The best money transfer services to South Africa

Money in South Africa

The rand is the currency of legal tender in South Africa. It's divided into 100 cents. It was introduced in South Africa in 1961 (replacing the South African pound) when the country became a Republic. Until 1982, the South African currency had a value higher than the dollar. Still, it started to decline because of international pressure and sanctions imposed due to the South African policy of apartheid. Since then, the rand has suffered several fluctuations in the exchange rate.

Today, the rand is weak against Western currencies, making travelling to South Africa less expensive than in Europe and North America. The best foreign currencies to take in cash are US dollars, euros or British pounds. Many of Africa's tourist attractions will only accept US dollars for their entry fees and tips.

International bank transfer using your bank

If you want to send money to South Africa, the first convenient place you may think of is your bank.

Banks can send money overseas for you, but be aware that their fees are often a great deal higher, and their exchange rates are not as competitive as companies specialising in international money transfers.

So, it's worth looking at the specialist alternatives.

High street agents

When it comes to using specialist money transfer companies, people still think of traditional high street money agents like Western Union or MoneyGram. These companies have focused on building their offline network, which helps them move money worldwide. And despite introducing their online services, too, the majority of their money transfers still happens offline.

Here's how offline money transfers work:

• You travel to an agent on the high street, in a newsagent or at the Post Office.

• You don't usually need to open an account—hand over the funds you want to send and pay any fees.

• After paying, you'll get a reference number, which you'll give to your recipient. With this, you can then pick up the money you sent to the overseas branch or agency.

The disadvantages of going offline

• Inconvenience – you have to physically go to the shop to send money and are bound by their opening times.

• Expense – these services may be fast, but they can often charge high fees and don't offer the best exchange rate.

Sending money online with WorldRemit

The world has moved online and so have money transfers! There are now many international online money transfer services offering you fast, secure and convenient ways to send money to those you love thousands of miles away.

With WorldRemit, you can send money online to 150+ countries from 50 worldwide. To South Africa, you can send money for cash pickup, bank transfer, mobile money and airtime top-up.

Here's how it works

Using the website or app:

• Create an online account and login

• Tap in how much you want to send, how you want to send the money (cash pickup, bank deposit, Mobile Money or airtime top-up) and where.

• Enter your recipient's details.

• Pay

How long does it take to send money with WorldRemit?

This depends on the service you've chosen. Bank transfers usually arrive in 0-2 business days. Money sent for cash pickup can be ready instantly at a Mukuru branch – your recipient will need a valid photo ID and the transaction reference number.

Is WorldRemit secure?

Yes. Industry-leading technology protects your money and ensures it arrives safely every time. WorldRemit is licensed by government regulators worldwide, so you can be sure we meet the highest possible standards.

Key benefits

• We are convenient. It's so easy to send money back home with us, wherever and whenever you want.

• We offer great value for money (see a price comparison here). Based on the official World Bank data, we're on average 46% cheaper than banks, and 22% cheaper than Western Union, MoneyGram and Ria.

• You can trust us. Over 6 million senders and recipients around the world already do.

Sign up and send money with WorldRemit