Transfer of money overseas has become an important part of today's life. Large amounts of funds are transferred daily at both personal and business level. Banks, brokers and other agents play a vital role in ensuring the success of the transfer of these funds. If you want to transfer money to South Africa, it is critical that you engage services that are risk free, fast and inexpensive.
Best Ways to Make a Money Transfer to South Africa
There are a number of sources that offer reliable, efficient and trustworthy international money transfer to South Africa. They include: Interchange FX, Currency Direct, TorFX, CaxtonFX and TransferWise. All are reputable UK based money transfer providers. They take care of all international payments for their clients, be they one-time payments or regular payments. They are known for the quality services they offer their customers enabling money transfer abroad without any hassles.
Types of Options to Send Money
Money transfer to South Africa can be carried out using either of the following options; Paypal, Online money transfer providers, Bank transfers, Checks and Money transfer companies with cash pickup options. People choose their preferred method based on the time taken for the transaction to take place, the terms and conditions of the providers and the charges by the different providers.
Restrictions on Receiving Money
There are restrictions that control the flow of money into South Africa. These restrictions are applicable to all transactions regardless of their size. They are enforced by the Reserve Bank of South Africa. You can't effect a transaction without prior approval, only an authorised dealer is allowed to conduct a currency transfer and there are set amounts when receiving personal funds.
Restrictions on Sending Money
Sending money abroad is also regulated. Outward payments are made for permissible reasons only and the transaction must be reported for approval by authorised dealers.
Process to Send Money
South Africa operate under exchange control regulations. This implies that the process of sending money is regulated. One needs verification documents and must fill in a registration form in order to send money. If you are eligible, you provide the funds to be transferred in person, through a phone or online.
Brief Economic Trend
South Africa is among the best performing economies in Africa. However, the country was hit by a drought in 2016 which had a negative impact on its economy due to a contraction in its agricultural GDP. Difficult economic conditions worsened this economy. Nevertheless, compared to other African countries, South Africa's economy is above average.
The Main Bank
The Reserve Bank of South Africa controls and regulates all international money transfers. All transactions must be reported to the bank for approval by their authorised agents.
Currency for South Africa?
The Rand (ZAR) is the official currency of South Africa. South Africa's currency is One Rand consists of 100 cents. Notes are in denominations of R200, 100, 50, 20 and 10. Coins are in denominations of R5, 2 and 1, and 50, 20, 10 and 5 cents.
Visitors are restricted to bringing in and taking out a maximum of R5000 in cash - Making regular transfers use compare money transfer to see foreign exchange companies offering currency deals.