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As fellow Commonwealth nations, Australia and South Africa enjoy close ties on the international stage. Although we often go toe-to-toe in some pretty intense battles on the cricket and rugby fields, our countries nonetheless enjoy a solid friendship.
This means that if you ever need to send money to South Africa, there are plenty of ways to go about it. From banks to dedicated money transfer companies, it's easy to find a fast and convenient way to send funds overseas.
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Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to South Africa. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and TorFX specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's South African bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in South Africa— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly when possible.
Most Australian banks will be happy to transfer money to South Africa from your existing account. However, banks charge high fees for international money transfers and only ever offer exchange rates well below the market, which can end up costing you quite a lot of money.
Let's say you need to send $1,000 AUD to ZAR, to family in South Africa. Here's what you might face as far as fees and exchange rates as of 10 November 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $16 | $25 | $6 + additional correspondent bank fees |
| Exchange rate | 1 AUD = 11.21 ZAR | 1 AUD = 10.42 ZAR | 1 AUD = 10.6 ZAR |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | ZAR 11,031 | ZAR 10,421 | ZAR 10,542 |
| Verdict |
|
|
|
In this case a digital money transfer provides the best value, however a cash transfer will get there faster.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to South Africa to meet your needs:
When it's more important to get your money to South Africa quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you don't have a bank account. If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. South Africa's exchange rate is flexible compared to the Australian dollar, which means it sometimes shifts a few rand a month, if not more. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today's exchange rate AUD to ZAR
To send money to South Africa from Australia, you'll need government-issued ID and other documents, while documents needed to pick up money in South Africa may be different by company.
To send money from Australia to South Africa, you'll need documentation and details that include:
To pick up money in person, documentation can include:
Sending cash to South Africa may subject you to both taxes in Australia and taxes in South Africa, depending on your sending and receiving situation. The primary tax to pay attention to is the Donations Tax, which is regulated by the South African Revenue Service.
Sending your hard-earned money to South Africa shouldn't cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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Finder's submission in response to the ACCC foreign currency conversion services inquiry.
