How to send money to Belgium from South Africa with the best ZAR-EUR rate

The exchange rate determines how much Euro you will get for every Rand you want to send. A better exchange rate is the best way to save money on transfers from South Africa to Belgium.

The current rate between the Rand and Euro is 0.0505. Key Currency is currently offering the best exchange between ZAR-EUR.

With currencies, the exchange fluctuates constantly, and the ZAR-EUR exchange rate is no different. Tracking the rate and understanding the averages can help get a better deal. Even waiting a day or two can help you get more EUR for the same amount of Rand.

Beyond this, a forward contract allows you to lock in an agreed exchange rate between South Africa and Belgium.

The most cost effective way to send money from South Africa to Belgium is via a bank transfer. Key Currency is the company offering the best price for a bank transfer.

Using Key Currency for a bank transfer to Belgium is 0.01% cheaper than the second-best option in the market.

Regulations are important for keeping your money safe, South Africa and Belgium have different regulations to consider.

Our directory of worldwide financial regulators contains details on regulation for money transfers between South Africa and Belgium.

Some companies offering money transfers between South Africa and Belgium will come with minimum or maximum thresholds on how much you can send or receive and this could cause rates or fees to change.

Comparing ZAR-EUR rates for your specific transfer amount will factor in these rates and fees changes, so you’ll get the best provider for your specific needs. For regular transfers from South Africa to Belgium, it’s best to check any changes in fees and rates every time you send.

For large transfers of money transfers from South Africa to Belgium we’d recommend TorFx. They offer a competitive combination of rates and fees when sending from South Africa to Belgium, even at larger amounts.

Also, be sure to check with the recipient and understand any declarations needed on large amounts of money entering Belgium from South Africa.

Receiving Euro in Belgium has a few different options. The most popular ways to receive are through a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering money transfers from South Africa to Belgium will cater for every method for incoming Euro, so it’s best to check ahead of time.

One of the more popular ways is sending money from South Africa directly to a bank account in Belgium. This is because it means the recipient in Belgium has to do very little. TorFx is the best company for bank transfers between South Africa and Belgium.

Whilst cash pickup is popular, it is not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp operate in Belgium and are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Key Currency.

When using a money transfer provider to send Rands to Belgium, you will need to verify your ID at the sign up stage.

Documents needed will vary and in some cases you might need a couple of options.

Generally speaking, those in South Africa can verify through a government issued ID such as a driver’s license or passport. If the recipient needs an ID to collect money or open a multi-currency account in Belgium, both can also be used there as well.

Large transactions between South Africa and Belgium will be subject to additional security measures such as proving where the funds originated, these will be for anti-money laundering purposes.

TorFx has scored highly for transfers to Belgium because of the easy sign up process in South Africa.

There will be tax declarations to consider when sending larger amounts of money between South Africa and Belgium.

Transfers into Euro may need to be reported to tax authorities in Belgium as well, where regular income, large amounts (such as property or inheritance) and business payments will all be subject to tax checks.

Based on the recipient, tax limits in Belgium, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in South Africa or Belgium to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.