Money transfer services
Exchange4free is a South African-owned foreign exchange services provider that specialises in sending money to SA from any destination worldwide at the very best exchange rates and lowest costs available in the market.
We offer our clients the following
Transferring money to South Africa
Transferring your hard-earned foreign currency back to South Africa can be a very expensive exercise with banks with money transfer agents enjoying very large profit margins (and not always telling you about various hidden costs).
A typical money transfer to South Africa through your bank would involve the following costs:
Transfer fees of between £20 and £35.
Your SA bank will charge you a deposit fee to receive these funds of up to
R500.
The exchange rate that you receive will generally be 60-80 cents below the
current interbank market rate.
For example
If you were transferring £1,000 back to South Africa and the current interbank rate on GBPZAR was 14 you would end up receiving the following:
£1,000 at 13.40 is R13,400
Less transfer fees of R420 (assuming £30 transfer fee at 14.00)
Less deposit fees of R150
Total ZAR received is R12,830
The exchange rate that you are receiving is actually GBPZAR 12.83 even though your bank is offering you a rate of 13.40. It is very important to take into account the effect of transfer fees and other hidden costs on your effective exchange rate and total amount of ZAR that you will actually receive.
Exchange4free will not only offer you a significantly better exchange rate than your bank, but will charge you no fees whatsoever!