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Top 3 Money Transfer Providers for UAE to South Africa

Provider Amount To Send Fee Exchange Rate Speed
TorFX TorFX AED 10,000.00 No Fee 4.975 1-3 days more...
OFX (UK) OFX (UK) AED 10,000.00 No Fee 4.9649 1-3 days more...
Corpay^ Corpay^ AED 10,000.00 46.78AED 4.9467 1-3 days more...
FXcompared Country Guides
UAE
The United Arab Emirates (UAE) has a dense network of both domestic and foreign bank branches, which makes overseas money transfers to the UAE and transferring money from the UAE relatively simple Read More
South Africa
The South African rand is a freely floating currency, but despite some liberalisation since the end of apartheid, numerous foreign exchange controls still exist in the country, restricting internation Read More
 

Send money from UAE to South Africa

Top 6 Money Transfer Providers

Latest prices for transferring money from UAE to South Africa
Exchange Rates as of 24 May 2024, 13:48

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
ZAR R 49,749.76
AED 378.97
saved vs. banks

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Amount Received
ZAR R 49,649.46
AED 358.97
saved vs. banks

Corpay^

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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FXcompared Rating
Amount Received
ZAR R 49,467.13
AED 322.61
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

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Amount Received
ZAR R 49,749.76
AED 378.97
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
ZAR R 49,283.17
AED 285.93
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
Amount Received
ZAR R 48,726.68
AED 174.97
saved vs. banks

How to Transfer Money from UAE to South Africa

UAE to South Africa Guide

Summary

South Africa and Dubai, the financial hub of the United Arab Emirates (UAE), only established formal diplomatic ties in the mid-1990s, but have since developed a strong relationship. Bilateral exchanges are primarily driven by international trade, investment and travel.

114,000 South African nationals are living in the UAE, contributing to the high population of expats that make up the country. The growing investment and trade as well as people moving between countries has led to more transfers between the national currencies.

It's easy to send money from to South Africa, and with an international money transfer service you could get better exchange rates and avoid large fees.

AED and ZAR

The United Arab Emirate dirham (AED) has been in circulation since 1973, and has been pegged to the US dollar (USD) for most of that time. The South African rand (ZAR) is a floating currency. The AED and ZAR are both widely traded, amongst the most popular currencies on the forex market.

AED to ZAR money transfers can be made through the bank, or via a money transfer provider. By comparing money transfer services you can avoid charges and find better exchange rates when you send money to South Africa from the UAE.

South African currency restrictions

Although there are no restrictions to transfer money from Dubai to South Africa, some limitations apply to money transfers leaving South Africa. When transferring large volumes of money – for example, to move internationally or to purchase property – working with a foreign exchange broker who is well versed in the South African market is strongly recommended.

Temporary residents and non-residents are permitted to repatriate money that they have previously sent to South Africa, for example, transferring investment revenue back to Dubai. However, you will need to show documentation for the transfer, such as a copy of the SWIFT records and bank statements.

Additional paperwork is usually required for particular purchases such as when you want to buy or sell property. A specialised broker may be the best person to help you to prepare these documents.

Non-residents or visitors to South Africa who want to sell property will be able to transfer funds brought in for the purchase back out of the country, in addition to any profits gained.

Rental income from a South African property may also be transferred out of the country if the owner can provide particular supporting documentation, but it will be subject to South African income tax.

Before wiring money to South Africa to purchase property, you must first consider any additional charges and paperwork that will be required. South African citizens and permanent residents are allowed to freely transfer money out of the country up to a level of ZAR 1m per year, or up to ZAR 10m in the case of foreign investment; however, prior approval must be sought from the South African Reserve Bank (SARB).

Visas and work permits

Emirati nationals are exempt from needing a visa to enter South Africa, and can stay for up to 90 days, although as this is subject to change you should check before travelling.

For longer stays you will need a visa relevant to your reason for residing in the country. Whether it is work, study, business, or retirement, there are appropriate visas for a range of purposes. To obtain a visa, you will need supporting documents such as a valid passport, proof of finances to cover your stay, and others depending on visa type.

Banking in South Africa

South Africa boasts a sophisticated banking system. Expats have numerous options of both local and international banks to choose from when they want to transfer money from Dubai to South Africa. The main banks include First National Bank, ABSA, Nedbank, Investec, Rand Merchant Bank and Standard Bank. Banks operate from Monday through to Saturday and feature a wide array of online and mobile banking services.

Opening a bank account is fairly straightforward. You will need to provide a proof of ID as well as proof of your South African address. Credit accounts are not so easy to open, so it is recommended that expats open an international account in Dubai before travelling to South Africa.

Taxes

Residents of South Africa will be taxed on their worldwide income, even if the income includes assets overseas. However, non-tax residents are only taxed on income earned within South Africa.

You are considered a resident of South Africa if you have been in the country for more than a particular number of days before or during the tax year of assessment. Based on your situation, it is recommended that you consult with a broker or financial advisor prior to moving funds or relocating to South Africa.

Trade with South Africa

Trade between South Africa and Dubai continues to strengthen. This developing relationship eventually led to the creation of the South African Business Council, headquartered in Dubai, which aims to strengthen networking between the business communities and to facilitate further trade.

South Africa imported $4.11bn in 2022, more than double the previous year. The bilateral trade is valuable to both countries, with South African exports to the UAE amounting to $2.5bn in the same year. The UAE’s second-largest trading partner in Africa, the two countries have seen a growth in their trading relationship over the  years.

Products exported from South Africa to the UAE consist mainly of gold, steel, metals, and fruits. Dubai’s physical infrastructure has also benefited from South Africa’s construction, service and consultancy sectors. On the other hand, Dubai exports consist mainly of oil and derivative products, machinery, and glass.

Investment in South Africa

There are increasing opportunities for investors, holidaymakers and entrepreneurs from Dubai as interest in South African real estate grows. This heightened attention is especially focused on residential and commercial property in the Cape region of the country.

Likewise, South Africans are increasingly purchasing property in Dubai as the city has become a business hub.

 

To transfer AED to ZAR, use a money transfer provider and save on fees. Using our free tool, you can compare the best money transfer services to send money from the UAE to South Africa.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from UAE to South Africa. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.