BellaR Posted November 4, 2013 Report Share Posted November 4, 2013 Hi allI need to send money to SA on a monthly basis. Anyone know of an affordable way to do that? Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted November 4, 2013 Report Share Posted November 4, 2013 If the person on the other side has a credit card or fnb account then you could use PayPal. Other than that you should be able to contact your Aussie bank and setup a recipient and do a direct transfer. Either way the person you are sending money to is going to have to pay commission on the exchange. Why don't you contact Cashkows and ask them if they can do it for you, may be easier and cheaper. Quote Link to comment Share on other sites More sharing options...
Bams Posted November 4, 2013 Report Share Posted November 4, 2013 Hi BellaRIf you do get the information, please post it, would really like to know too... Quote Link to comment Share on other sites More sharing options...
HouseInOz Posted November 4, 2013 Report Share Posted November 4, 2013 Bank charges and exchange rates via the banks may be a lot more than doing it with cashkows. Contact mariette@cashkows.com for some sound advice. Quote Link to comment Share on other sites More sharing options...
Mara Posted November 4, 2013 Report Share Posted November 4, 2013 ANZ Bank charges $24 for a telegraphic transfer overseas. The amount you are transferring does not matter, the charge stays the same. 1 Quote Link to comment Share on other sites More sharing options...
Heymanse Posted November 4, 2013 Report Share Posted November 4, 2013 Try Exchange4free. Very good rates and easy to set up. 1 Quote Link to comment Share on other sites More sharing options...
PinkPanther Posted November 4, 2013 Report Share Posted November 4, 2013 (edited) I also have to make frequent payments to 2 different South African accounts. I don't know if this will be helpful info to anyone, but this is what I have figured out over the years to save cost: * I have a savings account in South Africa (ABSA).* Every 3 or 4 months, I'll do a wire transfer to the ABSA account, enough for the next 3 or 4 months. Whichever way you transfer, is up to you, that's not the point of this idea * From ABSA, I do electronic transfers (internet banking) from ABSA to the 2 different SA accounts every month. The key point I am trying to make is that 1 larger international transcation every 3 months to 1 SA bank account is cheaper than monthly smaller international transactions. Of course there is internet banking cost for the transfers from my ABSA to other SA accounts, but it still works out far less than the multiple international transfers on a more frequent basis. I'm doing this from Canada, but the point is still the same. Edited November 4, 2013 by PinkPanther 2 Quote Link to comment Share on other sites More sharing options...
BellaR Posted November 5, 2013 Author Report Share Posted November 5, 2013 Thanx everyone, I'll explore all options and see which works out best. Quote Link to comment Share on other sites More sharing options...
pam abrey Posted January 24, 2014 Report Share Posted January 24, 2014 I found the cheapest way by far was to go through Tranzfers.com. I would strongly recommend them. Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted January 26, 2014 Report Share Posted January 26, 2014 I found the cheapest way by far was to go through Tranzfers.com. I would strongly recommend them.I agree. Have used them a lot. Quote Link to comment Share on other sites More sharing options...
Ghretta Posted January 27, 2014 Report Share Posted January 27, 2014 We've used Exchange4free .... they have great rates, no transaction fees and great service (fast) Quote Link to comment Share on other sites More sharing options...
Usha Posted January 29, 2014 Report Share Posted January 29, 2014 Hello everyone,what about transferring money from SA to accounts in OZ? apart from going into a bank and completing heaps of paperwork and paying a hefty fee is there another option for doing the reverse? Quote Link to comment Share on other sites More sharing options...
RichardE4F Posted April 3, 2014 Report Share Posted April 3, 2014 Hello everyone,what about transferring money from SA to accounts in OZ? apart from going into a bank and completing heaps of paperwork and paying a hefty fee is there another option for doing the reverse?Hi Usha,It depends on the amount you are looking to send. My company (Exchange4Free) can help you with this, we charge no fees, offer great exchange rates and you won't have to go and fill in a whole bunch of forms at your bank. We have an online form you fill in once that pre-populates all the paperwork we need. Give me a shout on +27 (0)730112118 or richard@exchange4free.com and I'll explain the process as well as the current laws etc to you.Under current regulations private individuals can transfer up to R1m per annum out of SA using their 'discretionary allowance'. Travel, gift, alimony etc fall under this category. On top of this private individuals can invest up to R4m offshore provided they obtain a tax clearance from SARS first. (We provide this service free of charge)Regards,RichardWe've used Exchange4free .... they have great rates, no transaction fees and great service (fast) Thanks Ghretta. As Ghretta has said we offer great rates, zero fees and great service. Please contact me on +27 (0)73 011 2118 or richard@exchange4free.com for more information. Hi allI need to send money to SA on a monthly basis. Anyone know of an affordable way to do that? Hi BellaR,We (Exchange4Free) can help you with this. Once you have an account set up with us you can transfer funds at any time. We charge no fees or commissions, you'll get a great exchange rate and you won't have to pay a swift fee in Australia or a receiving fee in SA so the savings really can be quite significant. Please give me a shout on +27(0) 73 011 2118 or richard@exchange4free.com and I'll explain everything to you.Kind regards,Richard Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted April 3, 2014 Report Share Posted April 3, 2014 Hi Usha,It depends on the amount you are looking to send. My company (Exchange4Free) can help you with this, we charge no fees, offer great exchange rates and you won't have to go and fill in a whole bunch of forms at your bank. We have an online form you fill in once that pre-populates all the paperwork we need. Give me a shout on +27 (0)730112118 or richard@exchange4free.com and I'll explain the process as well as the current laws etc to you.Under current regulations private individuals can transfer up to R1m per annum out of SA using their 'discretionary allowance'. Travel, gift, alimony etc fall under this category. On top of this private individuals can invest up to R4m offshore provided they obtain a tax clearance from SARS first. (We provide this service free of charge)Regards,RichardThanks Ghretta. As Ghretta has said we offer great rates, zero fees and great service. Please contact me on +27 (0)73 011 2118 or richard@exchange4free.com for more information. Hi BellaR,We (Exchange4Free) can help you with this. Once you have an account set up with us you can transfer funds at any time. We charge no fees or commissions, you'll get a great exchange rate and you won't have to pay a swift fee in Australia or a receiving fee in SA so the savings really can be quite significant. Please give me a shout on +27(0) 73 011 2118 or richard@exchange4free.com and I'll explain everything to you.Kind regards,RichardRichard please confirm for me whether the individual transferring the R1 million needs:-1. An ID book2. A Tax number3. A ticket originating in South AfricaThank you Quote Link to comment Share on other sites More sharing options...
RichardE4F Posted April 3, 2014 Report Share Posted April 3, 2014 Richard please confirm for me whether the individual transferring the R1 million needs:-1. An ID book2. A Tax number3. A ticket originating in South AfricaThank youHi Bronwyn,Under current Reserve bank regulations we need a certified copy of the bar-coded SA ID book for any transfers out of South Africa by a South African citizen.If you are utilising your discretionary travel allowance we do not need a tax number but will need a ticket originating in SA as well as a certified copy of your passport to go with the ID.If you are utilising your R1m discretionary Foreign Investment allowance we need a tax number but not a ticket. The documents required are determined by which reason you are using for transferring the funds i.e. travel, gift, foreign investment etc.If you have any more questions please just shout.Kind regards,Richard Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted April 3, 2014 Report Share Posted April 3, 2014 Thanks Richard Quote Link to comment Share on other sites More sharing options...
Happymigrant Posted April 4, 2014 Report Share Posted April 4, 2014 You can contact cashkows.com as well. They have offices in RSA and Australia. Quote Link to comment Share on other sites More sharing options...
Bob Posted April 5, 2014 Report Share Posted April 5, 2014 OzForex.Just check Ozforex out on their website and get a quote. You don't have to follow thro with a transaction.I use Ozforex to transfer money to my English bank account (Barclays) when I holiday there.Recently, I switched A$10 000.I noted the exchange rate and fees and charges for a transaction thro ANZ Bank to my Barclays Bank in England.Then I went ahead and transferred the S10 000 by Ozforex. No fees, no charges. . . . . . over $200 difference! Quote Link to comment Share on other sites More sharing options...
HouseInOz Posted April 7, 2014 Report Share Posted April 7, 2014 A personal experience to share...Mother in Law arrived with a shiny new bank card, issued by her bank in RSA (one of the BIG ones). All of her foreign exchange has been loaded onto this card, sadly they failed to mention to her that she can only use this card at American Express partnership stores (does not seem to be many of them around!)On all of her previous trips she used Bidvest and never had any problems! Quote Link to comment Share on other sites More sharing options...
AndreR Posted April 24, 2014 Report Share Posted April 24, 2014 What SARB reason codes have others been using to transfer money back to SA? None of them seem to be suited to a South Africans working abroad transferring funds back to SA.Here's a list of the available reason codes:https://www.fnb.co.za/downloads/forex/SARB_BoP_Codes_for_Inwards_Transactions.pdf Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.