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How to send money to Greece
Understand what your options are when transferring funds to Greece.
The best way to send money to Greece largely depends on how much you’re sending and your payment method. Sending money from South Africa to Greece doesn’t have to be expensive and complicated. Compare the transfer fees and exchange rates of the various options available to you to get the most euros for your rand.
Compare money transfer services to Greece
Enter the amount you want to send and choose Calculate to see how much your transfer to Greece could cost. Once you decide which money transfer provider is best for you, select Go to site to start your transfer and send money to Greece.
What’s the best way to send money to Greece?
Online services will often be the cheapest and fastest way to send money to Greece. Some will let you send money straight to bank accounts in Greece, while others will help you deliver cash for pickup.
- Online money transfer services. Companies like Currencies Direct and CurrencyTransfer are fantastic ways to send money to Greece thanks to competitive fees and strong exchange rates.
- Cash transfers. Cash transfer specialists like WorldRemit and MoneyGram typically offer better rates and lower fees than Western Union, but all of these companies can handle your transfer to Greece.
- Bank transfers. Banks will almost always be more expensive than money transfer specialists, so keep this in mind when getting a quote from your bank. You’ll certainly want to compare the quote your bank gives you to money transfer companies to make sure you’re getting the best deal.
Let’s crunch the numbers: Sending R10,000 to Greece
To put this into perspective, let’s see how much a transfer could cost with each of these options. This table uses real fees and exchange rates for sending money to Greece on February 22, 2021.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||R300 + additional correspondent bank fees||R50||R0|
|Exchange rate||1 ZAR = 0.047 EUR||1 ZAR = 0.051 EUR||1 ZAR = 0.049 EUR|
|Transfer speed||2-4 days||Minutes||1-2 days|
|Amount received||EUR 455.90||EUR 507.45||EUR 490|
The bank option ends up being both slow and sends the least amount of money to your recipient. If you go with the specialist cash transfer service, your recipient ends up with about EUR 52 more than the bank offers. However, these rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.
How to send money to Greece
Sending money to Greece can be done in a few steps:
- Create an account. Sign up for an account with a money transfer provider using your name, address, proof of ID and a payment method.
- Enter your recipient’s information. You’ll need to provide your recipient’s name for cash pickups and bank account information if depositing into an account.
- Choose an amount. Enter the amount you want to send and select your payment method.
- Send. Confirm that your transaction is sent and then provide your recipient with a confirmation number so they can track the money transfer.
How to get the most out of your money transfer to Greece
Finding the best way to send money to Greece requires comparing multiple factors:
- Exchange rates. The ZAR-EUR relationship fluctuates often, so picking a service that lets you lock in exchange rates can help you save money down the line.
- Transfer fees. Companies often charge more when you pay by credit card, so consider paying by bank account to save money.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of euros you’re sending to Greece.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered to Greece quickly, seek out a digital specialist that offers instant transfers.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so pick money transfer providers based on your maximum sending needs.
- Transfer methods. Whether you want money sent to a bank account in Greece or to be picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfers to Greece
When urgency trumps cost to get your money to Greece quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Greece without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Greece’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Greece’s exchange rate is based on the euro, which is flexible compared to the South African rand. Because both are relatively stable global currencies, the ZAR-EUR relationship typically doesn’t move more than a few cents a week.
What to watch out for
Sending money to relatives or family members in Greece may be subject to taxes on the money transfer, but it depends on a few things. In general, any large transfers being sent from SA to Greece or the EU should be fine so long as it’s still within the R1 million amount of your single discretionary allowance. For anything above that amount, you will need to get a tax clearance certificate for exchange control purposes from the Reserve Bank.
Sending your hard-earned money to Greece shouldn’t cost a fortune in fees, so taking a few minutes to compare your options is a good strategy to save money. There are many companies available that can help you turn your rands into euros, so don’t settle for anything but the best.Back to top
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