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Nedbank money transfers review

Discover how to send money using Nedbank.

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

Nedbank is one of the four largest banks in South Africa, with a wide range of banking services – including international money transfers. As a major bank, it has a history that dates back more than 175 years. When it comes to money transfers, it offers fast transfers to Ecobank accounts in 33 African countries. However, if you are looking to make a cash transfer, you will need to consider another provider.

Why should I consider Nedbank?

  • 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.

What to be aware of

  • 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 much are Nedbank’s international transfer fees?

Nedbank’s transfer fees depend on whether you are sending funds to an Ecobank account in another African country or a telegraphic transfer. If you are sending funds to an Ecobank account, this fee is a flat 3.5% of your transaction amount. If you’re sending a telegraphic transfer, the percentage fee is much smaller.

Use our comparison table to see if Nedbank’s transfer fees stack up against other money transfer providers.

How are Nedbank’s exchange rates?

Most international money transfer providers apply a markup to their exchange rate, and Nedback is no different. To calculate the rate markup charged by Nedbank, compare the rate you’re quoted with the current mid-market rate.

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 are the ways I can send money abroad with Nedbank?

Nedbank supports two types of transfers:

  • Ecobank transfers. The 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.
  • Telegraphic transfers. You can send an international transfer directly from your Nedbank account via the SWIFT network. You can submit a transfer by downloading an online form or picking one up at a Nedbank Forex branch.

What payment methods does Nedbank accept?

Payment methods are limited. Nedbank only allows you to fund international transfers from your Nedbank account.

How long does an international 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 money overseas to an Ecobank account in Africa, you can send the money within seconds. However, telegraphic transfers can take 2-5 business days.

Transfers typically takeClock icon for transfer speed

1 day

How to make your first international transfer with Nedbank

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

Registering an account

Making an international money transfer with Nedbank

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.

In order to send a telegraphic transfer, you will need to do the following:

  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.

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.

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 compare to other services?

To find out how Nedbank’s exchange rates and fees stack up against the competition, 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 0.057 USD
286
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 0.057 USD
284
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
USD 1 Within an hour ZAR 250.00 0.057 USD
271
Use promo code FREE to send your first transfer with no fee. T&Cs apply.
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 0.057 USD
285
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
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 0.057 USD
286
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.

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