Money Transfers

[Piston18]

Hi there,

 

Some help please. Why can't we just make a transfer to a designated bank in Australia from a bank in SA, or is the costs involved more??

 

Was just wondering?

[Bob]

OFX

 

https://www.ofx.com

 

This is an Australian foreign exchange company operating from offices in Sydney, London, Toronto & New York.

 

Check with them to make sure you can exchange funds FROM South Africa into an Australian bank account.

 

Last time I looked, there were no transfer fees or charges from an Australian bank account into an English, Canadian or American bank account . . . . . and the foreign exchange rates were pretty damn good.

 

The South African Rand is one of a number of currencies on offer, also.

[HopefulJo]

Instead of starting new thread, I thought I would comment here. I just want to check my logic as well. I registered with OFX, but for transfer from South Africa, you need to pay the money to the OFX account in New York. Did anyone else have the same issue? So there will definitely be Swift fees and bank commission involved, as well as the OFX transfer fees to Australia. For some reason SA customers are only served from the British platform. 

 

Does it not defeat the object then and you can just as well pay directly to your NAB account for example? FNB charges 0.52% commission (max R650) and a Swift fee of R105. 

 

I registered with Exchange4free, but I will have to post my FICA documents to them via the post office first. Hopefully I can do that soon. 

[BBAUER]

hi hopeful Jo

 

so just checking which method worked for you to send money across with minimal charges.