In this guide we review :
- Buying South African Rand Cash Online - Travel money for South Africa
- South African Rand (ZAR) - Currency Market News
- Sending Money to South Africa - Save on South African Rand bank transfers
- South African Rand Exchange Rates - Latest info & charts.
Travel Money for South Africa - Buying South African Rand (ZAR)
Save money and time by Ordering your South African Rand Online from Travelex, you get better rates and can pick up the ZAR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in South African Rand otherwise you may get much worst exchange rates.
South Africa Trip Checklist
- Compare ZAR Travel Cash Rates - probably why you are here!
- Hotel Deals - Save on your accomodation in South Africa
- Travel Insurance - for those unexpected travel adventures...
- Lonely Planet - Travel Guide 3 for 2 offer
South African Rand (ZAR) - Currency Market News
In late October the rand fell to eleven-month and sixteen-month lows against the dollar and euro, with USD/ZAR and EUR/ZAR climbing to 14.35 and 16.87 respectively.
The rand was sold heavily following October’s mid-term budget, in which South African Foreign Minister Malusi Gigaba made clear South Africa’s struggles with sluggish growth, falling tax revenues, rising national debt and high unemployment.
In the aftermath of the budget, ratings agency Moody’s expressed concern over South Africa’s economic direction and markets moved to price in further sovereign ratings downgrades. Moody’s is likely to align itself with Standard & Poor’s and Fitch by dropping its rating for South Africa to “junk” when it next reviews the country on November 24th.
Forecasts for the rand were thin on the ground in October. Standard Chartered’s Warrick Butler said that USD/ZAR might move back into the high 13s before rallying again.
What is clear is that investors are expecting rand volatility to pick up ahead of December’s leadership contest of the ruling ANC party. Implied three-month volatility in rand FX options is significantly higher than it was in early September.
Sending Money to South Africa
When sending money to South Africa it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or South African Rand amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted ZAR amount will be transfered to the recipient account you specify in South Africa.
You can save around 5% and maybe more - end result is more South African Rand deposited into the recipient bank account in South Africa and less margins and fees kept by the banks!Compare Transfer Exchange Rates to South Africa