Do you intend to transfer money to South Africa from the UK in the near future?
This could be because you plan to emigrate to South Africa, to buy property and settle down in Cape Town or Johannesburg. Also, this may be because you have friends and family in South Africa, and you plan to send them regular payments from your British salary.
Alternatively, you might intend to send money to South Africa from the UK, because you're a British business owner doing trade with a company in Durban or Pretoria.
If this is the case, you could be about to make international payments to South Africa, either to export British goods to the springbok nation, or for imports from South Africa to the UK.
Whatever your reason to exchange British sterling to rand, you'll have certain questions in mind, before you transfer your money. These questions might include:
Please find the answers to these questions below. Also, if you have any other queries about how to transfer money to South Africa from the UK, feel free to Contact Us. We'll be delighted to help.
(1) What's The Money Transfer Process to South Africa from The UK?
To send money to South Africa from the UK with Pure FX, take the following easy steps:
A. Register An Account with Pure FX.
This is free, takes two minutes, and you come under no obligation to exchange currencies with us.
Once you've set up your account, a friendly, professional Pure FX currency dealer will contact you. He or she will ask you about your money transfer to South Africa requirements, to find out the best way we can help you.
In addition, to send money to South Africa from the UK, you'll have to provide the following:
Please note that, unlike UK bank accounts, South African bank accounts don't have IBANs (International Bank Account Numbers). This is because this is a chiefly European and Middle Eastern system.
B. Request A Quote.
To request a British pound to South African rand exchange rate quote, go to the top right of this page, and fill in the 'Get A Free Quote' form.
Once you've requested your quote, your Pure FX currency dealer will contact you, to offer you a highly competitive exchange rate to transfer money to South Africa from the UK.
C. Send Your Money to South Africa.
Once you accept the available exchange rate, you transfer your money.
Your funds are held in segregated bank accounts, as we're authorised by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number 902022), as a trading name of Foreign Currency Direct Plc.
Your funds will normally arrive in your South African bank account in a couple of working days, or faster, if you've selected to make an International Priority Transfer.
(2) Which Factors Should You Bear in Mind when You're Planning Your International Money Transfer?
When you transfer money to South Africa from the UK, there are a few factors to consider. These are both to help you maximise your South African rand total, and to ensure your funds arrive in the timeframe you prefer. These factors are:
Let's look at these factors. These will help you to decide how to send money to South Africa with Pure FX, swiftly, securely and at a highly competitive exchange rate.
(A) The Exchange Rate Your Obtain
When we exchange currencies, your first impulse might be to use your high street bank. After all, you probably use your high street bank for your other financial dealings, so it seems logical. However, many banks take advantage of this privileged position to offer inferior exchange rates.
Instead, before you transfer your money, compare the exchange rate you're offered by your bank with that offered by a specialist currency broker like Pure FX.
You might find that Pure FX offers a better rate, in which case you'll receive a higher rand total in your South African bank account. This is especially important when you're transferring a large sum, as just a small improvement in the exchange rate can significantly lift your rand total.
(B) The Fees You Pay
Pure FX charges no hidden fees. We only charge £15 for Priority International Transfers below £50,000 or currency equivalent. For transfers above this sum, we provide one free transfer per transaction.
Again, it could be worth comparing Pure FX's fees to your existing money transfer company. You might find that we charge lower fees, so you can save money.
(C) Your Timeframe to Make Your Transfer
Do you intend to transfer money to South Africa from the UK today? If so, you'll use what's called a spot contract. With a spot contract, you confirm you're happy with the exchange rate, you confirm the amount you're transferring, and we'll send your funds by Priority Same-Day Transfer. There's no extra fee for using a spot contract.
Alternatively, are you still weeks or months away from transferring money to South Africa, yet you like the sterling to rand exchange today? If this is the case, you might consider setting up a forward contract.
With this, you lock in today's exchange rate for a transfer to be made up to 12 months in the future. This is helpful to know what rand total you'll receive in your South African bank account ahead of time, and to protect you against potential future exchange rate volatility.
(D) How Fast You Want Your Money to Arrive
If you want your money to arrive in South Africa same-day, you can pay £15 for a Priority International Transfer.
I hope that you’ve found this article helpful. As I mention, if you have any other queries about how to transfer money to South Africa from the UK, feel free to Contact Us. We'll be delighted to help.