Donovan83 Posted March 6, 2013 Report Share Posted March 6, 2013 I'm going to visit RSA in a month or so and I'd like to take some money back for spending.I'm going to use Exchange4Free again since they were pretty good with transferring my money out. I just wanted to ask if anyone has done this before?Mainly:Will the money just show up in my account in South Africa? I've heard of people receiving calls to "please explain" what this foreign currency is for that is arriving in your bank account before they will release it to Rands.Are there any fees charged by the RSA bank for receiving money? I only ask since I know they like to charge you for everything they possibly can and would rather avoid it if possible.Thanks Quote Link to comment Share on other sites More sharing options...
Caz Posted March 6, 2013 Report Share Posted March 6, 2013 Hi, I have sent some AUD to my RSA account through Exchange4free. No hassles! The funds were cleared immediately without any additional bank costs. I guess it's so easy because Exchange4free requires you to provide the necessary info upfront? Quote Link to comment Share on other sites More sharing options...
MarcK Posted March 6, 2013 Report Share Posted March 6, 2013 Hey Donovan We have used them a few times to send money back to SA. Very uncomplicated and easy. Money takes about 3 days to just show up in your SA bank account. I recommend them based on our experiences. Quote Link to comment Share on other sites More sharing options...
Mara Posted March 6, 2013 Report Share Posted March 6, 2013 I have never used them, but I have transferred money to my sister in South Africa. Every time I have done so, the bank has called her to ask what it was for. Quote Link to comment Share on other sites More sharing options...
bbop Posted March 6, 2013 Report Share Posted March 6, 2013 My experience with transferring money across the border is that normally the first one or two times the money just lies in the account and does not show in your account, you will just have to phone the bank to confirm the transfer had taken place with the amount more or less. The funds get released immediately. This is ABSA in anyway. Quote Link to comment Share on other sites More sharing options...
Shell Posted March 6, 2013 Report Share Posted March 6, 2013 I phoned the durban branch of exchange4free. They said the minimum amount they transfer is R30000.I'm looking for other options to pay for my Oz accommodation. ZAR to AUD.Anyone tried Moneycorp? Quote Link to comment Share on other sites More sharing options...
AfriAus Posted March 6, 2013 Report Share Posted March 6, 2013 If its not very large amounts what about just withdrawing from an ATM?The http://www.28degreescard.com.au/ has NO FOREX fees at all. Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted March 6, 2013 Report Share Posted March 6, 2013 (edited) Hi to allbanks may still insist to call, as they have a random selector on their systems to phone, irrespective of the value or the information provided. I suggest you let you bankers know you sending the money.Bank to bank account vs credit card spend - should anyone of the agents do it for you to you SA bank, you are ensure the best rate and you enjoy remittable status i.e. keep the transaction slips etc and insist that SA bankers sends you the deal slip. In the future you can extract the Rand value that dropped in SA bank account, from SA without any prior approvals. You only need to retain the evidence of inflow. So who ever you choose to send in, best is to then keep to them for remittance back to Aus Dollar. For smaller amounts use Sable Sable FX fx@sable-group.com +27 (0)21 657 2155 (SA) www.sable-group.com Edited March 6, 2013 by Hugo2 Quote Link to comment Share on other sites More sharing options...
Riekie Posted March 7, 2013 Report Share Posted March 7, 2013 We just transfer money electronically via our online banking and pay a once-off $20 fee regardless of the amount and nothing is charged on the money in RSA. Been doing it for almost 9 years and never had a problem. Money shows in the account in about 2 or 3 business days. Quote Link to comment Share on other sites More sharing options...
Donovan83 Posted March 7, 2013 Author Report Share Posted March 7, 2013 We just transfer money electronically via our online banking and pay a once-off $20 fee regardless of the amount and nothing is charged on the money in RSA. Been doing it for almost 9 years and never had a problem. Money shows in the account in about 2 or 3 business days.The problem with that is that the rates they are giving are pretty shocking... Quote Link to comment Share on other sites More sharing options...
jonathanb Posted March 8, 2013 Report Share Posted March 8, 2013 I have been using First Contact (http://www.1stcontactforex.com/) for about the last 6 years to do at least one transfer a month first from UK to SA then AUS to SA and they are brilliant. Very good rates, generally better than the banks and only cost $5 for a normal transfer and $40 for a speed transfer however I find the normal transfer just as fast. Every 5th transfer is free. No charges or questions from the SA banks as they transfer your funds from their SA bank into yours so as far as anyone in SA is concerned it is a local transfer.Do an internet transfer into their account before 12 pm UK time and generally the money is in my SA account the next day. Excellent service from all their offices. If I do a transfer late in the afternoon here in Aus into their account I can call the SA office midnight AUS time and they can pick up my deposit in the Aus bank account. Quote Link to comment Share on other sites More sharing options...
Shell Posted March 14, 2013 Report Share Posted March 14, 2013 FYI - 1stcontactforex and sable group are the same company.Sable group informed me that with all the paperwork involved it would probably be easier to use my bank to transfer $1000. Now that's what I call being lazy!Rant over Quote Link to comment Share on other sites More sharing options...
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