Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Review: Nedbank international money transfers

Send money to more than 30 African countries within seconds.

  • Good for fast and easy transfers to more than 30 African countries.
  • Not so great for exchange rates and fees.

Nedbank exchange rates and fees

Before sending money overseas with Nedbank, you’ll need to check the exchange rate that applies to your transaction. To calculate the rate markup charged by Nedbank, compare the rate you’re quoted with the current mid-market rate.

You’ll also need to pay a transaction fee. If you’re sending funds to an Ecobank account in another African country, this fee is a flat 3.5% of your transaction amount. If you’re sending a telegraphic transfer, this percentage fee is much smaller.

Available currencies

Nedbank allows you to send funds to a wide range of currencies, including:

  • AUD Australian dollar
  • EUR Euro
  • GBP British pound
  • JPY Japanese yen
  • LSL Lesotho loti
  • NAD Namibian dollar
  • NGN Nigerian naira
  • USD US dollar

What types of transfers can you make with Nedbank?

Nedbank supports two types of transfers:

  • Telegraphic transfers. You can send an international transfer directly from your Nedbank account via the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. You can submit a transfer by downloading an online form or picking one up at a Nedbank Forex branch.
  • Ecobank transfers. This second option allows you to send fast transfers to Ecobank accounts in 33 African countries. You can send a transfer via Nedbank Online Banking or the Nedbank Money app.

How long does a transfer with Nedbank take?

Transfer processing times vary depending on where you’re sending money and the transfer method you select.

If you’re sending an overseas transfer to an Ecobank account in Africa, you can send the money within seconds. However, telegraphic transfers can take 2-5 business days.

What payment methods does Nedbank accept?

You’ll need to fund your international transfer from your Nedbank account. Other payment methods are not accepted.

Transfers typically takeClock icon for transfer speed

1 day

Is Nedbank safe to use?

  • Security and regulation: Government regulated.
  • Established: 2003 (but with a history dating back to 1831).
  • International presence: Presence in 39 African countries.
  • Customers: 7.8 million.
*According to Nedbank on 19/02/2020.

Nedbank Group is one of the four largest banks in South Africa. Its history dates back to the establishment of the Cape of Good Hope Bank in 1831, and the bank is an authorised financial services and registered credit provider. Nedbank also complies with regulations under the Financial Intelligence Centre Act, so you’ll need to provide proof of ID to open an account.

How does Nedbank make money?

Nedbank makes a profit on international payments in two ways:

  • Exchange rate markups. When you send an overseas payment, Nedbank adds a margin on top of the mid-market rate. The mid-market rate, also known as the interbank rate, is the “real” exchange rate you see quoted on Google and reflects the current value of two currencies relative to one another.
  • Transaction fees. Nedbank also charges a fee calculated as a percentage of your transaction amount on all transfers.

How to register an account

If you want to send an international money transfer with Nedbank, you’ll first need to open an account by completing the following steps.

How do I make an international money transfer with Nedbank?

To send a telegraphic transfer, complete the following steps:

  1. Download an online form or pick one up in person at your nearest Nedbank Forex branch.
  2. Fill out the form with your personal information, payment amount, reason for payment and the recipient’s bank account details.
  3. Submit the form at a Nedbank Forex branch.

If you’re sending a transfer to an Ecobank account, you’ll need to:

  1. Login to the Nedbank Money app or the Nedbank online banking portal.
  2. Click on “Transact”.
  3. Select “Pay” and then “Pay to a foreign bank account”.
  4. Provide the recipient’s bank account details, the amount you’re sending and the reason for payment.
  5. Review the quote and confirm payment.

What is Nedbank?

Nedbank is operated by Nedbank Group, a company incorporated in South Africa. Its history began in the 1830s with the founding of the Cape of Good Hope Bank, and over the years it has also been known as the Netherlands Bank of South Africa (NBSA) and Nedcor Group.

Nedbank Group was created in 2003. Headquartered in Sandton, Johannesburg, it also owns subsidiaries and banks in Lesotho, Malawi, Mozambique, Namibia, Swaziland and Zimbabwe.

In a nutshell

Pros

  • Major bank. Nedbank is one of the largest banks in South Africa and has a history that dates back more than 175 years.
  • Fast payments. Nedbank customers can send fast transfers to Ecobank accounts in 33 African countries.
  • Easy to use. It’s quick and easy to send transfers online, through the Nedbank Money app or by visiting a branch.

Cons

  • No cash transfers available. If you want to send a cash transfer to your recipient, you’ll need to consider other options.
  • Transaction cost. Compare Nedbank’s fees and exchange rates with those of other services to see if you can find a better deal elsewhere.

How does Nedbank compare to other services?

If you’d like to find out how Nedbank compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day ZAR 0.00 0.069 USD
347
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
AUD 2,000 2 days ZAR 0.00 0.069 USD
345
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
USD 1 Within an hour ZAR 250.00 0.069 USD
329
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups. Go to site Show details
EUR 8 3 - 5 days EUR 3.00 0.069 USD
346
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 2,000 1 day ZAR 0.00 0.069 USD
347
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site