What Are The Best Ways Of Sending Money Out Of South Africa? – that will be the topic of today’s article.
Nothing written here should be considered as financial advice, nor a solicitation to invest.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com
It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.
Introduction
South Africa is a beautiful country with a lot to offer its residents. From the stunning scenery to the vibrant culture, there is something for everyone in South Africa. However, living in this country as an expat can be challenging.
Of course, as an expat, you will have to deal with the usual challenges that come with living in a new country. These include language barriers, adjusting to a new culture and climate, etc. Besides, some specific challenges come with living in South Africa as an expat.
One of the biggest challenges living in South Africa as an expat is the crime rate. This is a country with a high crime rate, and it is essential to be aware of this before you move here. Certain areas are hazardous, and it is crucial to avoid these areas if possible.
If you do find yourself in a dangerous situation, it is essential to know what to do and how to stay safe. Another challenge of living in South Africa as an expat is the cost of living. This country is not cheap, and it can be difficult to make ends meet if you are not prepared for it.
However, we didn’t compile this article to explain the guide to living in South Africa. Our primary focus today is on sending money out of this country. Have you been searching for the right place or platform to send money to your friends and family? Worry less, as we’ve got you covered today.
Understanding South African Culture
South Africa is a rainbow nation with a rich and varied culture. The country has 11 official languages and many different ethnic groups and traditions. South African culture is often described as a melting pot, with influences from Europe, Asia, and the indigenous peoples.
This diversity means that there is something for everyone in South Africa. Whether you’re interested in the country’s history, its food, or its music, you’ll be able to find it here. Also, South African culture is deeply rooted in the traditions of the country’s many different ethnic groups.
The largest of these groups are the Zulu, Xhosa, and Ndebele peoples. These groups have their own languages, customs, and beliefs. They also have their own distinct music, dance, and art. Other smaller groups include the Swazi, Tsonga, Tswana, and Venda peoples.
Each of these groups has contributed to the South African culture. For example, the Zulu people are known for their traditional beadwork and their skill in making weapons and musical instruments. The Xhosa people are known for their traditional healing practices, while the Ndebele people are known for their brightly painted houses.
All of these different cultures come together to make South Africa a truly unique place. If you’re interested in learning more about the country and its people, many resources are available. Also, you can always navigate to our previous posts to understand better.
Overview of the Pros and Cons of Living in South Africa
There are many reasons why people choose to live in South Africa. The country has a rich culture, beautiful scenery, and friendly people. However, there are also some drawbacks to living in South Africa. Here are some pros and cons of living in South Africa as an expat.
Pros
The Climate Is Great
One of the best things about living in South Africa is the climate. The country has a warm, temperate climate and experiences a lot of sunshine. This makes it a great place to live if you enjoy spending time outdoors and being active.
The Scenery Is Beautiful
South Africa is blessed with stunning natural beauty. From the majestic Table Mountain to the incredible Drakensberg range, there is something for everyone to enjoy. The country also has several national parks and game reserves home to a variety of wildlife.
The People Are Friendly
South Africans are known for their warm and friendly nature. This makes it a great place to live if you enjoy socializing and meeting new people. In fact, South Africa is often referred to as the “Rainbow Nation” due to the diverse range of cultures and languages that can be found here.
There is a lot to do
Whether you enjoy hiking, surfing, or shopping, there is plenty to keep you busy in South Africa. The country has something to offer everyone, regardless of their interests. Besides, with so much natural beauty to explore, you’ll never get bored living here.
It’s A Great Place to Raise a Family
South Africa is a great place to raise a family. The country has excellent schools and plenty of activities for children to enjoy. Plus, with the warm climate and beautiful scenery, your family will never get tired of living here. Moreover, South Africa is a safe place to live, which is an important consideration for any parent.
The Cost Of Living Is Reasonable
Although South Africa is not the cheapest country, it is still relatively affordable. This is especially true if you compare it to other countries in the world. Plus, with the exchange rate currently in favor of the Rand, now is a great time to live in South Africa.
You Can Experience a Different Culture
If you’re looking for a change of pace, moving to South Africa is a great option. The country has a rich and diverse culture that will fascinate and intrigue you. From the traditional music and dance to the vibrant food and art, there is much to explore in South Africa.
Cons
High Crime Rate
South Africa has a high crime rate, one of the most significant disadvantages of living there. There is a very high risk of becoming a victim of crime, and many people have been murdered or robbed. In fact, corruption is so bad that the government has even issued a travel warning for its citizens.
Poor Infrastructure
The infrastructure in South Africa is not very good, which can be a big downside for people. The roads are often poor, and public transportation is not very reliable. This can make it challenging to get around, and it can also make it challenging to access basic services.
Limited Opportunities
There are limited opportunities for work and education in South Africa, which can be a big disadvantage for people. The economy is not very strong, and the unemployment rate is high. This can make it challenging to find a good job, and it can also make it difficult to get a good education.
Corruption
Corruption is a big problem in South Africa, and it can be a big disadvantage for people who live there. There is a lot of bribery and corruption, and it can be complicated to get anything done without paying a bribe. This can make it difficult to get access to basic services, and it can also make it difficult to get a fair trial.
Racism
Racism is still a big problem in South Africa, and it can be a big disadvantage for people who live there. There is a lot of discrimination against black people, and many white people still hold racist views. This can make it difficult to get along with people, and it can also make it difficult to find a good job.
Language Barriers
Many people in South Africa speak English, but there are also a lot of people who don’t. This can be a big barrier for people who want to live in the country because it can be challenging to communicate with others. Also, many of the signs and documents are in Afrikaans, which can be very confusing for people who don’t speak the language.
Best International Banks for Expats in South Africa
Many foreigners who come to work or live in South Africa find that their home country’s bank doesn’t have a presence here. This can make it difficult to manage your finances, especially if you’re used to being able to do everything online.
There are a few international banks with branches in South Africa. However, that can make life much easier for expats. Without further ado, let’s quickly look at the seven best international banks for expats in South Africa.
1. Standard Chartered Bank
Standard Chartered is a large, international bank that has a presence in South Africa. The bank has a network of over 40 branches across the country, so you should be able to find one near you.
Standard Chartered also offers an online banking platform that makes it easy to manage your finances from anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
2. First National Bank
First National Bank is one of the largest banks in South Africa, and it offers a full range of banking services to both individuals and businesses. The bank has over 1,000 branches across the country, so you should be able to find one near you.
First National Bank also offers an online banking platform that makes it easy to manage your finances anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
3. African Bank
African Bank is a large, international bank with a presence in South Africa. The bank has a network of over 40 branches across the country, so you should be able to find one near you.
African Bank also offers an online banking platform that makes it easy to manage your finances from anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
4. Absa Bank
Absa Bank is one of the largest banks in South Africa, and it offers a full range of banking services to both individuals and businesses. The bank has over 1,000 branches across the country, so you should be able to find one near you.
Absa Bank also offers an online banking platform that makes it easy to manage your finances from anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
5. Nedbank
Nedbank is one of the largest banks in South Africa, and it offers a full range of banking services to both individuals and businesses. The bank has over 1,000 branches across the country, so you should be able to find one near you.
Nedbank also offers an online banking platform that makes it easy to manage your finances from anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
6. Capitec Bank
Capitec Bank is a large, international bank with a presence in South Africa. The bank has a network of over 40 branches across the country, so you should be able to find one near you.
Capitec Bank also offers an online banking platform that makes it easy to manage your finances anywhere. The bank has a good reputation for customer service, so you can be confident that you’ll be able to get help when you need it.
Best Ways of Sending Money Out Of South Africa
In South Africa, there are several ways to send money out of the country. The most popular methods include a bank transfer, an international money transfer service, or a prepaid debit card. However, in this article, we will focus on the seven best ways of sending money out of South Africa.
1. Payoneer
Payoneer is one of the most popular methods of sending money out of South Africa. It offers a variety of features that make it an excellent choice for those looking for a reliable and affordable way to send money abroad. Also, Payoneer is one of the few services that allow you to send money to multiple recipients in different countries.
2. WorldRemit
WorldRemit is another popular money transfer service that offers a fast, simple, and secure way to send money abroad. With WorldRemit, you can send money to over 140 countries worldwide with just a few clicks. More so, you can also choose from various payment methods, including bank transfer, debit/credit card, and mobile money.
3. Wise
Wise is one of the most popular online money transfer services. It offers a fast, convenient, and secure way to send money abroad. With Wise, you can send money to over 50 countries worldwide with just a few clicks. Not only is that, but you can also track your money transfer in real-time.
4. Cash Pick-up
If you’re looking for a fast and convenient way to send money abroad, cash pick-up is the way to go. With this method, you can send money to over 200 countries worldwide within minutes. All you need is the recipient’s name and phone number. In fact, some companies even allow you to send money to multiple recipients in different countries.
5. MoneyGram
MoneyGram is one of the most popular money transfer services. It offers a fast, convenient, and secure way to send money abroad. With MoneyGram, you can send money to over 200 countries worldwide within minutes. All you need is the recipient’s name and phone number. In fact, some companies even allow you to send money to multiple recipients in different countries.
6. Ria Money Transfer
Ria Money Transfer is also among the most popular money transfer services in the country. It offers a fast, convenient, and secure way to send money abroad just like the MoneyGram. With Ria Money Transfer, you can send money to over 130 countries worldwide within minutes. All you need is the recipient’s name and phone number. In fact, some companies even allow you to send money to multiple recipients in different countries.
7. Western Union
Undoubtedly, Western Union is among the largest international payment option. It offers a fast, convenient, and secure way to send money abroad. With Western Union, you can send money to over 200 countries worldwide within minutes. All you need is the recipient’s name and phone number. In fact, some companies even allow you to send money to multiple recipients in different countries.
Exploring the Best Places to Visit in South Africa
South Africa is a beautiful country with a lot to offer tourists. From stunning natural scenery to world-renowned wine regions, there is something for everyone in South Africa. If you are planning a trip to South Africa, check out some of these top places to visit.
Cape Town
Cape Town is one of the most popular tourist destinations in South Africa. The city is home to several world-famous attractions, including Table Mountain, Cape Point, and Kirstenbosch National Botanical Garden. Cape Town is also a great place to enjoy South Africa’s finest wines.
Kruger National Park
Kruger National Park is one of the largest game reserves in Africa. The park is home to various wildlife, including lions, elephants, and buffalo. Visitors to Kruger National Park can go on safari drives, bush walks, and boat cruises. More so, there are several luxury lodges located within the park where visitors can stay.
Durban
Durban is a famous beach resort city located on the east coast of South Africa. The city is well-known for its golden beaches, warm climate, and vibrant atmosphere. Visitors to Durban can enjoy surfing, diving, and fishing. Also, check out the Durban Botanic Gardens, which are located just outside the city.
Johannesburg
Johannesburg is the largest city in South Africa and is a great place to experience the country’s vibrant city life. The city is home to many exciting attractions, including Nelson Mandela Square, Gold Reef City, and the Johannesburg Zoo. Also, check out the Soweto Township, which is located just outside Johannesburg.
The Garden Route
The Garden Route is a stretch of coastline located in the southern part of South Africa. The region is famous for its beautiful scenery, including forests, mountains, and lagoons. Visitors to the Garden Route can enjoy hiking, biking, and canoeing. Towns worth visiting along the Garden Route include Mossel Bay, Knysna, and Plettenberg Bay.
Frequently Asked Questions about South Africa Banking
What is the South African Reserve Bank?
The South African Reserve Bank (SARB) is the central bank of South Africa. Its primary purpose is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. Also, as the bank for banks, it provides banking services to commercial banks.
Is South Africa Banking safe for expats?
In general, yes. The South African banking system is highly regulated by the government and the South African Reserve Bank. This results in a well-functioning, modern banking system that is safe for expats. Also, most of the big banks in South Africa are internationally connected, so you should have no trouble finding a bank that meets your needs.
What is the best bank to use in South Africa?
There is no one “best” bank in South Africa. The best bank for you will depend on your individual needs and preferences. Some factors you may want to consider include the bank’s location, fees, customer service, and whether it offers online banking.
Conclusion
You’ll definitely want to know the best ways of sending money out of South Africa before you make your move. Depending on how much money you’re looking to transfer, the method you choose will vary. Take a look at a few different options mentioned above to make an informed decision.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 386.2 million answers views on Quora.com and a widely sold book on Amazon.
