/Send Money Abroad/From South Africa

How to Send Money from South Africa to Canada

Get the best deals when you transfer from South Africa to Canada. Find the cheapest, fastest, and most reliable providers with the best exchange rates.

Read on for the best deals, expert information, and all you need to send money to Canada from South Africa.

Affiliate Disclosure

How to send money to Canada from South Africa

The best way to send ZAR to CAD

TorFx

The total number of South Africa to Canadian Dollar providers

6

The average cheapest way to send money from South Africa to Canada

TorFx

Best option for debit card transfers

Best option for bank transfers

HSBC

You can always compare rates and fees based on your transfer amount and payment options when sending money.

The best way to send money from South Africa to Canada

We recommend using Wise for money transfers to Canada from South Africa.

We analyzed 6 providers that allow ZAR to CAD transfers. Wise emerged as the best option in 66.7% of searches.

What’s the cheapest way to send money from South Africa to Canada?

Based on results from the last 3 months, of the 6 providers we list, the cheapest way to send money from the South Africa to Canada was TorFx, and the average cheapest payment method was bankTransfer.

TorFx has averaged 0.3% cheaper than the next nearest provider for money transfers to Canada from South Africa.

Just to make you aware, bankTransfer was the overall cheapest payment method.

The cheapest way to send money isn't always the fastest

Be sure to pick the right option, Instarem is the most cost effective way of sending, but make sure the timeframes work for you.

How the cost of sending money to Canada from South Africa is calculated

The cost of sending money from South Africa to South Africa depends on several things, including:

The mid-market rate

The current mid-market rate between ZAR and CAD is 0.071783. The rate the time you transfer will impact your overall cost. As an example, TorFx has averaged -0.05% below the mid-market rate over the last 3 months, generally making sending money a little cheaper before fees.

The markup and fee

Providers will often charge a markup on the rate, fees, or both, for transfers between South Africa and Canada. This is why Instarem is listed as our cheapest option - they offer the best combination of Rand to Canadian Dollar (0.19) and fees (0).

Bank transfers from South Africa to Canada

Bank transfers are the most common way of sending ZAR to Canada as they are secure, reliable, and convenient.

If you want to send Rands to Canada through a bank transfer, HSBC has been the top rated provider in our comparison system for the last 3 months, being recommended 50% of the time.

That’s because companies like HSBC bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, HSBC's transaction fees for Rands into Canada have averaged significantly lower than banks for the last 3 months.

Finding the best exchange rate for ZAR to CAD

The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Canadian Dollars you can get for your Rands. The average Rand to Canadian Dollar mid-market rate over the last month was 0.072, with a low of 0.072 and a high of 0.072.

For comparison, the best exchange rate for ZAR to CAD right now is through TorFx, at a difference of 0.12%.

How we find the best transfer deals from South Africa to Canada

We’ve compared the cost, speed, and product offering of the top money transfer services (including TorFx) available between Canada and South Africa.

We also produce unbiased, detailed reviews of all the top money transfer companies for sending Rand to Canada, helping you in making smarter, simpler choices. We pride ourselves on our objective reviews, maintaining complete independence in our analysis and ratings.

Take a look at our comprehensive editorial policy for more information about our dedication to integrity and transparency.

Frequently asked questions

How much money can be transferred from South Africa to Canada?
Are money transfers services regulated?
Can I send money from South Africa to Canada with MoneyTransfers.com?

Send money to and from Canada

Contributors

Keith Hodges
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.
MoneyTransfers 2024. All Rights Reserved.