If you need to transfer money in and out of South Africa, it is highly recommended that you make use of a reputable service which assists individuals and companies, with the transferring of money in and out of the country.
Transferring money in and out of South Africa
The truth is that transferring money in and out of South Africa is not as simple and straightforward as it is in other countries. One of the many reasons for this “lack of simplicity” is the exchange control regulations which are issued by the South African Reserve Bank.
Special care needs to be taken when transferring money in and out of the country. In South Africa there are two primary options which exist for the transferring of money.
The first option is the use of banks. This is the most common method used throughout South Africa. Banks are used as a very effective, efficient and convenient method of transferring various funds.
It needs to be noted that making use of banks, especially for exchange and transfer purposes can include some serious drawbacks. These drawbacks include and are not limited to: high administration fees, noncompetitive exchange rates and a lack of expertise and guidance especially when it comes to transferring money out of South Africa.
The second option is specialised money transfer companies. Reputable and experienced money transfer companies will be able to advise you accordingly with regard to all your options with transferring money in and out of South Africa. They will also be able to highlight the best route for you to go based on your individual needs and requirements.
Some of the advantages of making use of a specialist when transferring funds
- Specialists have the expertise and knowledge of all foreign exchange control regulations. It is crucial to make use of a company who fully knows, understands and has experience with all the foreign exchange control regulations.
- They have a higher level of expertise as it is their specialisation.
- Higher amounts of savings can be achieved and prospective risks can be avoided. Many foreign exchange dealers purchase foreign currencies in bulk and therefore they are able to offer better rates. They work directly with the market and have the desired experience in this regard.
- There are no administration fees. Unfortunately in South Africa banks can charge quite fees for administration purposes. They also are allowed to charge high fees for foreign transactions. By making use of a specialised money transfer company, you will be eliminating all of these costs.
To learn more about currency transfers into South Africa, feel to read this: Curreny Transfer To South Africa.