Transfers typically take
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Shoprite money transfers review
Learn about Shoprite’s fee-free money transfers to 100+ countries around the world.
- Good for multiple transfer types and no transfer fees.
- Not so great for large transfers due to transfer limits.
Shoprite is the largest food retailer in South Africa and a registered Financial Service Provider. It offers a range of Money Market Services, including international money transfers. What makes it stand out from other providers is its lack of transfer fees. However, don’t think that transfers with Shoprite are completely free, as an exchange rate margin still applies.
Why should I consider Shoprite?
- Fee-free transfers. Shoprite doesn’t charge transaction fees on the vast majority of transfers. However, an exchange rate margin still applies, so transactions aren’t completely free.
- Transfer methods. Depending on your destination, you can choose from wire, cash pickup or mobile money transfers.
- 100+ transfer destinations. Shoprite also allows you to send funds to more than 100 countries around the world.
What to be aware of
- Exchange rate margin. Make sure you compare the exchange rate that will apply to your transaction with the mid-market rate so you know exactly how much your transfer will cost.
- Large transfers not available. Transfer limits apply to each transaction, so you’ll need to consider other options if you want to send a large amount of money overseas.
How much are Shoprite’s international transfer fees?
Shoprite doesn’t charge a fee for most of its international money transfers. The exception is if you choose to send a cash transfer to any Shoprite store in South Africa and Lesotho. In this scenario you will be required to pay a small flat fee.
To see how this stacks up against other money transfer providers, take a look at our comparison table.
How are Shoprite’s exchange rates?
While Shoprite doesn’t charge fees on most money transfers, it still adds an exchange rate margin to the mid-market rate before transferring your funds. Calculate the difference between the current mid-market rate, and the rate Shoprite quotes for your transaction, to work out the size of the margin and how much it will cost you.
Available currencies
Shoprite offers international transfers to more than 100 countries around the world. Supported currencies include:
- GHS Ghanaian cedi
- KES Kenyan shilling
- MWK Malawian kwacha
- NGN Nigerian naira
- USD US dollar
What are the ways I can send money abroad with Shoprite?
Shoprite supports three types of international transfers:
- Bank transfers. The first option is to send funds directly to your recipient’s overseas bank account via a wire transfer. This is a secure transfer method, but also slower than the other available options.
- Cash pickup transfers. Shoprite enables you to transfer money for cash pickup in your recipient’s country. You will need to check to find out whether there are cash pickup locations available where you want to send money.
- Mobile money transfers. You also have the option of sending funds directly to your recipient’s mobile wallet.
However, please note that the available transfer methods vary depending on where you are sending money.
What payment methods does Shoprite accept?
Shoprite accepts the following payment methods for international transfers:
- Cash deposit (available at Shoprite, Checkers, Standard Bank and ABSA branches)
- Electronic funds transfer
How long does an international transfer with Shoprite take?
Transfer processing times vary depending on the transfer method you chose and where you are sending money.
While Shoprite does not outline expected transfer times on its website, you can expect bank account transfers to take longer than cash pickup or mobile money transfers.
How to make your first international transfer with Shoprite
Before you can make a money transfer with Shoprite, you will need to create an account:
Registering an account
Making an international money transfer with Shoprite
You can send money overseas with Shoprite by completing the following steps:
- Log in to your Shoprite Money Transfers account.
- Choose the type of transfer you want to send.
- Enter your recipient’s details, including their name and contact information. If relevant, you’ll also need to provide their bank account details.
- Enter the amount you want to send.
- Review the details of your transaction before finalising payment and submitting your transfer request.
Is Shoprite safe to use?
- Security and regulation: Government regulated.
- Established: 1979.
- International presence: 15 countries.
Shoprite Financial Services is licensed as a money transfer operator by the South African Reserve Bank. Under the Financial Intelligence Centre Act (FICA), it requires customers to provide proof of ID before they can create an account and send any money overseas. Shoprite is run by Shoprite Holdings, which operates close to 3,000 outlets across 15 countries.
How does Shoprite compare to other money transfer services?
For more details on how Shoprite’s transfer costs and times compare to those of other money transfer services, enter the details of your transaction into the table below:
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
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Do I have to pay tax on money transferred from overseas to South Africa?
Your recipient won’t be on the hook for any taxes, but there may be limits on how much you can send.