Transfer Money to South Africa - Inward Forex 

If you're looking to transfer money to South Africa, you have several options available, including using a bank or an accredited intermediary like Merchant West Incompass.

When deciding on whom to choose for transferring money to South Africa, there are important considerations to keep in mind. While fees, exchange rates, and service standards are crucial, you also need to be aware of the impact of exchange control and its potential consequences down the line.

How Much Money Can You Transfer to South Africa? 

While there are limits on transferring money out of South Africa, there is no restriction on transferring money into the country. Transfers into South Africa need to be reported to the South African Reserve Bank (SARB), and a Balance of Payments (BOP) form must be completed, indicating the reason for the transfer.

Which Banks Can You Send Money to in South Africa? 

You can send money to all major banks in South Africa, including:

- Locally owned banks:

• Absa Bank Ltd
• African Bank Ltd
• Albaraka Bank Limited
• BoE Private Clients
• Bidvest Bank Limited
• Capitec Bank Ltd
• FirstRand Bank Ltd
• Grindrod Bank
• Habib Overseas Bank Limited
• HBZ Bank Limited
• Investec Bank Ltd
• Mercantile Bank Limited
• Nedbank Group Limited
• Rand Merchant Bank
• RMB Private Bank
• South African Bank of Athens Limited
• Sasfin Bank Ltd
• Standard Bank of SA Ltd
• Wesbank

- Branches of international banks in South Africa:

• ABN AMRO Bank NV
• Bank of Baroda
• Bank of China
• Bank of Taiwan
• Barclays Bank plc
• China Construction Bank
• Citibank NA
• Commerzbank Aktiengesellschaft
• Deutsche Bank AG
• HSBC Bank plc
• JPMorgan Chase Bank, N.A.
• Société Générale
• Standard Chartered Bank
• State Bank of India

Different Options for Transferring Money to South Africa 

A quick online search will provide you with a variety of money transfer services. We can categorise these options into three groups:

 1. Your Normal Bank 

   Pros: Familiarity

   Cons: Generally more expensive, less favourable exchange rates, additional admin fees

 2. Online Platforms 

   Pros: Convenient, competitive rates

   Cons: Lack of transparency, limited support

 3. Intermediaries 

   Pros:  Competitive exchange rates, often no admin fees, personalised support

   Cons: Choosing the right intermediary can be challenging

The Most Important Things to Know When Transferring Your Money to South Africa 

Best Way for Transferring Money Into South Africa 

While some individuals still use banks to transfer their money into South Africa, many make use of an accredited intermediary, such as Incompass Merchant West.

Accredited intermediaries have some important advantages over typical banks when it comes to transferring your money:

• Better exchange rates: An accredited intermediary is able to canvass the market in order to obtain the best exchange rates possible.
• Bulk negotiating power: By transferring billions of rand per year, intermediaries are able to obtain better rates than an individual would.
• Lower fees: Banks tend to levy various admin/TT charges whereas Merchant West Incompass has no extra fees if the transfer is in excess of ZAR 50,000.
• Service levels: There is support in the form of a real person, as opposed to an online platform or call centre environment.
• Transparency: You can expect low fees and excellent exchange rates that are fully transparent and disclosed.

Safest Way to Transfer Money Into South Africa 

When it comes to transferring money into South Africa, you want to ensure that you are dealing with an intermediary of the highest standards. At Merchant West Incompass, we have taken a number of steps to ensure the integrity and security of your data and funds:

• We are an accredited intermediary with the South African Reserve Bank (SARB). 
• We are registered with the Financial Sector Conduct Authority (FSCA). 
• We hold international accreditations of ISO 9001 and 27001, for service and security. 
• All of our money transfers are carried out in strict accordance with exchange control and anti-money laundering regulations. 
• We only use authorised dealers for our money transfers, such as Investec and Capitec Business. 
• We are trusted by some of the largest investment houses in South Africa, which has seen us on various application forms for offshore investments, as well as being granted preferred supplier status. 
• Your funds are held in an account in your own name and never in ours. 

Other Assistance an Intermediary Can Offer 

• Tax clearance certificates: You can rest assured that you need not have any concerns over obtaining tax clearances. Merchant West Incompass will take care of the application on your behalf. We compile, submit, and monitor the entire process for you.
• Exchange control issues: There are times when exchange control regulations can be confusing, and accessing appropriate advice to allow you to transfer your money abroad can seem almost impossible. Our in-house team of experts will be there to guide you through the most complex of the exchange control regulations.
• Foreign Currency Accounts (FCA’s): Transactional bank accounts can be difficult to open and expensive to run; therefore, we are able to offer our clients a true alternativeFCA’s. After a modest opening charge, the accounts carry no set monthly fee, are interest-bearing where applicable, and available in most major currencies. Opening one could not be easier, and can be done from the comfort of your own home or office.
• Forward cover: If you are concerned about rand fluctuations and wish to secure your exchange rate today, for some time in the future, we are able to provide you with forward exchange cover for a period of up to 12 months.

The Role of Corporate Cash Management Accounts (CCM) 

The Corporate Cash Manager is a cash investment account, much like a bank account. It provides a personalised service offering at highly competitive interest rates. You are able to set up direct debits and also make payments from the CCM account, although it does not provide you with banking cards for access to cash.

In this instance, the CCM account is also vital to ensure the smooth flow of money into South Africa. The transfer from abroad is settled into your CCM account (which we open for you). The CCM account therefore makes the process fast, efficient, and safe as the account is in your personal name.

Frequently Asked Questions 

How to Get Registered and Time Frame 

Registration is straightforward and swift. Our application process is entirely online, and if you need assistance, feel free to call one of our team members.

How Does the Money Transfer Process Work? 

After your application is approved, you will receive account details for the opened account. This account is in your own name, is interest-bearing, and will be used to facilitate fund flows for your transfers. When you're ready to trade, you can deposit funds into your account, and then one of our traders will contact you to discuss your plans. Whether you intend to hold funds for interest, trade immediately, or monitor rates, our team is here to assist.

After we conduct the trade, you will receive a trade confirmation email containing all trade details.

How Long Will My Money Transfer Take? 

Typically, funds arrive in your specified account about three days after the trade is executed.

Minimum Transfer Amounts 

There are no minimum amounts for transfers, but please note that a ZAR 250 fee applies to outwards trades under ZAR 50,000.

Getting in Touch 

If you're considering transferring money into South Africa, feel free to contact us using our contact form, and our team will promptly respond.