Making a Personal Transfer
Sending money out of South Africa involves making use of either a bank or a money transfer company. Or, of course, you can make use of a currency company. The choice is yours, but try to keep the following in mind when making your decision.
There are various money transfer companies in South Africa. If you have had previous experience with transferring money to another country, their names will probably be familiar to you. In addition to these companies, you can also simply make use of your bank. Then again, you can approach a currency company, who will handle the transfer for you.
Using a money transfer company and a bank involves basically the same process. You will be required to complete a form, supply the amount to be transferred, and also provide proof of identity. You need to provide a green bar-coded South Africa ID book as proof of identity, or, if you are a foreigner, your passport, clearly indicating that you have a valid permit/visa for South Africa. Also, you may be required to provide proof of address. Sometimes, a bank will also ask to see proof of income, so that they can be sure that you have enough money to complete the transfer.
The important thing to remember is that transferring money isn’t free. Every company and institution will charge a fee, although this fee is not always based on the amount to be transferred. Shop around. You may be surprised at how much certain banks in South Africa will actually try to charge you to make the transaction. That is why you should do proper homework and investigate other options such as money transfer companies and currency exchange companies.
Please note that the process used when a business transfers funds is not the same as the one described on this page.
Money Transfers to and from South Africa - here's how:
- Foreign exchange regulations in South Africa 03-01-2011
- Essential money transfer advice for all transactions 02-01-2011
- Exchange control relaxed in South Africa 28-10-2010