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Best Ways to Send Money to South Africa

Find fast, low cost transfers, the best exchange rates, and top rated customer support on transfers to South Africa.

Read on for reviews, expert advice, and all you need to transfer money to South Africa easily.

Jonathan Merry
Author 
Jonathan Merry
10 minutes
February 5th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our search results to South Africa.

Fastest Option
8.6
XE

XE tends to be the fastest way to send money to South Africa for many origin countries and send amounts.

Cheapest Option
8
Regency FX

Users who searched to send money to South Africa usually find RegencyFX had the lowest rates and fees.

Compare rates and fees for sending money to South Africa

There are multiple ways to easily send and receive money in South Africa but these will largely depend on the provider you decide to use.

Best Ways to Send Money to South Africa

With almost a quarter of the adult population in South Africa estimated to be unbanked and without access to financial services, the best way to send money to South Africa is ultimately the way that allows you to get your funds to your recipient easily, quickly, and for as low a cost as possible.

Money transfer operators are almost always going to offer the best solution. They alone can provide you with the choice of sending money to a bank account, in cash, or to a mobile wallet, so you can decide what suits you and your recipient best. Important details that will affect the overall quality of your international money transfer include:

  • Where you are sending from

  • The amount you are sending

  • How you mean to pay for your transfer

  • How you would like your transfer delivered

Cheapest Way to Send Money to South Africa

The cheapest way to send money to South Africa will almost always be with a money transfer operator. Not all money transfer companies will support transfer to South Africa from your sending country, so it's important to compare providers based on the currencies you need to convert between.

The two main costs you need to be aware of are transfer fees and the exchange rate you are offered. A reputable transfer service should show you upfront the fees you should expect to be charged before you start your transfer, but it's a good idea to compare your options to determine how good a deal you are getting and to decide on the cheapest way to send money to South Africa.

Fastest Way to Send Money to South Africa

The fastest way to send funds to South Africa is through the faster services offered by money transfer providers. Most of these services can get your money to your recipient within a couple of hours, or even within minutes in some cases.

If you're looking for the fastest way to send money to South Africa, you should know that this will rarely be the cheapest option. You will often pay for the convenience of getting your transfer processed faster, so you may want to weigh up what is a higher priority for you. To find out more, check out our simple guide about the fastest ways to send money abroad.

Things to Consider When Sending Money to South Africa

Before sending money, you may want to consider a few wider circumstances:

  • Unbanked Population A fairly large percentage of South Africa's adult population is still unbanked and without access to financial services, which can make it difficult to get your money back home to family when living abroad. Considering alternatives such as mobile money is vital for many families depending on global remittances. These a normally paired to send money online services, meaning the best of both options for the sender and receiver.

  • Weakening Commodity Prices – South Africa is a country heavily dependent on minerals. A weakening of the global commodity market prices can be disastrous for the economy. The currency will most certainly take a dip.

  • Inflation – Currently, the economy is at 4.5% inflation. If it goes higher than this level, it will heat up and offload value. You’ll have to send your loved ones more money to enjoy the same basket of goods and services. For taxation purposes, the recipient must file the gifts or money received on the income tax return form. This step doesn’t give the taxman a foothold to tax you but ensures compliance.

Transferring money to your family, relatives, and friends in South Africa is faster, simpler and cost-effective now than ever before. However, you need to have the right information on the different ways of sending, what to provide when sending and receiving, cross-comparisons of the various benefits providers give, and the factors to consider back home.

The USD to ZAR exchange rate

Mid-market Rate
1
= 18.97375 ZAR
Mid-market rate at: 17:13 UTC
USD/ZAR Median: 18.751559 Low: 18.568699 High: 18.973750
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Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to South Africa. If you're looking to send money to another country, here is the list of the most popular destinations.

Send Money to Africa With Our Money Transfer Guides

Send Money to and From South Africa With These Guides

Choose which corridor to send money through:

Frequently Asked Questions About South Africa Money Transfers

What’s The Overall Best Way To Send Money To South Africa?
What’s The Easiest Way To Send Money To South Africa?
Current Exchange Rates For South Africa
How we compare?
Common Reasons For Sending Money To South Africa

Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com