Send Money To South Africa
Officially known as the Republic of South Africa, South Africa is situated on the southern-most tip of the African continent. Home to some 53 million people, South Africa is the worlds 25th most populous nation and also the 25th largest country in the world. In terms of the economy, South Africa is a newly industrialised country and is ranked by the World Bank as being an upper-middle income economy. The country has the second largest economy in Africa and the 34th largest in the world. It is, therefore, not surprising that transactions involving the transfer of money in and out of South Africa take place each and every day.
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Currency and Foreign Exchange
The South African currency is known as the South African Rand (ZAR). The Rand has been the official currency since it replaced the South African Pound when the country became a republic in 1961. One Rand consists of 100 cents and is available in various denominations in both note and coin form. Coin denominations are R1, R2, R5 whilst note denominations are R10, R20, R50, R100, and R200. Standard banking hours in South Africa are from 9am to 3.30pm throughout the week and from 9am to 11am on Saturdays.
Money Transfer Regulations in South Africa
Officially known as the Republic of South Africa, South Africa is rnsituated on the southern-most tip of the African continent. Home to somern 53 million people, South Africa is the world's 25th most populous rnnation and also the 25th largest country in the world. In terms of the rneconomy, South Africa is a newly industrialised country and is ranked byrn the World Bank as being an upper-middle income economy. The country hasrn the second largest economy in Africa and the 34th largest in the world.rn It is, therefore, not surprising that transactions involving the rntransfer of money in and out of South Africa take place each and every rnday.
When it comes to transferring money to South Africa, there are a number of options available and it can be difficult to know which option is best for you. The most common method of transfer is via banks. Up until recently, the banks were the only approved and authorised dealers, meaning that they were the only source through which it was possible to transfer money in and out of the country. Although they are still often considered to be the most convenient way of transferring funds in and out of the country, you may encounter high admin fees and uncompetitive exchange rates. Today, there are also a number of approved introducers and specialised money transfer companies who are permitted to negotiate with banks on your behalf, ensuring that you obtain the best possible rates, minimal admin fees. Many people prefer to deal this way as it also allows them to receive a much more personal service.
Potential Difficulties of Sending Money to South Africa
When transferring money to any country, you can often find you are faced with fees and charges, which can often be quite substantial. Although these fess tend to be unavoidable, if you shop around and compare a number of different services, it is possible to save a large amount of money, which is always nice! In addition to fees and charges, exchange rates can also present a problem. Exchange rates fluctuate on a daily basis, and even from hour to hour and they also vary from provider to provider. Comparing all of the available rates will help you to identify the best possible rate at any given time, saving you both money and time.The fact that South Africa operates a system of legislated exchange control presents another potential difficulty. It is important that you understand the restrictions and ensure that, when sending money to South Africa, you ensure that you abide by the relevant legislations and regulations. This may sound complex and if you approach it in the wrong way, it can be. Using a specialist money transfer company can be highly beneficial in this respect as they can outline your options and the potential issues that you might face when transferring money in (or out) of the country. After all, sometimes it's easier to call in the experts!
Why use sendthatcash.com?
Our quick, simple, and cost effective service allows you to compare fees and exchange rates from a number of the world's fastest and most reliable international money transfer money providers, ensuring that you secure the very best deal whilst saving time and stress. As well as comparing rates and fees to secure you the best possible deal, we also ensure that your transaction provider is efficient, secure, and familiar with the controls and regulations that are specific to South Africa. We are familiar with the foreign exchange regulations that exist within South Africa and the practicalities of sending money into the country.