Fundamentals Of Converting Pound To Rand Made Easy

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.

South_African_Twenty-Rand - Pounds To Rands

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.

READ
Top 50+ Commercial Banks You Can Patronize In South Africa

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.

See Also:

Was this article helpful?
READ
ZAR to USD: South African Rand to Dollar Conversion and Exchange Rate
Andile Smith
Andile Smith
Andile provides articles on anything from Politics, Sports, History and entertainment to funny, creepy and weird. His passion for writing allows him to take what is ordinary and transform it into a real masterpiece. He's a true storyteller with a passion for tech and literature
data-matched-content-rows-num="2" data-matched-content-columns-num="4" data-matched-content-ui-type="image_stacked" data-ad-format="autorelaxed">

Recommended

How Quinton Jones’ Met, Married and Started a Family With Minnie Dlamini

Quinton Jones' marriage to South Africa's sweetheart, Minnie Dlamini was one of the biggest events of 2017. The news also broke so many hearts...

An Interesting List of Nandi Mbatha’s Boyfriends – Past and Present

Nandi Mbatha apparently loves the feeling of love and being treated to dates. Since the actress stepped onto the scene, she has dated a...

How Did Themba Ntuli Become So Famous and What Car Does He Drive?

Lovers of entertainment in South Africa would know the popular filmmaker, actor, and comedian, Themba Ntuli. Perhaps, one reason he has gained so much...

A Deeper Look at Quinton Jones’ Net Worth and How He Acquired His Wealth

Quinton Jones is one of the most mysterious South African celebrities. He has managed to keep his personal life very much private through the...

Analyzing Litlhonolofatso Litlhakanyane’s Role as Tebello on Scandal and Becoming A Famous Child Actor

Litlhonolofatso Litlhakanyane has been a mainstay of the e.tv soapie Scandal! ever since he broke out onto the scene of the popular South African...

Featured Today

What Really Happened Between Kelly Khumalo and Jub Jub – Details About Their Love and Son

There was a time that Kelly Khumalo and Jub Jub were easily tipped to be the next big celebrity couple in South Africa. They...

All About Themba Ntuli’s Marriage to Wife Hope Masilo and The Age Difference Between Them

Themba Ntuli is a Zimbabwean-born actor who rose to immense fame through his role in the South African television show, Rhythm City. The son of...

Inside Quinton Jones Time With Pearl Thusi and Other People He Has Dated

In 2017 when Quinton Jones got married to Minnie Dlamini, not a small number of people were left heartbroken that Minnie, who is almost...

Kelly Khumalo and Chad da Don’s Fairytale Romance, Why It Ended and Who They Moved on To

South African songstress, Kelly Khumalo knows her game when it comes to dishing out hot tracks that make her fans go gaga, but the...

Surprising Facts About Nandi Mbatha’s Biography and Age Milestones

Nandi Mbatha is a talented actress with a fast-rising career in the South African entertainment industry. She is easily recognized for effortlessly playing the...
Was this article helpful?

Related Stories