With more than 200,000 Brits living in South Africa and international trade between the two countries totalling close to £11 billion annually, there are numerous reasons why you may need to send money to South Africa.
But while demand for sending money to and from the ‘Rainbow Nation’ is high, legislation in South Africa makes it one of the more complex countries for foreign exchange. This was compounded recently by regulatory changes that mean transfers are subject to enhanced due diligence processes.
How to send money to South Africa
Although many people naturally turn to high-street banks for their international money transfer needs, these institutions don’t always offer the best value for money or have the expertise to navigate the more complex processes. In contrast, an international money transfer service specialises in foreign exchange to so-called ‘exotic currencies’, offering currency tools, access to competitive exchange rates and low fees.
The Telegraph Media Group International Money Transfer Service is provided by the currency market expert Moneycorp to help you save on costs and reduce the hassle of transferring money overseas. When sending money to and from South Africa, this service may help to find you a more competitive GBP-ZAR exchange rate than the one offered by your high-street bank, along with zero transfer fees.
To benefit from fast, convenient and cost-effective transfers when transferring money to and from South Africa, you can simply sign up for a free online account today. Once you have signed up, sending money to South Africa requires these easy steps:
- Sign up for your online account
- Supply any additional documentation
- Click ‘Send a payment’
- Enter the details of your transfer, including currency, country and recipient
- Input how much you wish to send
- Confirm your transfer
- Open an account to send money to South Africa via Telegraph Media Group International Money Transfers
Alternatively, you can also organise your transfer over the phone.
South Africa was in the top 5 destinations for TMG International Money Transfer customers last year.
What details do I need to send money to South Africa?
To transfer money to a South African bank account, you will need your personal details, the reason for the trade, plus the following information – whether the funds are going to your own account in South Africa or another recipient:
- Beneficiary name
- Beneficiary account number
- Proof of identity and address of the account holder
- Swift code or BSB/Routing number
- Bank name
- Reason for payment with documentation to support it
TIP: You do not need an IBAN to send money to South Africa
Can I send money online to South Africa?
Opening an international payments account with Moneycorp is straightforward. Once you have registered and supplied the initial supporting documentation, you will be able to send money to and from South Africa with ease. Moneycorp can also provide its clients with an online multi-currency account. This allows you to make international payments at any time and from anywhere in the world.
All you have to do is choose the currency you want to transfer, provide the amount and make the payment – which can all be done online in a few simple clicks. The service allows you to make payments on the move, track their progress, monitor live exchange rates and sign up for email alerts on FX market movements.
Alternatively, you can also organise your transfer over the phone.
Can I set up regular payments to South Africa?
If you need to make regular payments to South Africa, Moneycorp can take the hassle out of sending money overseas, particularly as you will only need to provide proof of identity and address for your recipient once. Ask your personal Relationship Manager about taking advantage of a Regular Payment Plan.
This automated tool ensures your regular international payment requirements are met without fail. Simply provide your schedule, the amount and the recipient’s details and let Moneycorp take care of the rest.
It also allows you to fix the pound-to-rand exchange rate, so you know exactly how much money is leaving your account with every payment.
How long does it take to send money to South Africa from the UK?
You can set up a Moneycorp online currency account in minutes. Once you have an account, you can make as many international payments as and when you need to.
Once you’ve supplied the necessary documentation and specified the amount you want to send, you can expect your online transfer to reach South Africa within 1-2 working days. Express payments usually arrive on the same day.
How much does it cost to send money to South Africa?
With the Telegraph Media Group International Money Transfer Service, you can avoid costly charges often associated with international transfers.
If you sign up online, you won’t be charged a transfer fee unless you’re setting up a regular payment plan. You will also benefit from the most competitive GBP-ZAR exchange rate available from Moneycorp’s 16 liquidity providers at the time of your transfer.
There are no unexpected extra costs – you’ll simply pay the amount of sterling that converts to the amount of South African rand you need to send.
Transfer money to South Africa today
The Telegraph Media Group’s International Money Transfer Service, provided by Moneycorp, gives you access to expert guidance on the currency market, competitive exchange rates, and a range of specialist tools for making international payments over the phone and online. In addition, there are no transfer fees**, allowing you to maximise your money.
Read more:
*Forward contracts may require a deposit
**Excludes regular payment plans
Be aware of currency risk.
None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 06/07/2023
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.
Information correct at date of publication.
