Bank Transfer To South Africa
If you have a bank account then there are ways to send money to South Africa from your account. The time frames listed below are approximate times and they will vary from bank to bank and also in which country your bank account is held. You should always request the exact time frame from your bank prior to undertaking any bank transfers.
Sending A Check / Cheque
You are able to send a check to a receiver in South Africa, however the overall process can be quite lengthy dependent on your bank. You should bear in mind that the receiver will need to have a bank account into which the check is paid into, and that their bank will charge for clearing a foreign check - the fees are dependant on the South African bank.
Dependant on the country from where your funds are being transferred from, you can send money to a South Africa bank account via a SWIFT or IBAN transfer. You do not need to have an account with the bank from which you are sending funds, but if you do not have an account with them they will only accept cash to transfer and the charges are usually higher. To do a transfer you will need to know the receivers name, account number, their South Africa banks name & address and the SWIFT or IBAN number of the receiving bank. You will need to fill in a form to initiate the transfer.
If you are going to be transferring a large sum of money, you may want to do two transfers to check the time period. First transfer should be for a small amount and when that has cleared you can transfer the main amount. Normal transfer times are 3 - 5 days. You should send funds in your own currency as the exchange rate is usually better in South Africa. Costs will vary from bank to bank. You will need to pay the charge prior to sending the funds and you should be given a numbered receipt from your bank.
These are arranged via your bank, and normally take between a few days and a week to prepare. You may be able to pay extra for an express foreign draft, this is dependant on your bank. The funds are deducted from your account as soon as the draft is prepared - not when the receiver gets the draft. Once prepared you will need to send the draft to the receiver, so you will have to bear in mind the extra time for the draft to be received. The receiver will need a bank account into which the draft can be deposited. The cost of the draft will vary from bank to bank and is required to be paid when initiating the draft.
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