Looking for the best way to send money from Canada to family, friends or businesses in South Africa (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better ZAR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more rands.
Of the companies we've compared, RemitBee is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? RemitBee can get money to your recipient in South Africa within minutes.
Bank transfers are typically the cheapest way to get your money to South Africa. RemitBee and WorldRemit have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to South Africa, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many rands your recipient will end up with.
Many online providers can offer transfers to South Africa within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to South Africa:
Actual transfer times from Canada to South Africa can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to South Africa is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and South Africa.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to South Africa, consider using a provider such as RemitBee or OFX to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to South Africa, you'll need the necessary documentation, your recipient's details and a way to pay.
Ethan is working in Canada as a software engineer and he stays in regular contact with his elderly parents back home in South Africa. His parents need some funds to help pay off a mortgage, so Ethan plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Money transfer company
|1 CAD = 13.73 ZAR
|1 CAD = 13.91 ZAR
|Bank account deposit
|Bank account deposit
|2 - 5 working days
The money transfer company enables Ethan to send an extra R465.92, which is transferred straight to his parents' Standard Bank account.
When choosing a money transfer provider to send money from Canada to South Africa, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is weaker against the rand. Currently $5,000 is equivalent to R69,889.00, whereas a month ago, $5,000 was equivalent to R70,795.50. That's a decrease of 1.28% over the past month.
But compared to a year ago, the Canadian dollar is stronger against the rand. A year ago, $5,000 was equivalent to R67,094.00. That's an increase of 4.17% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the rand goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more rands for your Canadian dollars and can help you get the best out of any market conditions.
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