When immigrating to South Africa, often individuals need to transact a currency transfer from their local currency to South African Rands.
Money Transfers To and From South Africa with Your Bank
The obvious and often used solution is the local bank you use, more often than not simply from a perceived ‘ease of use basis’.
Money transfers into South Africa are generally considered easier with no exchange control in the UK and can be viewed as a simple case of instructing your bank to do so.
Transfers out of South Africa become more complex and require exchange control clearance from the South African Reserve Bank. It should be noted:
- The banks will more often than not charge an administration fee, whether you are transferring money in or out South Africa.
- Often when transferring money to South Africa the bank will not give you a rate before the transfer is done – meaning you have no idea what value for money you are getting.
- Banks want you to personally come to them – queues and inconvenience.
- In transferring money out of South Africa, the process can be complex and expert help is sometimes lacking.
- Exchange rates from banks are typically not competitive.
Selecting the wrong method of money transfer can cost your business thousands. In a recent exercise we compared a leading South African bank’s rates and charges to our specialist money transfer service. On a transfer out of R2 million rand (approx £133,000) the difference that ended up in their UK bank account was R40, 000 (£2,666).
Our specialised money transfer service offers companies the following:
- The ability to transfer money in and out of South Africa.
- Advice on exchange control issues for money transfers out of South Africa.
- Pre-known and guaranteed exchange rates.
- No fixed charges.
- Personal service – you deal with an exclusive trader.
- Industry-leading exchange rates.
- Free initial consultation and registration.
- Access to our corporate saver account with administration support and competitive interest rates.