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Standard Bank money transfers review

A simple and convenient way to send money overseas with an established money transfer provider.

  • Good if you like dealing with an established and trusted provider.
  • Not so great if you’re looking for the best exchange rates and lowest fees.

Standard Bank is one of the largest banks on the African continent and has a presence in 20 African countries. It offers a full range of financial products and services to South African customers, including international money transfers. As an established and trusted provider it has a wide range of transfer options that are simple and convenient. However, you are more likely to find cheaper transfer fees and exchange rates with a specialist money transfer service.

Why should I consider Standard Bank?

  • Established provider. Standard Bank has been providing financial services to South Africans for more than 150 years.
  • Wide range of transfer options. You can send bank and cash transfers with Standard bank, and submit your transaction online, in a branch or via your smartphone.
  • Simple and convenient. The transfer process with Standard Bank is simple and straightforward. You can also send a cash transfer via the MoneyGram network even if you don’t have a bank account.

What to be aware of

  • Fees and exchange rates. Transaction fees and exchange rate markups add to the cost of your transfer. You’ll be able to find cheaper international payments with a specialist money transfer service.

How much are Standard Bank’s international transfer fees?

Standard Bank’s transfer fee depends on whether you are making an online payment or a teletransmission. Generally, the fee is 0.5% of the transaction amount for online payments, and slightly higher for teletransmissions. If you’re sending a transfer via the Shyft mobile app, fees vary depending on the currency you send.

To see how Standard Bank’s transfer fees stack up next to specialist money transfer services, take a look at our comparison table.

How are Standard Bank’s exchange rates?

When you make an international payment with Standard Bank, you’ll first need to review the exchange rate that applies to your transaction. Standard Bank adds a margin on top of the mid-market exchange rate on international transfers. So it’s best to compare the rate you’re quoted with the current interbank rate to work out the size of this margin.

Available currencies

Standard Bank supports international transfers in a wide range of major currencies, including:

  • AUD Australian dollar
  • CAD Canadian dollar
  • EUR Euro
  • GBP British pound
  • HKD Hong Kong dollar
  • JPY Japanese yen
  • SGD Singapore dollar
  • USD US dollar

What are the ways I can send money abroad with Standard Bank?

Standard Bank supports the following transfer types:

  • Online bank transfers. You can submit a transfer request from your Standard Bank account by logging into the provider’s online banking portal.
  • In-app transfers. You can use the Shyft Global Wallet app on your smartphone to send international transfers, buy foreign currency and store AUD, EUR, GBP and USD. You can also make international payments via Standard Bank’s mobile banking app.
  • In-branch transfers. Another option is to lodge a transfer request the old-fashioned way by visiting your nearest Standard Bank branch and filling out a form.
  • MoneyGram transfers. Standard Bank has also partnered with MoneyGram to allow you to send cash transfers to more than 200 countries around the world. Funds can be paid into your recipient’s bank account, mobile wallet, or made available for collection at a MoneyGram outlet.

What payment methods does Standard Bank accept?

You can pay for your Standard Bank international payment via:

  • Bank transfer
  • Mobile wallet payment from your Shyft wallet
  • Cash (if sending a MoneyGram transfer via an in-branch forex outlet)

How long does a transfer with Standard Bank take?

Transfer processing times vary depending on a range of factors, including where you’re sending money and the transfer method you select.

For example, if you’re sending a standard online bank transfer, you’ll need to allow at least two business days. However, if you want to send a MoneyGram cash transfer via an in-branch forex outlet, the funds can be delivered within 10 minutes.

Transfers typically takeClock icon for transfer speed

1 day

How to make your first international transfer with Standard Bank

To make your first international transfer with Standard Bank, you’ll first need to create an account by completing the following steps:

Registering an account

Making an international money transfer with Standard Bank

Once your account has been set up, you can make your international money transfer by:

  1. Logging into Online Banking.
  2. Entering your recipient’s full name, gender and address.
  3. Entering the recipient’s bank account details.
  4. Providing the reason (BOP code) why you are making the payment.
  5. Reviewing the full details of your transaction before submitting.

Is Standard Bank safe to use?

  • Security and regulation: Government regulated.
  • Established: 1862.
  • International presence: Operates in 20 African countries.

Standard Bank has been operating in South Africa for more than 155 years. It is one of the largest banks on the African continent and has a presence in 20 African countries. Standard Bank is a licensed financial services provider and the provider takes steps to ensure that all international payments satisfy foreign exchange controls.

How does Standard Bank compare to other money transfer services?

If you want to see how Standard Bank 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 0.055 USD
277
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 0.055 USD
275
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
USD 1 Within an hour ZAR 250.00 0.055 USD
263
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 0.055 USD
276
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 0.055 USD
277
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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