The Best Way to Send Money to South Africa

Available Options

There are 3 main ways you can send your money to South Africa:

Bank Transfer

This is your regular old method of sending and receiving money. It’s safe and reliable, but if you’re sending money internationally, the fees are often high and waiting times unreasonable.

Wire Transfer

Wire transfers represent a faster way to send money abroad, but with a hefty price tag that will make you second guess your option.

Money Transfer Apps

The reason why these money transfer apps are becoming more popular each day is because of the convenience of the service. They allow you to send whatever sum you wish to transfer, faster and cheaper than the traditional methods.

Cheapest Way to Send Money to South Africa

From the options above, the 2 more traditional methods of transfer make the sender pay a fee when they transfer the money.

Transferring money internationally via bank transfer probably means you will be making an inter-bank transfer. That method will always have a fee associated with the transaction.

The Wire Transfers will take a toll on your wallet. Some banks ask for a fee on the receiving end. This means that not only does the sender pay a high fee to send the money, if you’re receiving it, you might also need to pay a sum.

When you use money transfer apps, you are almost guaranteed to send the money paying minimal to no fees and at the best rate possible.

Fastest Way to Send Money to South Africa

Choosing a regular bank transfer as a transaction method is always an option. The problem is it will take several days for most banks. If your transaction is over a certain amount (typically $1500), the bank might hold your money for up to 10 days.

Wire Transfers, as mentioned before, are a more expensive option but will be an improvement versus a regular bank transfer. For most international transfers, your money will be cleared in 1-5 days. 

Money transfer apps provide a turnaround that typical methods can’t match. Waiting times can take a few seconds in some cases.

Best Ways for Specific Countries

Below, you can check out the best ways to transfer money to and from South Africa in some specific countries. These are the most popular corridors.

Send money to South Africa from the USA

If you’re looking to send money from South Africa from the USA, you want to do so using Wise. If you’re looking for the cheapest option, Wise will give you the best rate and fees. While it may take longer than some other apps, it’s the way to go if you’re interested in the best price possible.

For a $1000 transfer, you will save up to $32 compared to a regular bank transfer.

If fast is the way to go for you, check Ria Money Transfer. Your receiver will get their money in 15 minutes or less, provided that you use a credit or debit card in the transaction. The transfer fee is only $4.

Most money apps don’t support transfers from South Africa. If you’re interested in an outgoing transaction, you might have to opt for a traditional banking solution or maybe Revolut, which supports such transfers but at a higher fee.

Send money to South Africa from the UK

In this case, use TransferGo. For a small fee of around 1£, you will get the best rate of all the money transfer apps and a fast turnaround.

And again, for a faster transfer, be sure to give Ria Money Transfer a go, for the same reason as the example above. If you’re using Ria, and use a debit card for your transaction, your money will be delivered in 15 minutes (on average). TransferGo can only do 30 minutes and for a higher fee.

Send money to South Africa from Germany

To send money from Germany to South Africa, the best way to go for a cheap and fast transfer is Wise. The app formerly called TransferWise will give you the best rate. 

As far as delivery time, Wise will take up to 5 days, so your best option will be either Ria or Revolut. The former will guarantee 15-minute delivery (when using a debit/credit card), while the latter ensure same-day delivery, no matter the transaction method.

Conclusion

International transfers are becoming more affordable every day. Even though sometimes there are delays and some hidden fees, your best bet is to do your homework.

Using a calculator to determine the best way to transfer money to/ from South Africa is a sure-fire way of getting the best possible rate and waiting time, between the minute your money leaves your account and checks in to your receiver’s.

If you want your transfer to a bank account in South Africa to proceed smoothly, make sure you use our money transfer app comparison tool. This way you’ll know, given your circumstances, which is the way to go when the time to send money online to South Africa comes.