Rodz Posted October 12, 2016 Report Share Posted October 12, 2016 Hi I am buying something in South Africa and need to make a payment of R100k. What would be the best way to get that payment made please? Thanx Quote Link to comment Share on other sites More sharing options...
DavePE Posted October 13, 2016 Report Share Posted October 13, 2016 Do you still have a South African bank account? If you ever go back to SA for a visit I would recommend opening a Capitec account. It's only R5 a month and you earn decent interest with it, about 5% I think. Worth considering for the future. How is the seller asking for payment? The easiest way would be to do an EFT through you bank if you have the seller banking details. Good time to do the payment now with all the rubbish that's going on with the finance minster, the Rand is tanking. I think you can even do international transfers via your bankig profile if you bank with CommBank. Quote Link to comment Share on other sites More sharing options...
Rodz Posted October 13, 2016 Author Report Share Posted October 13, 2016 (edited) 1 hour ago, DavePE said: Do you still have a South African bank account? If you ever go back to SA for a visit I would recommend opening a Capitec account. It's only R5 a month and you earn decent interest with it, about 5% I think. Worth considering for the future. How is the seller asking for payment? The easiest way would be to do an EFT through you bank if you have the seller banking details. Good time to do the payment now with all the rubbish that's going on with the finance minster, the Rand is tanking. I think you can even do international transfers via your bankig profile if you bank with CommBank. Thanx Dave Just returned 3 weeks ago from a trip there. If i had known that i was going to do this deal, it would have been so much easier. I normally use my ANZ account to send money back home, but never this much. Not sure if their are any limits set that can be sent out? I was using my Virgin Wallet account while in RSA, what a pleasure. I noticed that you can send between two Virgin accounts. Maybe that will be easier with no fees involved. Just need them to set up an account on their side? Will investigate. Thanx Edited October 13, 2016 by Rodz Quote Link to comment Share on other sites More sharing options...
MelG Posted October 13, 2016 Report Share Posted October 13, 2016 Chat to your bank, they may be able to advise. I wouldn't think there is any reason you would not be able to transfer funds internationally provided you have the funds available and its not connected to Australian lending. ITO banks in SA, Capitec is great but! they have no international facility ie. you cannot access your Capitec account from outside South Africa - I had to close mine before we came for this reason. 1 Quote Link to comment Share on other sites More sharing options...
RichardH Posted October 13, 2016 Report Share Posted October 13, 2016 15 hours ago, MelG said: Capitec is great but! they have no international facility ie. you cannot access your Capitec account from outside South Africa - I had to close mine before we came for this reason. I have been using internet banking with Capitec for years from Australia. The keyfob security device also makes life easier. I have not tried to transfer money to that account yet from outside South Africa, but am sure it is possible. Quote Link to comment Share on other sites More sharing options...
MelG Posted October 14, 2016 Report Share Posted October 14, 2016 W:ow really. Damn! They told me at the branch I enquired it was not possible. I'll have to open an account there again when I visit in the future some day. Thanx Richard Quote Link to comment Share on other sites More sharing options...
Rodz Posted October 15, 2016 Author Report Share Posted October 15, 2016 Thanx guys. Spoke to a guy from exchange4free. Seems like it can be done seamlessly. Set up an account and it really looks very straight forward, so once i am ready will just login and make the payment. Quote Link to comment Share on other sites More sharing options...
Alchemist Posted November 18, 2016 Report Share Posted November 18, 2016 OFX - best rate and safe...Im doing back and forth and it is way better rates than the banks on both oz and SA Quote Link to comment Share on other sites More sharing options...
Bob Posted November 21, 2016 Report Share Posted November 21, 2016 OFX If you have a bank account to pay the funds into, then use OFX. They're based in Sydney. They also have branches in Canada, America, Britain and New Zealand. OFX also exchange into some other currencies, including ZAR I believe. I've been using them for several years now. In 2009, I worked part-time in England for some months, so had to open a bank account in the UK for my wages to go into. Again, in 2013, I switched several thousand Australian $$$ into Pounds Sterling for a six month holiday, for the next three years. OFX delivered the funds for Aust $$$ into Pounds Sterling quickly and cheaply. Two months ago, I had to pay Aust $11,550 into Pounds Sterling and the process happened in 2 days into the bank account of the payee. I needed to pay 6,648 Pounds into a British government account. The rate of exchange was at 0.5710 to the Aust $ with no fees over $10,000 being exchanged. The local Commonwealth Bank were ready to give me an exchange rate of 0.5480 to the Aust$ and a $35 fee attached. In all OFX cost me Aust $11,558 The Commonwealth Bank would have cost me $12 382 . . . . . over $800 difference. The moral of the story is don't use your local bank in the High Street if you don't want to get ripped off. Same goes for cards such as ANZ Travelcards. Do your homework, check out the rates of exchange, and any fees and charges. You may be pleasantly surprised at how much saving you make using a foreign exchange company such as OZforex, or OFX as they're called nowadays. https://www.ofx.com Quote Link to comment Share on other sites More sharing options...
Garrett Posted January 24, 2017 Report Share Posted January 24, 2017 On 10/15/2016 at 6:04 AM, Rodz said: Thanx guys. Spoke to a guy from exchange4free. Seems like it can be done seamlessly. Set up an account and it really looks very straight forward, so once i am ready will just login and make the payment. On 11/18/2016 at 10:51 AM, Alchemist said: OFX - best rate and safe...Im doing back and forth and it is way better rates than the banks on both oz and SA Hi all. Checking in about possibly transferring money from Oz to SA. I see South Africans Abroad just posted about www.pgforex.co.za on their instagram as a preferable forex company. Has anybody used them? Wanting to find out what the rates would be for repeat monthly deposits back to SA. I got an email from them saying " Our fees are 0.35% of the ZAR converted with a minimum of R500 (Excl. VAT) payable upon conversion and upon receipt of our invoice. So if your ZAR equivalent is below approximately R143K, then you will always just pay R500". That seems flipping good and worth exploring...but "too good" is always worth digging into first...what have others experienced? @Bob I dont quite understand what your actual costs were for exchange...was it $35 for everything? Does that company have any kind of preferential rates with ZA banks? Thanks Quote Link to comment Share on other sites More sharing options...
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