How To Receive Money From South Africa; Understandably, receiving money from South Africa can set you up for unsubscribed consequences, as sometimes, there could be laborious banking protocols, hidden ridiculous charges, plus bulky and tiring SARB requirements.
Nigerians and Ghanaians have Dart Africa, a region-based crypto-to-fiat conversion facility. South Africa is not very privileged on this end. However, there are other options.
If you are trying to figure out how to receive money whilst in South Africa from overseas, best believe that you have many options. While this might not be clear enough, the heart of this article gives more insight into how to seamlessly glide through this process, and have your funds in your possession in a relatively shorter period.
Channels To Receive Money From South Africa
As earlier stated, when it comes to receiving money overseas in South Africa, you have the luxury options such as:
- Wise multi-cryptocurrency account
- Mobile money
- Cash Pickup
- Bank payment
1. Wise multi-cryptocurrency account
From South Africa, this is one of the best options to receive money from abroad. The wise multi-cryptocurrency account is best suitable for people looking at receiving funds such as EUR, GBP, CAD, NZD, USD, AUD, SGD, or HUF. Here, with much ease, users can convert any of the aforementioned currencies to their local South African bank account and have their funds in Rands at relatively lower charges.
2. Mobile money
Mobile money becomes the best option for South Africans who’d want to spare themselves the rigors of playing the bank route. One such is the MTN mobile money, which has become popular for its adequacy, comprising mainly of ease of use, and fast processing time.
The MTN mobile money allows for swift money transfers. Here, your mobile number serves as your account number wherein your funds are stored. The only downside to mobile money funds is that there are not many vendors that accept it.
3. Cash Pickup
This is one of the most seamless and straightforward options that save time and cost. With a cash Pickup, all there is to be done is for a sender overseas to send the cash to your preferred cash Pickup money location in South Africa, from whence it becomes accessible in Rands.
While we maintain that the cash pickup juggernauts are Western Union and MoneyGram, as they have better job delivery and experience, they have proven to be a tad more expensive than the available pool of options. Reviews have shown that startup cash Pickup service providers are relatively less expensive. Two of which are Xoom and WorldRemit.
Crypto is also a good option to receive money from abroad in South Africa. All it takes is to sign up on a decentralized exchange (DEX). With a DEX account, receiving crypto and converting it to local currency is pretty easy. Although the process is slightly different between different DEXs. Crypto received on a DEX account can be sold on the DEX’s P2P where a seller can sell to their compatriots and get paid in local currency.
Receiving money directly from overseas from South Africa is pretty easy. This is as long as the bank with which you operate has been licensed by SARB. Banks under SARB license can facilitate direct money transfer or collection from international banks, however, this comes with a heavy charge. The downside to this option is that the charges remain high regardless of whether or not the money sent to, or received from an international bank is in the South African Rands.
The 5 options contained in this article can equally suffice as channels through which South African residents can send money to other residents. This in a way, creates room for the flexibility of international trade. In clearer words, whether you’re sending funds from South Africa or receiving from there, it’s possible to use any of these aforementioned options.
Read also; How to receive money in Nigeria from USA