees
- Excellent reviews on Trustpilot
What is the best way to transfer money to South Africa?
Here are the best ways to transfer money to South Africa with Wise:
Bank Transfer. Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise.
Debit Card. Paying for your transfer with a debit card is easy and fast.
Credit Card.
PISP.
Swift.
Is GCash available in South Africa?
Yes, you are able to download and register for a GCash account if you have an active Philippines mobile number (any PH network), even while abroad. If you are currently overseas, do make sure your SIM / mobile phone has activated Roaming*
Does WorldRemit work in South Africa?
WorldRemit Ltd (registered in the UK) partner with local South African ADLAs (entities that are licensed in South Africa with authority to process money transfers into South Africa). You can send money to South Africa, using WorldRemit’s partners for cash pick-up, bank account and mobile money delivery.
How can I send money to someone without a bank account in South Africa?
How to Send Money to Someone Without a Bank Account
Create an E-Wallet. This is by far the cheapest option.
Send via a Money Transfer Agent.
Use Pre-Paid Card Services.
Send Money in the Post.
Draw the Money and Deliver it in Person.
Does PayPal work in South Africa?
In order to conform to South African exchange control regulations, you’re not actually permitted to use PayPal funds sent to you to pay other PayPal users or make purchases. You do need to sign up for an FNB Withdraw Service account, which’ll let you link a PayPal account to a South African bank account.