Cheapest Way to Send to South Africa - Send Money Transfer to Africa

Margin Rate: 0.70%
Minimum Transfer: 250
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 2%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Africa

Send Money Transfer to Africa

Sending money to Africa is a specialist service where not all foreign exchange companies have the ability or banking power to send money or receive currency pairs from Africa. See who can assist without ripping you off for money transfers to Africa.

Send Money Transfer to Africa

People working overseas have to be able to send money to their loved ones in Africa. This is why banks and money transfer companies give citizen the opportunity to send and receive money between countries. There are many ways to send money to Africa.

The three main options include banks, foreign exchange brokers and high street transfer firms such as Western Union. Banks are the safest and most convenient when it comes to regular payments. Foreign exchange brokers happen to be the best option when it comes to sending large amounts of money while high street transfer firms are very fast but could be more expensive when it comes to smaller amounts of money. It is, therefore, up to the sender to decide which of the options available is most convenient for what they want to do.

Cheapest Way to Send to Africa

If one intends to use a high street transfer firm then all they have to do is find a high street agent. It is not required to open an account, therefore, all they do is hand over the cash and pay the transaction fee. After paying, they will get a reference number which is only to be given to the recipient as the latter will need the number when collecting the money.

If one need to send a large amount of money then the best option is the foreign exchange broker. One needs to open and pay into an account. This takes a day or two. The method is not convenient for small amounts of money as it will be more expensive.

The bank is the safest method and all the sender needs to do is to get his or her International Bank Account Number and Bank Identification Code and that of the recipient. The bank will then guide them through the whole process. It is, however, not that fast so would not be convenient if the money is needed immediately.

There are, however, strict restrictions when it comes to sending and receiving money. This is because international money transfer is a sensitive matter especially when it involves large amounts of money. Money transfers need to be monitored to prevent money laundering and illegal transfers of money.

Cheapest Way to Send to South Africa

If a person wishes to send money to Africa then they need to show proof of identity. Photo identification is required. The documents required for identity proof are driver's license or a passport. Proof of address is also required. Banks and money transfer services are required to record all relevant information about the sender and recipient so as to keep track of the transfers. Certain transfer amount limits are set so as to prevent money laundering. Online transfer limits are much lower because it is unsafe and harder to regulate.

Money transfer institutions are required by law to charge a fee for transferring the money. Money cannot be transferred without payment of this fee. When money transfer is to be done online, one has to open an account and transfer can only take place after verification. The recipient must collect money personally for legal and verification purposes. This method is, however, not so safe as it is prone to scams.