How To Receive Money From Abroad Online In South Africa

Filed in Articles by on July 22, 2022 0 Comments

Transferring money into South Africa is done in a few minutes nowadays, thanks to technological innovations. So, if you are expecting money from abroad, you do not need to worry. This article will help you understand the easy procedures.

How To Receive Money From Abroad Online In South Africa

Do you need to know how to transfer money to South Africa? Often, many people rely on their banks, but the costs involved are high. Thus, international online money transfer services come in handy. Below are the easiest ways of receiving money from overseas in South Africa.

1. Xoom

Xoom is one of the most reliable companies known for offering international money transfers in South Africa. The company is a subsidiary of PayPal. Interestingly, the minimum amount of money you can transfer is $10, while the maximum is $2,999. It is a quick and easy process.

2. Remitly

Remitly is another leading financial service company owned by PayPal. It is a favourite for many because of its reasonable exchange rates. Usually, transfers are done in minutes, and the money arrives in three business days or lesser. Usually, it allows one to send as little as $1 and as high as $2,999.

3. PayPal

Is PayPal available in South Africa? Yes. There are reportedly more than one million active PayPal users in South Africa. PayPal fees in South Africa tend to be favourable for many. Also, one can send up to $10,000. Notably, they facilitate instant transfers for PayPal account holders. In other words, if a recipient has a PayPal account, they will receive the money within seconds.

4. MoneyGram

MoneyGram is another highly reputable money transfer option to consider in South Africa. It is not only fast but also a secure means of receiving cash in South Africa. The good news is that it is available to all FNB users with active accounts. MoneyGram’s mission is to bring people closer to their money, and indeed it is delivering the promise.

5. Western Union

Western Union is also a reliable and convenient way of receiving money in South Africa. Over the years, it has established excellent working relationships with other financial service companies such as FNB and Bidvest. Based on online reviews, the Western Union-South Africa FNB option is among the most legit and convent ways of receiving money.

Do you know how to receive money from abroad through Western Union?

The process is very simple! Request your sender to give you the tracking number (MTCN), visit any bank with your ID/passport, complete a Western Union Receive Money form, review and sign the receipt, and the teller at the counter will give you the money that you require.

Here continues our conveniently outlined list of the easiest ways of receiving money from overseas in South Africa 2022. Setting up these accounts is quick and very easy.

6. Wise

Wise, formerly known as TransferWise, allows people abroad to send money to South Africa quickly, securely, and cost-effectively. Usually, they rely on Reuters for exchange rates, meaning one can depend on them. Funds are received in a recipient’s bank account instantly but at an extra fee. Otherwise, money takes up to four working days to arrive.

7. Xe

Xe is not a new name in the world of foreign exchange. The company is known for being its competitive rates, among many other benefits. One can send money to South Africa from as many as 130 overseas countries. However, unlike some companies, it does not allow cash pick – money is must be strictly sent to the recipient’s bank account.

8. OFX

OFX is also another international money transfer service company worth trying. It was founded in 1998, and it has its headquarters in Australia. Unlike others, the minimum amount you can send to a person in South Africa is $1000. So it tends to be a cheaper method than others, especially for the sender. What’s more? There are no charges when making an OFX money transfer.

9. Revolut

Revolut South Africa is a financial technology company with its headquarters in London, United Kingdom. Therefore, either the sender or recipient must have a Revolut account for the transaction to be complete.

For example, if the sender is a Revolut user, the recipient will only give them their phone number to receive the money. With Revolut, you have the freedom to send as much as you want. The process is user-friendly and fast!

10. Venmo

Venmo is another excellent mobile payment option operated by PayPal. Most of its features can be likened to those of PayPal. Besides being convenient, it is fast and safe to use. Considering its trustworthiness, it is among the most convenient ways of receiving money in South Africa.

Indeed, receiving money from overseas in South Africa has never been this easy before. One can receive as much as you wish provided you adhere to the set regulations of the preferred company.

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Source: Sabonews.org

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