Money transfer clients around the world can send money to South Africa in the following ways:
A UK high street bank will typically charge a client an international swift transfer fee of around GBP 30 to send money to South Africa from the UK.
In addition to this cost, the bank will also charge a high GBP to ZAR conversion rate of between 3% and 5%.
The biggest hidden cost when sending money to South Africa from the UK is a receiving fee that is charged by South African banks to receive a payment from overseas. This receiving fee can be as high as R700 per payment.
Money transfer companies typically charge clients a transfer fee of between GBP 5 - 50 and an exchange rate conversion fee of between 1% and 5% to send money from the UK to South Africa.
Most of these MSB's do not cover the receiving fees charged by SA banks to receive money into South Africa from the UK and this is a hidden cost that is not disclosed to clients and many are not aware of this extra fee.
It is still very expensive for clients to send money into South Africa using MSB's as many of these hidden fees are not always disclosed to the client.
Why use Exchange4free to send money into South Africa from the United Kingdom?
Exchange4free have been issued with our own inward reporting code by the South African Reserve Bank meaning that we are authorised by the Reserve Bank to bring money into South Africa from the UK (and other countries) as well as to report these inflows into the SARB cross-border reporting system.
This is very important for the following reasons:
- Exchange4free are able to absorb and cover your inbound receiving fee that would normally be charged by SA banks
- We report your transfer into South Africa from the UK correctly into the South African Reserve Bank system in line with exchange control regulations
- Exchange4free charge no international transfer fees or commissions to send money to South Africa from the UK
- Exchange4free can guarantee to beat the ZAR exchange rate and costs of any high street bank or MSB
Exchange4free are the leading provider of money transfer services from the UK to South Africa. We offer the very best service and pricing to both private and corporate clients sending money into SA from the UK.Send money to South Africa Now