Send money from South Africa to Australia. Cheap and fast ways to make an international money transfer

What is the cheapest way to send money to Australia?

When you are looking for cheap ways to send money to Australia it’s important that you calculate the total cost of your ZAR to AUD transfer. CurrencyFair, the cheapest option, has a South African Rand/Australian Dollar exchange rate of 0.0856 and a fee of 108.22 ZAR. This would save you 580.11 ZAR compared to WorldRemit, who has a fee of 688.33 ZAR. You’ll want to pay attention to both the upfront fee the provider shows you as well as the South African Rand/Australian Dollar exchange rate. Often providers will claim to be a cheap global money transfer provider, with low, or even no fees, but in reality they’re hidden within the exchange rate. Right now, South African Rand/Australian Dollar interbank rate is 0.086. Whenever you compare fees for transferring money to Australia, it can pay off to look at the exchange rate they offer. Finding alternative ways to transfer money to Australia shouldn’t be hard, we’ve put together a list of cheap ways to send money to Australia to help you with your search. For example, most traditional banks add a hidden markup to the exchange rate they offer you. If 1 ZAR is 0.086 AUD, your bank can add a 3% exchange rate markup and give you a rate of R 1 = 0.089 $

• • CurrencyFair is the cheapest option, with a ZAR/AUD exchange rate of 0.0856. Their fees to transfer money to Australia is 108.22 ZAR

• • WorldRemit offers a ZAR/AUD exchange rate of 0.0844. Their fees to transfer money to Australia is 688.33 ZAR

What is the best rated provider to transfer money to Australia from South Africa?

Of the 2 providers we found for transferring money to Australia, here’s how they stack up in terms of number of reviews and average score:

How to transfer money to someone else’s bank account in Australia

Sending money to another bank account to Australia is often the most convenient option – both for you, and your recipient. Your recipient doesn’t need to take any action to receive the money, it just lands in the nominated account in the currency you choose, and can be spent or withdrawn easily. If you’re sending money from a bank account in South Africa to a bank account in Australia, choosing a specialist provider can be the cheapest and fastest way to make your payment. Different providers have their own processes for arranging payments – but the steps you’ll take are usually roughly the same:

• 1

  Create an account Register a new account with your preferred service, by entering your contact details and some basic information. You may even be able to do this using Facebook or Google for convenience.
• 2

  Verify Depending on the type of payment you’re making, you may need to verify your account by uploading an image of your ID documents. This step helps keep your money safe, and is often a legal requirement.
• 3

  Top up Add money to your account in dollars, using a bank transfer or card payment.
• 4

  Add recipient details and send Once you’re ready to send a payment, add your recipient’s personal and bank account details, check the exchange rate and fee applied to your payment, and confirm. That’s it – your money will now be sent, and you can track its progress online or in your provider’s app.

Best app to send money to Australia

Best way to send large amounts of money to Australia from South Africa

When you’re sending a high value payment it’s especially important to do your research and find a provider which is safe and which offers low fees and great exchange rates. It’s also well worth comparing some providers based on transfer times, as the delivery time can also vary pretty widely. Some international money transfer services offer discounts for high value transfers, either through lower fees or a better exchange rate. Use the Exiap cost comparison calculator to make sure you’re getting the very best deal available for your specific transfer.

Safest way to send money from South Africa to Australia

The safest way to send money to Australia is to select a provider which is properly registered and regulated both in South Africa and Australia. There are many global regulators around the world, and it’s common for international money transfer providers to be registered and regulated by dozens of different bodies, depending on where they operate. In South Africa for example, you’ll usually find providers are registered with the Financial Crimes Enforcement Network (FinCEN), and they may also need to hold a state license depending on how they’re set up.

ZAR/AUD exchange rate trends

As with many currencies, the ZAR/AUD exchange rate moves over time, due to changes in supply and demand. Exchange rate fluctuations can be caused by underlying shifts in how well the economy in South Africa or Australia is doing, changes in political stability, or even simple speculation, where traders buy or sell currencies based on how they think trends are going to change. Right now, 1 South African Rand buys 0.086 Australian Dollar.

Best money transfer rate to Australia

The best rate available to send money to Australia will usually be the mid-market exchange rate. The mid-market exchange rate is the rate used when banks buy and sell currencies on global markets. However, this rate isn’t always available to individual customers sending money abroad. Instead, providers often add a markup – an extra fee – to the exchange rate they offer customers. This pushes up the costs and makes it harder to see exactly what you’re paying for your international bank transfer. Providers that use the mid-market rate for international transfers from South Africa to Australia include {{mid-market-rate-1-provider-name}} and {{mid-market-rate-2-provider-name}}. Right now, the mid-market rate for a South African Rand to Australian Dollar is 0.086.

Conclusion

When it comes to choosing the best provider for sending money to Australia from South Africa, it really depends on what your needs are. The cheapest provider shown in our comparison table is CurrencyFair and the fastest is WorldRemit. If the transfer time is what you’re interested in, then WorldRemit is the fastest to transfer money to Australia. WorldRemit can get your money to your recipient to Australia in 1-2 Days. If safety is what interests you the most when it comes to picking the best international money transfer provider to Australia, then all the providers we listed above are regulated by different financial institutions and should be safe to send money to Australia with.