Do you need to transfer money out of South Africa? If you need assistance transferring money out of South Africa here are some guidelines where WBForex can help: At WBForex we specialise in international money transfers at bank beaten rates.
Transfer Money Abroad: The Cheapest Way
The cheapest way to transfer money abroad is through a money transfer company. Using the bank to transfer money abroad used to be our only option however, it has changed a lot over the years.
Now, there are money transfer companies that specialise in international money transfers like WBForex who fulfill the same services, in half the time and at a fraction of the cost.
Banks only fix rates once a day. This builds enough of a profit margin to protect against any currency fluctuations that may occur throughout the day.
At WBForex we can offer better rates than most commercial banks in SA.
The team at WBForex will guide and explain the process in detail. Working with an expert can ease the stress of transferring money abroad and save you lots of money.
How Much Does It Cost to Transfer Money Abroad?
At WBForex, our service to our clients is free of charge.
However, there is a bank swift transfer charge and this is a flat ZAR R250. This is the fee Mercantile bank will charge to do the transfer, irrespective of the amount transferred. You can transfer R50 000 or 1 Million for only R250.
For the UK receiving banks, there may be a fee for inbound international deposits. This can usually be in the region of between £10 – £12, you need to check with your bank to make sure of the amount.
Opening a transfer account and your first transfer:
- The first step is to open a bank transfer account in SA with Mercantile Bank. The account is opened in your personal name.
- Once our admin team has opened the account, deposit funds via EFT into your transfer account.
- Funds will typically clear the next working day into your transfer account, and once the funds clear, we will inform you and quote an exchange rate for your consideration. You decide to either proceed or hold until a later time or date. If delayed, a new rate will be quoted when you are ready to proceed with your transfer.
- The process will go ahead once you issue the instruction to proceed, and the exchange is then processed.
- The foreign currency generally is paid the next working day into your nominated bank account abroad.
- We will keep you informed at every step of the process and will even notify you that the funds have been paid into your offshore account.
After your first successful transfer, your transfer account remains open so you can continue to make use of your transfer account as often as you require.
- 100% SAFE & SECURE with actual Bank to Bank transfers. *
- Highly competitive exchange rates.
- Transfer up to R1 Million per person per year using the individual annual allowance
- A further R10 Million per person per year can be transferred using the Foreign Investment Allowance. Clearance is required for this allowance for which we are able to assist in applying to make use of this allowance.
Always happy to help & assist.
If you have any questions or would like more information or advice please contact us at firstname.lastname@example.org or leave your details on our contact page and we will contact you.
* Please note no funds flow into 3rd party accounts, this is a true bank to bank service, with the flow of funds going directly from your transfer account to your nominated bank account abroad. We facilitate in negotiating better exchange rates than the banks typically offer.
Head Office UK: +44 (0) 207 018 8552
Trading desk in Hartley Wintney (UK) & Pretoria (SA)
WhatsApp: +44 (0) 790 893 3594