South Africa isn’t the easiest country to find a good money transfers deal for. The fluctuations in currency conversion rates for the South African Rand also make the process more difficult. That being said, sending money to South Africa is very easy and cheap if you choose the right service.
The current exchange rate for the South African Rand (ZAR) is 13.9322 ZAR per American Dollar (USD), as of the time this was written. The ZAR reached a high of 15.0187 ZAR per USD in the last 90 days, with a low of 13.8715 ZAR per USD. The average exchange rate was 14.3665 ZAR per USD over the last 90 days.
The average volatility of the ZAR against the USD was 0.73% over the last 90 days. This is a rather high volatility, and furthermore, the ZAR has fluctuated significantly over the course of the last few years. Economic conditions inside South Africa will determine future fluctuations in currency exchange rates. You can reasonably expect these fluctuations to continue going forward, barring unforeseen circumstances.
The fastest way to send funds is through the faster services offered by companies like Western Union, Xoom, and MoneyGram. These services will all see to it that your money reaches its South African destination in a matter of minutes. The catch is that all these options are very expensive, as they exceed the average costs in the industry.
The cheapest way is through TransferWise. TransferWise specialises in small amounts of money being sent regularly, but their rates are great in general. They charge an upfront fee that works out to a small percentage of the overall transaction. Where you really save is with the hidden conversion fees. Unlike most other money transfer services, TransferWise uses only the current conversion rates. In the end, you are getting better rates if you use TransferWise.
The easiest way to send money is through PayPal. While PayPal is infamous for terrible exchange rates, they are still pretty fast and secure. When it comes to ease of use, which is where PayPal truly shines, PayPal is a great service to use. It has intuitive interfaces and processes that make it very simple to send or receive money.
The overall best way to send funds to ZA is through TransferWise. TransferWise offers the most well-rounded deal when to send money to South Africa. Their costs are always the lowest if you are sending a three-figure (USD) amount. Their delivery times are also ok, as they take a day or two to be completed, which is on the better side for wait times. Lastly, TransferWise is an easy and convenient service to use that doesn’t require much thinking or even much action on your part, making it the best way for South Africa.
TransferWise also offers: