Moving money from South Africa

Shutterstock []
A Fin24 user wants to move money from South Africa to Australia in the most affordable way. He writes:

What is the most affordable way to move money from South Africa to Australia if you are emigrating?

Take money over using a world traveller card, or first open an account in Australia and send the money via PayPal or bank transfer or use a company like 1st Contact Forex?

Craig MacFarlane of Bidvest Bank responds:

Firstly, when emigrating there are certain processes you should follow to place your emigration on record with the SA Reserve Bank (Sarb).

The reason for doing this is that the funds you then take can always be repatriated back to SA if you were ever to choose to return.

There are many different way to transfer your funds abroad.

If you already have a bank account with an Australian Bank, then you can simply do a  telegraphic transfer in AUD into your account.

However, if you need some cash to tide you over for the first few weeks before you get all your finances settled, then, yes, a World Currency card is great way to take over some currency that you can use before you get all your accounts operational.

It will allow for travel related point of sale payments and easy ATM cash withdrawals at any Visa merchant or ATM.

Using some of the other non-bank service providers may involve more complicated payment streams and this may also cost a bit more and take longer for funds to be transferred.

Lastly, if all your funds are not available when you first emigrate, then a bank can hold blocked funds in an account here and transfer the funds at a later stage, as long as you have placed your emigration on record with Sarb before you leave.
As foreign exchange specialists, Bidvest Bank has an experienced team,  who could, for instance, assist you in putting all the necessary plans and processes in place and assist with Sarb requirements, to easily and cost effectively facilitate the transfer of your funds overseas.

- Fin24

Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

Brent Crude
All Share
Top 40
Financial 15
Industrial 25
Resource 10
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
I'm not really directly affected
18% - 1592 votes
I am taking a hit, but should be able to recover in the next year
23% - 2084 votes
My finances have been devastated
35% - 3129 votes
It's still too early to know what the full effect will be
25% - 2257 votes