Currency for South Africa.
The Rand (sign: R; code: ZAR) = 100 cents is the main currency in South Africa. Notes are in denominations of R10, R20, R50, R100 and R200. Coins are in denominations of 5c, 10c, 20c, 50c, R1, R2 and R5.
Need to send money to South Africa?
The IBAN includes various codes, like your branch and account numbers, and is the standard system for sending payments across Europe. South Africa does not have IBAN data.(IBAN is in Europe only.) South Africa operate by BIC codes and can usually be found on your bank statement or other paperwork, along with your SWIFT code.
There are further technical details below, although the currency providers will take care of ensuring payment details are in the correct format before initiating any payments on your behalf.
Typical time for transfer to arrive: 1 to 2 working days when sent through Currency Broker
South African Rand bank charges: Usually none, although we cannot guarantee this
Payment details needed:
- Name and Address of Beneficiary
- Name and Address of Thai Bank
- Account Number
- BIC (Bank Identifier Code) or SWIFT code (optional) or other routing instructions
The BIC (Bank Identifier Code) or SWIFT code are made up of 8 or 11 characters and should mirror the following format;
South Africa BIC or SWIFT code Format: BBBBCCLL or BBBBCCLLDDD
B = Bank Code (Only Letters)
C = Country Code ‘BG’ (Only Letters)
L = Location Code (Letters & Digits)
D = Branch Code Optional (‘XXX’ for Head Office – Letters & Digits)
Use our comparison website Send Money Home to see who can assist you in your currency exchange see which company ticks all the boxes when it comes to sending your money to South Africa. There are so many companies available but ensure you are getting the best currency exchange rate and are offering no money transfer fees over 50,000 to 100,000.
Receiving and Sending money home to the South Africa is easy just choose which company you want to use and complete the online application form. Once submitted you may need to provide conformation of ID. This is standard and is a requirement by the Inland Revenue and the FSA to confirm who you are and to protect your money. Once your account is opened you can then confirm a currency rate and transfer funds. It all sounds like it will take time but in fact in an account can be opened in 10 minutes if you have your passport and proof of ID with you.
Ensure you get the best rate, remember you are not the expert they are so ask as many questions as you need getting expert advice all the way.
All of the currency providers listed on Send Money Home Website have been carefully vetted by sendmoneyhome.co.uk, All currency providers are regulated by the Financial Services Authority (FSA) and operate segregated client accounts. When you need to send money to the South Africa consider using one of these companies and save money compared to using your high street bank.
Sending Money to South Africa?
When you click the ‘Open an Account / Get a Quick Quote’ button, you will be directed to the currency providers website where you need to open an account before you can send money to the South Africa.