werns75 Posted July 8, 2007 Report Share Posted July 8, 2007 can anyone perhaps share some light on money transfers from sa to oz? what about paypal as an alternative to send money to yourself? it sounds to me that banks are making money out of forex, can't this b prevented by doing it the paypal way? Quote Link to comment Share on other sites More sharing options...
W+R Posted July 9, 2007 Report Share Posted July 9, 2007 As far as I know the costs of a paypal transaction will prove to be prohibitive.Even more so than the normal transaction / forex charges that banks charge. Quote Link to comment Share on other sites More sharing options...
woodag Posted July 9, 2007 Report Share Posted July 9, 2007 . . . it sounds to me that banks are making money out of forex, can't this b prevented by doing it the paypal way?I have not used PayPal in SA, but I notice that ZAR is not listed as a currency they deal in. So how do you get the funds into your PayPal account in the first place without paying a bank to convert the currency for you? Quote Link to comment Share on other sites More sharing options...
martyn Posted July 10, 2007 Report Share Posted July 10, 2007 can anyone perhaps share some light on money transfers from sa to oz? what about paypal as an alternative to send money to yourself? it sounds to me that banks are making money out of forex, can't this b prevented by doing it the paypal way?We used ozforex to send cash from the UK (we came to Oz via London), I imagine it works much the same from SA. You set up the transfer and deposit the money into their account and then it appears in your Oz account a few days later. I would recommend them, good rates and helpful support people.Martyn Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted July 10, 2007 Report Share Posted July 10, 2007 (edited) Edit - sorry, we never used them to transfer OUT of SA but still a great company to transfer elsewhere... I've recommended these guys to many people... I wish they'd start paying me comission http://www.tranzfers.comThey are excellent. We've used them a number of times to transfer money from the UK to SA, UK to Australia and SA to Australia and I would not hesitate to recommend them. Edited July 10, 2007 by HansaPlease 1 Quote Link to comment Share on other sites More sharing options...
Cindylou Posted July 10, 2007 Report Share Posted July 10, 2007 Hi HansaPleaseI see that on the FAQ section they say that one can make transfers to South Africa, but no mention is made of transfers from SA. Have you used them to transfer money out of SA?Thanks,C'Lou Quote Link to comment Share on other sites More sharing options...
shongololo Posted July 10, 2007 Report Share Posted July 10, 2007 Hi allSouth Africa has quite strict exchange control laws, so I'd be careful about moving money out of the country that way.What you can do (if you're "relocating" to Oz) is this:1. Open up an Australian bank account over the internet. I'm not sure about the other banks, but I know for sure that Westpac can do this for you. (see www.westpac.com.au/migrantbanking). You can deposit money in the account but can't transact on it until you have done the 100 points test when you land. This is similar to the FICA regulations in South Africa.2. Buy your travel tickets.3. Tickets and passport in hand, go to an SA bank and ask if you can transfer part of your travel allowance to the Australian account as you are going to be out of the country for some time . Buy some travellers cheques too, after all you'll need some when you land. (Lay on the uncertainty of your plans if you have to, erm, working holiday, who knows if it will work out, I heard that it is really expensive there, etc, etc, etc) 4. A few days later, the money's in your Aussie account! (Be sure to check rates though. Commission is pretty cheap.)5. Fly over and do 100 point check! All done! Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted July 10, 2007 Report Share Posted July 10, 2007 Hi HansaPleaseI see that on the FAQ section they say that one can make transfers to South Africa, but no mention is made of transfers from SA. Have you used them to transfer money out of SA?Thanks,C'LouHello Cindylou, You know what, thinking about it now we didn't send money out of SA... only between Aus, Uk and from the Aus and UK to South Africa...Sorry guys, my mistake, probably useless info to this topic now... sorry... Quote Link to comment Share on other sites More sharing options...
Cindylou Posted July 10, 2007 Report Share Posted July 10, 2007 Fly over and do 100 point check! If you visit the bank within 6 weeks of landing you do not need to pass the 100 points, all the banks will accept your passport (with entry stamp) as satisfactory ID.You can transfer your full emigration allowance or investment allowance (if you have the necessary Reserve Bank clearances) to your new account via TT. This definitely works out cheaper than TC's or money card.We opened a joint account so that we can each send money to Aus (our banks shouldn't allow you to send travel or emigration/investment allowances to a third party account)Sorry guys, my mistake, probably useless info to this topic now... sorry...Hey HP, no worries. It's a pity we can't use them now, but I guess it's because of the exchange control regulations in SA. C'Lou Quote Link to comment Share on other sites More sharing options...
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