South Africa - Sending Money Home

[ranteab]

I am going back home to South Africa.

I would appreciate it if someone could tell me where the best place would be to exchange Won.

I would also like to know whether it would be cheaper to wire the money home or to exchange the money here. I am thinking that if I were to exchange the money here, it would have to be for USD, which would incur a fee, I would then have to exchange it again in South Africa to ZAR and this would also involve costs.

[DMZ]

If you would like to exchange some won for cash there are quite a few agents in Incheon Airport that carry ZAR, so you can cut out the whole dollar issue there.

As far as wiring your cash home, fees differ from bank to bank. I pay about R100 to send money into my Standard Bank account regardless of the amount I deposit.

[murakano121]

If you would like to exchange some won for cash there are quite a few agents in Incheon Airport that carry ZAR, so you can cut out the whole dollar issue there.

As far as wiring your cash home, fees differ from bank to bank. I pay about R100 to send money into my Standard Bank account regardless of the amount I deposit.

Incheon Airport is probably the worst place to exchange cash.....check out the exhange rates on the various banking websites first, particularly KEB (as they are more likely to hold ZAR) then make your way to one of the bigger branches.

If you want to exchange to USD first, then the money exchangers in Namdaemum will give you the best rates (possibly Itaewon or Myongdong might not be bad too, still better than the bank rates).

[Castielle]

I sent money over to SA last week and I paid banking costs around 40dollars. It's really alot. But when you want to withdraw from SA then there's costs involved. I wouldn't feel comfortable exchanging so much money and walking around with it, that can be risky. Certain banks do charge more and I wouldn't go the - dollar and then Rand route. I'm at NH Bank so it may be that the costs are only expensive there.

[murakano121]

I sent money over to SA last week and I paid banking costs around 40dollars. It's really alot.

Get a KEB bank account,  8,000 won charge to send money home and you can do it from internet banking.

[GraceNYC116]

KEB is 8,000 KRW upfront but then there is another charge of up to 25,000 KRW for wiring the money.  I don't know about SA banks but most American banks then charge you to receive the money.  You should expect to pay $45-50 USD each time.

[Castielle]

I would really love to, but after my co-teacher helped me set it up and it took about half a day I doubt she will like it when I just opt to go with another bank. I'll maybe open one and just use it specifically for sending money home.

Thanks

[ramkyles]

I sent money over to SA last week and I paid banking costs around 40dollars. It's really alot.

Get a KEB bank account,  8,000 won charge to send money home and you can do it from internet banking.

Can you really send money abroad from a KEB account ONLINE!?

[jinjuyou]

All banks here will have a fee for wiring money, and you're bank back home will have a fee as well. You're just as well sticking to your current account, and just wire the money the one time (if possible) if you want to keep the fees down. Also, I second what a previous person mentioned; you'll find the worst rates in airports, so you're best exchanging money elsewhere.

[DMZ]

Hi Squidge. I also send money to Standard Bank. I hear that KEB is quite good but their charges can be expensive. I use KB*. If you go to the bank in person and send through the money (whether it be in cash or from your KB account if you decide to get one) you will need your ARC, passport and the bank details in SA including the Std Bank swift code which is SBZAZAJJ. If you go in person your money will go through to your account in less than 24 hours (sometimes two days - but still, it's really fast!). Make sure that Standard Bank has your email address as someone in JHB will e mail you and confirm the payment. This costs about R130 on Standard Bank's side. The charge from KB is small... about 8000won.

Alternatively you can set up remittance at the ATM if you have an account so that you don't have to go  to the bank every time you want to send cash over. That's a flat 5000 won and the Std Bank's charge is additional.

Unfortunately there's pretty much only one way to convert which is won-dollar-rand. And the dollar is pathetic against the Rand right now which is unfortunate.

[DMZ]

I have heard that KB is the best. I'm going to open an account with them this week. Lets just hope transfering the money to Nedbank will be as simple as it sounds with Standard. Thanks for the heads up

Shouldn't be an issue! Just find Nedbank's swift code online and make sure they have your contact details as all banks are required by the Reserve Bank to confirm international transfers.

Also forgot to mention that if you do the ATM transfer it will take 3 or 4 days to go through (KB's fault, not SA banks )

[Melanie Kate]

I send money with KEB to Standard Bank. I do it online. It takes about 3 weoking days to clear. It costs about 8000won and KEB, as far as I recall, convert WON- Rand and there is no middle man.

[Graumpot]

KEB is the way to go, but set up a one pass account linked to your standard bank account back home. Whatever money you transfer to the KEB account will automatically be transferred again to the South Account. It will take a few days to clear but the charges are really not bad.

Unfortunately there's pretty much only one way to convert which is won-dollar-rand. And the dollar is pathetic against the Rand right now which is unfortunate.

The first time I sent home I got nailed with that. I went to KEB and specifically asked them to transfer Won - Rand and not Won - Dollar - Rand and they could. Most of the cashiers don't know you can do this so you have to make sure they check with their superiors.

[Castielle]

I sent money home through NH to Absa and would not recommend it at all. It was pretty easy to do though, I took my ARC, passport and bank details in SA : swift code and acc number. They did it in 15minutes. I also sent the money won - rand and didn't have to first convert to dollar. The bad thing about NH was that the service fee was 30 000won and then Absa took another R100. In 2 days the money was cleared and visible in my account in SA.

[squidge]

Ok - this all sounds great. Is the one pass account the same thing as a remittance account?!

Also, how often do you guys send money back home? I know that SB charges fees below a certain amount, but caps it as well if you're sending more.

Is anybody familiar with Daejeon and an English speaking KB or KEB bank - I will try and check out both and report back here for everyone else!

[DMZ]

Ok - this all sounds great. Is the one pass account the same thing as a remittance account?!

Also, how often do you guys send money back home? I know that SB charges fees below a certain amount, but caps it as well if you're sending more.

Is anybody familiar with Daejeon and an English speaking KB or KEB bank - I will try and check out both and report back here for everyone else!

I send money home monthly but only because I have existing debit orders with Vehicle and Asset Finance and Cell C (don't get me started...). If I didn't I would only send the money home at the end of the month. SB charges R130 no matter how much you send home at once.

[MsSoMak]

My cheque account is with Woori bank but I opened   up a savings and remittance account with KEB, because I could set it up to send my money in rands and not dollars. Which meant that I did not lose more money on the USD to ZAR conversion.
(With Woori, I would lose money on the KRW to USD and USD to ZAR and that sucked)
It costs 18000won to send and i do it all online.

[melissa2009]

I havnt heard anyone else having this problem so it could just be me but it took my money a month to go into my Standard Bank account!  I got quite worried.  I bank with KB and I do it from the ATM which you can send a max of $5000.  The problem lies in South Africa.  Iv had to contact Standard bank every time Iv sent money home because it takes over 2 weeks.  I dont know if anyone else has this problem.  If you do ever have this problem email Standard bank at  inwardfunds@standardbank.co.za to get it sorted.

[squidge]

And for me the crucial question?! How much do you lose in the transfer? I always go onto XE Currency Converter and it seems like what the 'conversion' is compared to what you actually get out is substantially different! Is this just a sad truth. Are there no currency exchangers (small time guys) that we need to get involved in?!

[lheilbrunn]

I use Nonghyup and it was fine for me. I've only done it twice, and the first time it cost a lot of money because I did it online and must not have done something right. I definitely recommend going to the bank every time you do it, and make sure you have an English speaking banker (they do exist, so just makes sure to ask for one, or come back when one is there). You can chose to have the banker take the transfer costs out of your local bank or your bank at home and I think my costs were no more than 30,000 won all together (maybe less?!?). Also check to see if your bank at home charges a lot. Mine charged a transfer fee from an intermediary bank and my bank so it cost more the first time ( i fixed this by transferring to a different bank account at home). I know i rambled a lot so if you have more questions ask me, but mostly, just find an english speaking banker and you'll be fine!