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Top 3 Money Transfer Providers for UK to South Africa

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX ZAR R 180,981.86 £0.00 18.0982 1-3 days more...
OFX (UK) OFX (UK) ZAR R 179,650.03 No Fee 17.965 1-4 days more...
Moneycorp Moneycorp ZAR R 180,616.97 £0.00 18.0617 1-3 days more...
FXcompared Country Guides
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy 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 international money transfers Read More
See all guides here
 

Top 13 Money Transfer Providers

Latest prices for transferring money from UK to South Africa
Exchange Rates as of 2019-06-24T12:34:58+00:00
Bank Beating Rates

TorFX

?
Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
ZAR R 180,981.86
GBP £220.66
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

More Info Less Info

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

Amount Received
ZAR R 179,650.03
GBP £147.66
saved vs. banks

Moneycorp

?
Est. 1979

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

More Info Less Info

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

Amount Received
ZAR R 180,616.97
GBP £200.66
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
ZAR R 180,434.53
GBP £190.66
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More Info Less Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
ZAR R 180,689.95
GBP £204.66
saved vs. banks

Global Reach (formerly FC Exchange)

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

More Info Less Info

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

Amount Received
ZAR R 180,799.41
GBP £210.66
saved vs. banks

Western Union Business Solutions

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
More Info Less Info
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Amount Received
ZAR R 179,704.77
GBP £150.66
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More Info Less Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
ZAR R 180,890.63
GBP £215.66
saved vs. banks

Azimo

?
Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

More Info Less Info

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

Amount Received
ZAR R 180,200.00
GBP £177.80
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
More Info Less Info
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Amount Received
ZAR R 180,963.61
GBP £219.66
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More Info Less Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
ZAR R 177,109.00
GBP £8.38
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More Info Less Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
ZAR R 180,890.63
GBP £215.66
saved vs. banks

Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More Info Less Info

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

Amount Received
ZAR R 176,435.49
No saving vs. banks
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How to Transfer Money from UK to South Africa

Summary

South Africa is the United Kingdom’s largest trade partner in Africa and the two also share strong historical, cultural, and linguistic ties. Trade relations between European Union member states and South Africa are governed by the 1999 Trade, Development, and Cooperation Agreement (TDCA). The South African rand is a free-floating currency, however, despite increased economic liberalization since the end of apartheid, there are still many restrictions that limit the ability to send money internationally, both to and from South Africa. When transferring money from the UK to South Africa, your best option is to enlist the services of a specialist currency broker.

Colonial ties

South Africa is a former British colony and as a result of this relationship there are many South African nationals living in the UK as well as there are a large number of UK nationals or people of British descent living in South Africa. Currently, there are more than 300,000 British nationals living in South Africa.

Visas and immigration

UK nationals visiting South Africa for a period of 90 days or less do not need a visa. If travelling to South Africa from a country where yellow fever is a risk, you will be required to present a yellow fever certificate issued within 10 days of your arrival. Your passport should be valid for at least 30 days beyond the date you intend to leave South Africa. Beginning June 1, 2015, all minors (those under the age of 18) will be required to produce an unabridged birth certificate in addition to their passport in order to travel to South Africa.

To work in South Africa, UK nationals are required to obtain a work permit before beginning work within the country. Accompanying family members will need visas but can remain in the country on temporary residence permits until long term visas are retained. For more information on visas and requirements for travel, contact the South African Department of Home Affairs.

Money transfer restrictions

The South Africa Reserve Bank (SARB) places several restrictions on international currency transfers with the South African rand. Citizens and permanent residents of South Africa are allowed to transfer up to R1 million over the course of a one year period without having to receive clearance from the South African Revenue Service (SARS). This can be in the form of loans, foreign investments, business payments, or for the purchase of luxury items. An additional allowance of R4 million can be transferred for purposes of foreign investment. These transactions must be get approval from both the SARS and SARB, however.

Foreign exchange transfers into South Africa can be transferred back out of the country but the transfer of funds must be validated. It is therefore important to keep a record of any currency transfers into or out of South Africa. You must also provide additional documents if your funds are related to the purchase of a property in South Africa. UK nationals living in South Africa may temporarily transfer all funds related to the purchase or sale of property in South Africa, as well as any income earned through renting, though extra documentation is required. For very large forex transfers the exchange rate control department of the central bank may request a staggering of payments in order to maintain the stability of the exchange rate.

Buying property in South Africa

Purchasing property in South Africa as a foreigner can be complicated. It is advisable to enlist the help of a speculator as well as a specialized property lawyer with knowledge of local real estate law and processes. Those purchasing property in South Africa will be subject to taxes based on the cost of the particular property. For properties worth at least R600,000, the tax rate is 3%. These rates then increase up to a marginal rate of 8%. You should factor in these additional charges before you transfer money from the UK to South Africa.

Banking in South Africa

South Africa has a sophisticated banking system. There are many local and international banks for UK expats to choose from, all of which offer a range of services and competitive rates. The top four banks in South Africa are First National Bank, ABSA (owned by Barclays), Nedbank, and Standard Bank. There are also private banks, such as Rand Merchant Bank and Investec. Opening a bank account in South Africa is fairly easy and requires a valid picture ID and proof of a local address in South Africa. A common practice for expats is to have an offshore account for savings and an account within South Africa to cover living expenses.

Taxation in South Africa

South African residents are usually taxed on all income they earn worldwide, whereas non-residents are taxed solely on income earned in South Africa. The UK and South Africa have a double taxation agreement, effective since January 1, 2003. More information can be found on the website of HM Revenue and Customs. It is advisable to engage the services of a tax agent to navigate the specifics of the South African system of taxation.

Trade with South Africa

Since 2012, the UK remains one of the leading investors in South Africa. Precious stones, vehicles, mechanical products and machinery, mineral products, base metals, beverages and prepared food items, are the top exports from South Africa to the UK. Exports from the UK to South Africa are comprised mainly of mechanical appliances, turbo jets, vehicles (including vessels and aircraft), turbo propellers, electrical equipment, gas turbines, and chemicals. Trade between the UK and South Africa is expected to grow through 2015.

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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.