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Wanydp

Transfer Money To Sa

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Hi there

 

Does anyone know of the easiest and cheapest way to transfer money to SA?

I think I can do a wire transfer through my BoA account, but was wondering if there are other options?

 

Thanks

Wanya

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I used this website and today is day three and still no sight of the money in my mom's Absa account. Hope it was not a scam! With Bank of America the longest it takes is two business days ...

Edited by Hett

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I used xoom, it worked really good. It is way cheaper than a wire transfer.

Cost of the transaction is one aspect to consider - the other is the rate of exchange that they offer. You need to combine these two to make a true determination of which alternative is best. I wouldn't mind paying a transaction fee if if the exchange rate is so much better that more Rand get to the other side (despite the fee). Did you do that calculation?

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Cost of the transaction is one aspect to consider - the other is the rate of exchange that they offer. You need to combine these two to make a true determination of which alternative is best. I wouldn't mind paying a transaction fee if if the exchange rate is so much better that more Rand get to the other side (despite the fee). Did you do that calculation?

This is a very important point, because usually the "no fees" guys are exactly more than making up the difference through a bad exchange rate. You need to look at all your final all-in cost/proceeds. Also, don't be scared to ask your bank to give you a corporate/wholesale rate if the transaction is of any decent size, the worst that can happen is they say no. (Certain account holders will get corporate rates anyway.)

 

Hett, did your transfer go through eventually? I guess another pitfall of "no fee" is that they might take their time doing the transaction..?

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