Sending and receiving money to and fro South Africa is a very easy process because several international transaction companies offer this service. However, when it comes to money, many people want to be careful to avoid being defrauded. The platforms that have been mentioned on this list have been around for many years. These platforms have gained the trust of their users and have become reliable platforms for money transfer.
How To Receive Money From Overseas
Receiving money from overseas in South Africa is a very easy process. To do that, all you need is an eligible bank account and an account or profile with a reliable international money transfer platform. To choose the best platform or ways of receiving money from overseas in South Africa, keep reading.
1. Western Union
Based on reviews from Western Union users, it is one of the easiest and most convenient ways to receive money from abroad in South Africa. Western Union has established a good working relationship with banks in South Africa, so receiving money from the diaspora and transferring it to your local bank account has been made much easier.
One of the things that make Western Union one of the best methods of receiving money from overseas in South Africa is that the website is very easy to navigate. You do not need to have a special technical skill; all you need to do is follow the prompts.
MoneyGram is another good platform through which the sender who is overseas can send money to someone in South Africa, and the receiver in South Africa can easily receive the money with ease.
If the sender stays in Great Britain or the UK, MoneyGram is the best option. You can choose to use the official website, but you can download the mobile app in the Play Store or app store for easier navigation. Judging from the reviews on the website and in Play Store, MoneyGram is one of the best ways to receive money in South Africa.
If you’re are one of the people who wonder if PayPal is available in South Africa, here you have it. Yes, PayPal is available in South Africa, and you can start taking advantage of it to receive money from your loved ones or business partners overseas.
One of the reasons you should consider using PayPal is that you can send and receive as much as $10,000, and money transfer is instant using PayPal. You do not have to wait for hours or days to receive your money as the receiver. Before using PayPal, you will have to sign up using an email or mobile number.
Remitly is another good platform to use for receiving money from someone who is overseas. It is one of the top financial platforms globally and is owned by PayPal. It allows the sender to send anything between $1 to $2,999. One of the reasons why many people like to use Remitly is that their transfer fees are fair. Using the platform is also very easy as it takes about 3 working days for the receiver to receive the money.
If the sender stays in the United States, Remitly should be the number one platform that comes to mind when you want to receive money from them. They have a good working relationship with banks in South Africa such as Standard Bank, Nedbank, ABSA, FNB, Bidvest, Mukuru, and Investec. You can learn how to transfer or receive money from Remitly by watching the videos on their website and official YouTube channel.
Xoom is a subsidiary of PayPal and is one of the most trusted platforms for receiving money from someone overseas in South Africa. Xoom allows people in South Africa to receive money in 4 different currencies, which include; United States Dollars (USD), Euros (EUR), Canadian Dollars (CAD), and the British Pounds (GBP).
Considering that over 250 million people worldwide make use of Xoom, it may be safe to say that it is a platform that you can trust for sending or receiving money from overseas. You can receive anything between $10 to $2,999. Another reason Xoom is one of the best platforms for receiving money from overseas in South Africa is that it is easy to use.
Venmo is another international financial platform operated by PayPal, and it is also reliable for international transfers. Aside from receiving money, you can also use Venmo to receive and buy gift cards.
If you are familiar with using PayPal and want to try out Venmo, you will find it very easy because Venmo has a lot of similarities with PayPal. However, whether or not you have previously used PayPal, you will still find using Venmo easy because of how user-friendly it is.
Revolut has its headquarters in London but can be used to receive money in other countries, including South Africa. However, to efficiently use Revolut, both the sender and the receiver have to sign up to Revolut.
To receive money, you have to give your preferred mobile number to the sender. This mobile number is essential for sending and receiving money. One of the reasons you should consider using this platform is that it allows senders and receivers to transact with as much money as possible.
OFX is one of the cheapest methods of receiving money from overseas in South Africa. The platform has been in existence for over 23 years, and in the course of these years, they have gained users’ trust across the globe. When using it, you do not have to worry about a transfer charge because there are none. However, the maximum amount of money you can receive on OFX is $1,000, as the platform does not allow for the receipt of huge amounts of money.
Xe is another reliable financial platform for receiving money in South Africa from overseas. Xe is versatile because it enables people in South Africa to receive funds from friends, family, or business partners in up to 130 countries around the world. It is also very easy and convenient to use.
Wise, formerly TransferWise, is a cost-effective way of receiving money from overseas in South Africa. If you wish to receive the money instantly, the sender has to choose the option that allows the money to come instantly to your local account. However, this option comes with extra charges. Alternatively, you can wait for 4 working days for the money to get to you.
Another easy and convenient platform for receiving money from overseas in South Africa is Current. Aside from receiving money from abroad, you can also sign in to Current to open an account and order an ATM card, which you can use at your local ATM stands.
WorldRemit has users in over 50 countries, making it a great platform for receiving money from various countries. While sending the money, the sender gets to choose the preferred delivery method. They can choose cash pick up, mobile money, bank transfer, or airtime top-up as the delivery method. World Remit prides itself on having a low exchange rate, being fast, and being reliable.
How Much Money Can I Transfer To South Africa?
The amount of money you can transfer to South Africa will depend on the platform you wish to use. However, you can transfer as low as $1 using a platform like Remitly, and with a platform like Revolut, you can transfer as much money as you wish.