All countries in the world use money as a means of exchange for goods and services. However, as much as it may sound simple, the amazing fact is that they all have a different type of currency and this is the first thing that lets all of the other complications set in. For instance, South Africa uses the SA Rand and Great Britain uses the British Pound. Another amazing fact is that they all carry a different value, which corresponds to their country’s economic level. A brief overview of these two currencies is given below together with, how to convert British pounds to Rands, this is a follow up to our last article on South African Rand to British Pound Currency Exchange. So, if you are still having some issues with the conversion, I bet this article will clear it up for you.
Fundamentals of Converting Great British Pound To Rand
The South African Rand is the current currency of South Africa and is normally issued by the SA Reserve bank. This currency was first introduced in 1961 and is named after the Witwatersrand. This is the ridge where many gold deposits in South Africa were discovered and where the capital was built. The rand uses the symbol “R” and is then subdivided into hundred cents. Coins are given in various denominations including 5c, 50c, R1 and R5. Banknotes are issued in R10, R50, R100 and R200. The SA Rand is also an official tender in Lesotho, Swaziland and Namibia.
The pound sterling is the official currency in the United Kingdom of Great Britain and Northern Ireland. The pound is the fourth most-traded legal tender in the foreign exchange market after the dollar, euro and the Japanese yen. It is also the third-most held preserved exchange in worldwide reserves. Most locals call it the quid. Together with the precedent currencies, they all make a basket of currencies that compute the value of IMF exceptional drawing rights. The sterling uses the symbol, (£), written with a single cross-bar.
When comparing these two currencies, the pound is viewed to have a great value than the rand. In estimation, £1 equals R15.93. So, when converting your British pounds to South African rands, you will simply pick your pounds and multiply them by 15.93. This will give you the exact amount in rands, you expect to have. However, there is something you have to put in mind. You should always know that these currencies change with time, due to economies in both countries.
For the previous twelve months, for instance, the rand had a high value compared to the present month. One GBP could be exchanged at an average of 15 or even 14.6. This can be explained by the mounting international pressure and sanctions aligned with the country due to various policies. The same case also happened in the year 1985 when all foreign exchange dealings were suspended for about three days to stop devaluation. This greatly affected the currency, but later improved with time.
As a trading core, many currencies circulated in South Africa. The very first official currency to be used was the Guilder. In the late 17th century, the Rixdollar was then used, whereby it also became the first currency to have in paper notes. In the year 1826, durin the British occupation, the Cape Colony was then put on a pound basis. The pound currency circulated within a long period of time, but was later replaced by the rand in 1961 under the decimalised system. By this time, the ratio was two Rands to one Great Britain Pound.
Converting pounds to Rands is not a difficult task and can also be performed at a currency exchange desk or any major bank office. The most important thing to keep in mind here is the exchange rate. Some banks will have similar rates, whereas others will leave it for a local management to choose. When you decide to change your pounds in a bank, try and choose one with the highest exchange rate. You should ensure to bring personal identification, because all banks are needed to request the recognition to address money-laundering alarms.
You should also remember to verify the vend exchange rate before you go to the bank. This is to make sure that you get the exact amount of money you expect. Foreign exchange tariffs are updated on a daily basis, so you will not have a hard time looking for them. They are updated online, in the press and in all banks. If you have just arrived from Britain and need to convert the British Pound to South African Rand, the above methods will be very helpful.