How to send money to South Africa from Canada
The best way to send CAD to ZAR | Wise |
The total number of Canada to Rand providers | 10 |
The average cheapest way to send money from Canada to South Africa | OFX |
Best option for debit card transfers | Wise |
Best option for bank transfers | Wise |
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 Canada to South Africa
We recommend using Wise for money transfers to South Africa from Canada.
We analyzed 10 providers that allow CAD to ZAR transfers. Wise emerged as the best option in 80% of searches.
What’s the cheapest way to send money from Canada to South Africa?
Based on results from the last 3 months, of the 10 providers we list, the cheapest way to send money from the Canada to South Africa was OFX, and the average cheapest payment method was Bank Transfer.
OFX has averaged 1.3% cheaper than the next nearest provider for money transfers to South Africa from Canada.
Just to make you aware, Bank Transfer 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 South Africa from Canada is calculated
The cost of sending money from Canada to Canada depends on several things, including:
The mid-market rate
The current mid-market rate between CAD and ZAR is 13.957503. The rate the time you transfer will impact your overall cost. As an example, Wise has averaged -0.47% 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 Canada and South Africa. This is why Instarem is listed as our cheapest option - they offer the best combination of Canadian Dollar to Rand (0) and fees (0).
Bank transfers from Canada to South Africa
Bank transfers are the most common way of sending CAD to South Africa as they are secure, reliable, and convenient.
If you want to send Canadian Dollars to South Africa through a bank transfer, Wise has been the top rated provider in our comparison system for the last 3 months, being recommended 92.3% of the time.
That’s because companies like Wise bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, Wise's transaction fees for Canadian Dollars into South Africa have averaged significantly lower than banks for the last 3 months.
Credit card payments from Canada to South Africa
Sending money with a credit card is quick, convenient, and typically more secure than other methods, thanks to backing by the issuing party. Some users may even be able to rack up reward points when making large transactions.
If you want to send Canadian Dollars to South Africa with a credit card, Wise has been the top rated provider in our comparison system for the last 3 months, being recommended 76.9% of the time.
Credit card payments are often classified as cash advances, which bring their own charges, not to mention currency conversion and usage fees. And forgetting to pay your balance can result in high interest charges or even damage your credit score.
Debit card payments from Canada to South Africa
Debit card payments let you send money from the Canada to South Africa with the similar convenience of a credit card, and there are usually no tax advance fees. That said, when sending money from a debit card, you might still face currency exchange fees, processing fees, and other expenses, making this a pricier option than a simple bank transfer.
If you want to send Canadian Dollars to South Africa with a debit card, Wise has been the top rated provider in our comparison system for the last 3 months, recommended 76.9% of the time.
Finding the best exchange rate for CAD to ZAR
The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Rands you can get for your Canadian Dollars. The average Canadian Dollar to Rand mid-market rate over the last month was 13.7999, with a low of 13.6947 and a high of 13.9816.
For comparison, the best exchange rate for CAD to ZAR right now is through Wise, at a difference of -0.21%.
How we find the best transfer deals from Canada to South Africa
We’ve compared the cost, speed, and product offering of the top money transfer services (including Wise) available between South Africa and Canada.
We also produce unbiased, detailed reviews of all the top money transfer companies for sending Canadian Dollar to South Africa, 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.
