Transfering money back to SA

[Dedrei]

I have just organised to get my mum on medical aid in South Africa via Discovery and planned on paying the money over into her account from this side.

This is what is freaking me out right now:

I have transferred R750 over to her account.

My bank charges $22 for this transaction, over and above the R750 ($155) - So I paid $177 to get R750 into her account.

My mum only receives R625 on her side.

So how the hell can ABSA charge R125 for this transaction on her side?

This really doesn't make sense.

It works out to 17% bankcharges on a transfer? It is not going to be economical doing this every single month. This is daylight robbery.

Are there any ideas? Have any of you experienced these ridiculous bank charges?

[Cindylou]

Hi Dedrei

Find out from ABSA what their minimum charge per Forex transaction is - I think that is what is nailing you! All banks charge a percentage, with a minimum, so you would need to work out what the "least" amount is to get maximum benefit from the transaction. I would most certainly not send the money over monthly, but rather try and pay it annually.

Cheers, Cindylou

[Guest colton]

Hi Deidre,

Believe it or not I heard ABSA has the lowest forex charges!!! My baby brother has the same problem, he worked in the UK for two years and all his money (pounds, yummy ) are sitting in his bank account. He wants to invest it but needs to make one lump withdrawal as the charges work out minimal in the end.

I have a similar problem as my hubby is going ahead of us and wants to send some money back for me monthly, how do I counteract the same problem?

[Ziggy]

Yeh, ons het die gesêgde gehad. Wet van Transvaal is k** en betaal...I do believe that you are paying the minimum transaction fee. I just experience the same with FNB. What you can do if your husband is going before you to minimize the transactions, because it will be hard to get by without paying...Was thinking about a credit card, but these days they also charge a converging cost per transaction...Perhaps is you know someone with dollars there that wants rand here..??

[Dedrei]

Hi there

Say I were to send $150 a month, securely, via the postal services. What would the cost be for my mom to change this over to Rands and would they let her change it over at all, since she hasn't actually been overseas?

Thanks guys

[zana]

Hi Dedrei, ek weet nie hoe die postal orders werk nie. Wat ek wel kan voorstel is dat jy aansoek doen vir

n Visa debit card by jou bank of as jy reeds een het nog ene kry. Dit is n debiet kaart maar werk soos n krediet kaart in die sin dat jy hom enige plek kan gebruik wat visa krediet kaarte aanvaar. Jy het nie actual krediet op die kaart nie,al wat in hom is,is wat ook in jou gewone rekening is m.a.w hy is gelink met jou gewone rekening. Ek hoop ek het dit nou nie te deurmekaar laat klink nie...

Maar as jy die kaart het kan jy hom vir jou ma pos en sy kan hom in SA gebruik om elke maand die geld te trek by n gewone teller en die bank kostes is net $5 (Westpac weet nie van ander banke nie maak net eers seker by jou bank) en n 2.5% currency fee op die bedrag wat getrek word. As sy by n barclays bank trek betaal mens nie die $5 nie.

Skies as die reply bietjie deurmekaar is maar ek is bietjie haastig en wou jou graag antwoord aangesien ek ook self lank so gesukkel het om n goedkoop manier te kry van geld transfer.

Mooi bly

Edited August 15, 2006 by zana

[Dedrei]

Jisso jong dis 'n great idee!!!

Thanks jong, het sommer online aansoek gedoen by my bank vir een, dit los nou klomp probleme op.