What to know before sending money from London (UK) to South Africa
According to Home Office statistics, between 2018 and 2022, over 52,000 visas were issued to South Africans to live in the UK. This doesn't include the many South African holders of British passports who have also moved over in the past few years. With that being said, there are many reasons for Expats to want to send money back home wheather its: Sending money to a family member, making international payments for your business, buying property back home or simply about to move to the Mother land. Despite the many reasons there are for transferring money from the UK to South Africa, money transfers have never been an easy task. They too often take way too long, are expensive and inefficient.
How to send money to South Africa with MoneyTransfer
- Navigate to our “Request a quote” form.
- Include your email.
- Include the currency that you would like to send & submit the form
- One of our account managers will be in touch shortly.
How long does it take to send money to South Africa from the UK
If it is your first time sending funds through us it takes a little longer to get you registered with the appropriate intermediary and to the necessary KYC compliance. Once you have registered and transferred your foreign currency the Rands will arrive in the designated Rand bank account in South Africa the same day
How much does it cost to send money to South Africa
It’s a sad fact that the average cost of sending small amounts of money abroad costs an average of 6.3%, according to the World Bank. The overall trend over the last 12 years is down, but started to spike higher in early 2022. Paying 6-7% for sending money back to your family can be hard to swallow, and the World Bank has long complained about these high costs – and how shaving a percent or two off the cost of fees would inject billions into Africa’s local economies.