Where can I exchange foreign currency in South Africa safely?

Where can I exchange foreign currency in South Africa safely?

South Africa is a famous country among international travellers due to its diversity, natural beauty, and welcoming people. However, those travelling always ask this question: Where can I exchange foreign currency in South Africa? This article guides how you can do your foreign exchange safely and gives a list of the South African banks that facilitate that.

Where can I exchange foreign currency in South Africa
South Africa's currency is the Rand and has the currency code ZAR. Photo: @Foxge
Source: Instagram

Where can I exchange foreign currency in South Africa safely? The question always arises whenever one has a foreign currency that they want to exchange. Every country has its unique terms of exchange, and the fees accrued also vary from one bank to the other. Nevertheless, you do not have to worry much as this article has everything you need to know to ensure you have smooth and safe foreign currency exchange while in South Africa.

List of South African banks

Where can I exchange foreign currency in South Africa
South African Rands. Photo: @Foxge
Source: Instagram

The banking system in South Africa comprises locally controlled banks, foreign-controlled banks, mutual banks, and co-operative banks in addition to over 50 branches and representative offices of foreign banks across the country.

Read also

List of the top law firms and best lawyers in South Africa in 2021

1. Locally controlled banks in South Africa

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

2. Branches of the international banks in South Africa

  • 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

3. Banking organisations in South Africa

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

Which banks are the best for foreign exchange in South Africa?

Read also

Michael William Thomas Brown: age, family, contacts, Nedbank, salary, worth

Where can I exchange foreign currency in South Africa
A forex exchange chart for different currencies. Photo: @Foxge
Source: Instagram

What banks trade foreign currency? South Africa's currency is the Rand and has the currency code ZAR. Exchanging money in the country is pretty straightforward and follows most of the same rules you would expect when exchanging money anywhere else. Again, not all banking institutions offer exchange services. Below are some of the best institutions you can visit and get these services with ease and safely.

  • 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

How long can I keep foreign currency in South Africa?

It is illegal to keep your Forex for more than 30 days while in S.A. However, the business travellers who go on a business trip within 90 days of returning to S.A. from a previous business trip may retain such foreign currency to use during the next business trip. But again, if a person travels abroad and has a foreign account, he may not deposit any unused portion into his foreign bank account and use it for investment purposes.

Read also

What is the Capitec Bank near me called? Branches, bank code, ATMs

Which banks exchange foreign currency for free?

Where can I exchange foreign currency in South Africa
South Africa's currency is the Rand and has the currency code ZAR. Photo: @Foxge
Source: Instagram

Major banks will exchange your Forex if you have a checking or savings account with them. In some instances, a bank will exchange the currency if you have a credit card with them. Few of these institutions charge a fee for this service. However, some institutions do it for free. See them below:

  • Bank of America
  • Citigroup
  • U.S. Bank
  • T.D. Bank
  • PNC

How much foreign currency can I exchange in South Africa?

The maximum is R1 million. In terms of the Currency and Exchanges Manual for Authorised Dealers 1961 (Regulations), persons may take foreign currency up to the limit of their SDA, i.e. R1 million, abroad in the form of travel allowances.

What do you need to exchange money at a bank?

Where can I exchange foreign currency in South Africa
You do not need to have an account with a particular institution to exchange Forex. Photo: @Foxge
Source: Instagram

Whether you are purchasing or exchanging Forex, you will need the following information:

Read also

SARB plans to sell its stake in African Bank

  • Proof of I.D. and passport.
  • Proof of travel, where applicable.
  • Proof of residence, no older than three months.
  • You do not need to have an account with a particular institution to exchange Forex in-branch.

How does a bureau de change South Africa work?

A bureau de change is a business that, in competition with other similar businesses, makes its profit by buying foreign currency and then selling the same currency at a higher exchange rate. It may also charge a commission or fee on the purchase or sale. The bureau sells at a lower rate from that at which it buys.

Frequently asked questions (FAQs)

Below are the questions many people are asking concerning currency exchange. The info given was thoroughly researched to give credible information. Keep reading to learn more!

What exchange rate system does South Africa use?

The ZAR/USD exchange rate measures units of the South African Rand per U.S. dollar.

Read also

Complete list of the contact details for the top banks in South Africa

How much cash can you carry into South Africa?

There are limits on the amount of currency you can bring into South Africa. For cash in South African Rand (ZAR), the limit is 25,000ZAR. For other currencies, the limit is US$10,000 (or equivalent).

What determines the value of the Rand?

The exchange rate of the Rand is determined by market forces. The buying and selling rates for dollars are based on the supply and demand for dollars in the market at any given time.

The above info answers the questions: Where can I exchange foreign currency in South Africa safely. With that, you do not have to find yourself in trouble for not having the correct money or having difficulties about where to exchange your currency.

READ ALSO: Business News: SA Rand Reaches 2 Year High Against US Dollar

In other news, Briefly.co.za reported on June 4, 2021: Business News: SA Rand Reaches 2 Year High Against US Dollar. The rand was trading at R13.54 at 9 am on Thursday, 3 June, marking the highest position against the dollar since February 2019.

Read also

How ABSA became one of the strongest brands in South Africa

Reports also revealed that the SA economy experienced a major downfall due to the Covid-19 pandemic.

Source: Briefly.co.za

Online view pixel