Send Money To South Africa

Currency Symbol and Swift Codes

The South African rand (ZAR) is the official currency of South Africa. It is also used as legal tender in Lesotho, Namibia, and Swaziland, given their link to South Africa through the Common Monetary Area. All three countries have their own currencies too. One rand is divided into 100 cents.

If you plan to send money to a South African bank account you will need to bank’s SWIFT code. The corresponding table lists SWIFT codes of some prominent banks in South Africa.

Case Study

Chris planned to travel from the United Kingdom to South Africa with his wife for a holiday. After he found a suitable hotel, he contacted it directly to check if he could get a discount. He also wanted to pay for their stay in advance, while he was still in the UK. The hotel gave him a discount as well as the ability wire the money directly into its South African bank account. He compared his options before making the transfer, and this is what he found.

Chris was required to pay a total of ZAR 65,000 for the stay, and he paid a significant portion of it from the UK. By choosing the money transfer company instead of the bank, he ended up saving close to ZAR 2,800.

Cash Pickup Locations in South Africa

To send money to South Africa quickly, consider using the services of companies that have offices or agent locations in the country. Some of your options include WorldRemit, Western Union, and MoneyGram.

Safety Tips for Picking Up Cash in South Africa

Crime levels in South Africa are high. Thefts, muggings, carjackings, and armed assaults are reported often, especially from areas frequented by tourists. There have been instances of violent crimes involving foreigners.

If you plan to collect a large sum of money from a cash pickup center, try to take someone trustworthy along. Avoid withdrawing or changing large sums of money in crowded areas. Do not display large sums of money and expensive jewelry, phones, or cameras.

There is a significant rise in crimes after dark, especially in and around major townships city centers. Armed robberies may take place in malls too. If confronted by an armed robber, it is in your best interest to comply.

When driving, be particularly watchful at stop signs, traffic lights, yield signs, as well as highway off-ramps. Make sure the windows are rolled up and the doors are locked at all times. Park your vehicle in well lit areas.

What Information Do I Need to Transfer Money to South Africa?

The information you need to provide when transferring money into South Africa depends on the mode of transfer you select.

• To a bank account. The service provider you choose will need the recipient’s complete name, a bank account number, the receiving bank’s name, and the receiving bank’s SWIFT code.
• To a cash pickup center. You will need to provide the recipient’s complete name along with the location of a cash pickup center from where the recipient plans to collect the money. The recipient may collect the transferred funds by presenting a transaction number and a valid form of ID.

Regulations When Transferring Money To and From South Africa

The South African rand is a free-floating fully convertible currency so you may transfer it in or out of the country with ease.

The South African Reserve Bank (SARB) functions as the country’s central bank and its financial regulator. The bank enforces restrictions on cross-border fund transfers to prevent money laundering and to regulate inflow and outflow of money to and from the country. If you wish to carry out a forex transaction, you are required to use the services of brokers that are registered as Financial Services Providers (FSPs) with SARB.

Locals require clearance from South African Revenue Services (SARS) if they plan to transfer any amount more than one million rand. As a non-resident, you may retrieve any amount of money transferred into the country, provided you have proof surrounding the original transfers.

When entering South Africa, you may carry up to ZAR 25,000 in cash. If you are bringing in other currencies, the total may not exceed U.S. $10,000 or its equivalent. If you carry more than these amounts, you will need to declare it upon arrival.