Where To Exchange Foreign Currency In South Africa

As a traveler who is coming into South Africa, one of the very first questions on your mind before leaving your home country or immediately you get into South Africa is usually “where do I exchange foreign currency in South Africa?”, especially if it is your first time coming into the country. South Africa, which is home to many foreigners who come as tourists or for business purposes, has provided several ways to make foreign currency exchange easy.

There are a variety of methods or places where you can exchange foreign currency in South Africa, and as such, it is usually advised that you research and compare the different available options before settling on any. In making the choice of which to go for, you should put into consideration their exchange rates and trustworthiness.

Exchange Of Foreign Currency In South Africa

In South Africa, exchanging foreign currency can be done at local banks and other institutions, which are a part of the Bureau De Change. Exchange rates also differ depending on the institution you make use of. You can even exchange your currency in your home country before coming to South Africa. However, exchanging your local currency for the South African Rand in your home country may be more expensive and may take more time, so doing so on arrival to the country may be your easiest shot.

Exchange Foreign Currency In South Africa
In South Africa, the locally accepted currency is the South African Rand, and it is made up of both coins and notes. For the notes, you can get R10, R20, R50, R100, and R200, and for the coin, 5c, 10c, 20c, 50c, R1, R2, and R5.

You Can Exchange Foreign Currency At A South African Bank

One of the most popular ways of exchanging foreign currency in South Africa is through South African banks, who thankfully, have the provision for this service. Here is a list of banks in South Africa where you can exchange foreign currency:

  • Rand Merchant Bank
  • RMB Private Bank
  • Nedbank Group Limited
  • South African Bank of Athens Limited
  • Albaraka Limited
  • Sasfin Bank Ltd
  • Standard Bank of S.A. Ltd
  • Mercantile Bank Limited
  • Wesbank
  • BoE Private Clients
  • Bidvest Limited
  • Capitec Bank Ltd
  • Investec Ltd
  • FirstRand Bank Ltd
  • Grindrod
  • African Bank Ltd
  • Habib Overseas Bank Limited
  • HBZ Limited
  • Absa Ltd

However, some banks are referred to as the best banks for exchanging foreign currency in South Africa. These major banks and recommend banks to trade foreign currencies in the country include:

  • Albaraka bank forex
  • Absa Forex trading bank
  • Habib bank south Africa
  • Chase bank South Africa
  • Standard Bank of S.A. Ltd
  • FirstRand Bank Ltd
  • Mercantile Bank Limited
  • Nedbank Group Limited
  • Bidvest Bank Limited
  • Capitec Bank Ltd

You Can Also Exchange Foreign Currency At International Banks In South Africa

Exchange Foreign Currency In South AfricaSome non-South African banks have branches in South Africa where you can exchange foreign currency. These banks include:

  • Bank of Taiwan, S.A. Branch
  • Barclays Bank plc
  • ABN AMRO Bank NV
  • Bank of Baroda
  • Bank of China, Johannesburg Branch
  • JPMorgan Chase Bank, N.A., Johannesburg Branch
  • Société Générale, Johannesburg Branch
  • Standard Chartered Bank, Johannesburg Branch
  • State Bank of India
  • China Construction Bank, Johannesburg Branch
  • Citibank NA
  • Commerzbank Aktiengesellschaft
  • Deutsche Bank AG
  • HSBC Bank plc, Johannesburg Branch

You Can Also Exchange Foreign Currency By Using Bureau De Change

Another method of exchanging foreign currency in South Africa is using Bureau De Change. A bureau de change is any business that makes money from buying and selling currencies. Usually, they buy at a cheaper rate and sell at a more expensive rate after adding an extra commission. However, before exchanging your currency, be sure that the person is trustworthy or has a reputation for being straightforward.

You Can Also Exchange Money To Zar Outside South Africa

Before coming into South Africa, you can also visit your local bank to change your currency for some South African Rand (Zar), especially if you are coming from another African country.

However, it is important to add that it may not be a cheap option, as banks outside South Africa may not readily have Rand and may charge you more to obtain it. This will be in addition to the regular bank charges for currency exchange.

See also
Fundamentals Of Converting Pound To Rand Made Easy

You Can Exchange Foreign Currency In Banking Organisations In South Africa

Another way to exchange your foreign currencies in South Africa is to do so at institutions recognized as banking organizations in South Africa. Some of these organizations include:

  • Banking Association South Africa
  • Institute of Bankers in South Africa
  • BankservAfrica
  • South African Reserve Bank

Is It Possible To Exchange My Foreign Currency to Rand Online?

Yes, it is possible to exchange your foreign currency for the Rand online. Some reports even refer to exchanging currency online as one of the cheapest and most comfortable methods because you do not have to bother leaving your home because the money will be delivered to you at the comfort of your home or office.

But, you should be very careful to avoid being scammed. Before exchanging a foreign currency online, try as much as possible to research that online platform to be sure that they are legit and trustworthy.

Frequently Asked Questions About Exchanging Currency In South Africa

Exchange Foreign Currency In South Africa

Here are answers to some of the questions you have regarding where you can exchange foreign currency in South Africa:

1. What Do You Need For Exchanging Foreign Currency At A Bank?

Here are the basic things you need to change foreign currency in a bank in South Africa:

  • Proof of I.D. and passport.
  • Proof of travel, where applicable.
  • Proof of residence, no older than three months.

2. How Much Currency Can You Exchange In South Africa?

According to Currency and Exchanges Manual for Authorised Dealers 1961 (Regulations), you can take up R1 million as a travel allowance.

3. How Much Money Can I Carry Around South Africa?

When coming to South Africa, it is important you know and abides by the laid down rules regarding money laundering. With regards to money, there is a limit to the amount of cash individuals are allowed to carry as cash around in the country.

In South Africa, the maximum amount of money you can carry is R25,000. This is about $10,000. Irrespective of the currency you are with, you should not carry any amount higher than the equivalent of $10,000.

4. How Long Can You Keep Foreign Currency In South Africa?

In South Africa, holding a foreign currency for more than 30 days is regarded as an illegal act. However, for businessmen and women who intend to travel for a business trip within 90 days of returning from a previous business trip, they may hold the foreign currency with the intention of using it on their next trip. This money must be invested and not deposited into their foreign bank account when they travel out.

5. What Exchange System Does South Africa Use?

South Africa uses ZAR/USD exchange rate to measure South Africa Rand units to United States dollar.

6. What Determines The Value Of Rand?

The value of the rand is determined by the current market force. It is important to keep in mind that the value of all currencies is not static and is always subject to change depending on the economy of the country and the market forces. The demand for a currency may also increase its value, like in the case of the dollar.

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Romeo Ndlovu
Romeo's secret talent is taking the ordinary and making it extraordinary content. At work, he is thinking about how best to provide the most unique, original content that provides utmost satisfaction to the user. Away from work, he is a football addict who loves to catch up on his favorite pastimes

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