Money transfers into South Africa - Merchant West Incompass

MONEY TRANSFERS TO SOUTH AFRICA

A money transfer to South Africa may seem simple enough, after all most people reading this article will never have come across the impact of exchange control regulations before. These can have a profound effect on your ability to effect a repatriation of your funds later on (transferring money back out of South Africa that you had previously transferred in).

If you are not aware of the exchange control regulations you should click on the link above and we also discuss their impact in brief below. But first let’s first look at the basics.

The options for transferring money to South Africa.

For clients seeking a money transfer to South Africa (to buy South African Rand) there are really only 2 options:

1. Using your local bank.

As you have reached us you are probably very aware of the advantages that a money transfer company can offer you over a bank. As a brief reminder:

Better exchange rates.
No service fees.
Personalised service.
Expert advice.

2. Using a money transfer company

Clients may well have a selection of money transfer companies to choose from and sifting through the options to find the best one may seem daunting. There is after all a growing number of currency brokerages to choose from and many seem to offer the same benefit’s:

No service fees for money transfers to South Africa.
Excellent exchange rates.
Personalised and quality service.

So how does Merchant West Incompass distinguish themselves from other money transfer companies?

Our rates our excellent of course and there are no service fees fr transfer over ZAR 50,000. So for course we save you money on your money transfers.

We pride ourselves on our service levels and ensuring that we exceed our client’s expectations.

In addition there are a couple of other areas that make us the ideal partner for your money transfer requirements to South Africa – and that set us apart from other money transfer companies.

1. Our knowledge of South African Exchange Control regulations.

Many non South Africans will never have come across the concept of exchange control regulations before and due to this will not consider the impact of them when making a money transfer to South Africa.

Exchange control regulations are applicable to all movement of money – both in and out of South Africa. Importantly the ‘how’ you transfer your money to South Africa can have serious repercussions on ‘how’ and ‘if’ you can transfer your money back out.

A failure to follow the correct processes and procedures can result in a 10% ‘fee’ on currency transfers out of South Africa. In fact in extreme cases it could mean repatriation of your funds is not possible.

2. Transparency

Whether it is our service levels (which are independently accredited annually by the International Organisation for Standardisation), or our charging structure (supported by Reuter's screenshots), when you deal with us you an assured of complete transparency in all that we do.

We have no hidden fees, market leading rates and full disclosure on the forex spread.