Top 10 best ways of receiving money from overseas in South Africa 2021

Top 10 best ways of receiving money from overseas in South Africa 2021

Sending and receiving money from overseas in South Africa has become very easy and convenient. Undoubtedly, money transfer services have changed how people send and receive money in many countries, and the process is now easier than ever. Currently, many international online money transfer services are offering money transfers at affordable prices in South Africa. Here follows a list of the top 10 easiest ways of receiving money from overseas.

Receiving money from overseas in South Africa
PayPal is among the leading online transaction services in the world. Photo: @brettjordan
Source: UGC

Transferring money into South Africa is done in a few minutes nowadays, thanks to technological innovations. So, if you are expecting money from abroad, you do not need to worry. This article will help you understand the easy procedures.

What is the best way to receive money from overseas in South Africa?

Do you need to know how to transfer money to South Africa? Often, many people rely on their banks, but the costs involved are high. Thus, international online money transfer services come in handy. Below are the top 10 best ways of getting money from overseas into South Africa.

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1. Xoom

xoom south africa
Xoom Corporation was founded by Kevin Hartz in March 2001. Photo: @Xoom (modified by author)
Source: Facebook

Xoom is one of the most reliable companies known for offering international money transfers in South Africa. The company is a subsidiary of PayPal. Interestingly, the minimum amount of money you can transfer is $10, while the maximum is $2,999. It is a quick and easy process.

2. Remitly

worldremit south africa
Remitly is a company registered in England and Wales. Photo: @Remitly (modified by author)
Source: Facebook

Remitly is another leading financial service company owned by PayPal. It is a favourite for many because of its reasonable exchange rates. Usually, transfers are done in minutes, and the money arrives in three business days or lesser. Usually, it allows one to send as little as $1 and as high as $2,999.

3. PayPal

is paypal available in south africa
PayPal is available in more than 200 countries/regions and support 25 currencies. Photo: @PayPal (modified by author)
Source: Facebook

Is PayPal available in South Africa? Yes. There are reportedly more than one million active PayPal users in South Africa. PayPal fees in South Africa tend to be favourable for many. Also, one can send up to $10,000. Notably, they facilitate instant transfers for PayPal account holders. In other words, if a recipient has a PayPal account, they will receive the money within seconds.

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4. MoneyGram

moneygram johannesburg
MoneyGram has more than 750 agent locations in South Africa. Photo: @moneygramafrica (modified by author)
Source: Facebook

MoneyGram is another highly reputable money transfer option to consider in South Africa. It is not only fast but also a secure means of receiving cash in South Africa. The good news is that it is available to all FNB users with active accounts. MoneyGram’s mission is to bring people closer to their money, and indeed it is delivering the promise.

5. Western Union

bidvest western union
Western Union operates in more than 200 countries, including South Africa. Photo: @WesternUnion (modified by author)
Source: Facebook

Western Union is also a reliable and convenient way of receiving money in South Africa. Over the years, it has established excellent working relationships with other financial service companies such as FNB and Bidvest. Based on online reviews, the Western Union-South Africa FNB option is among the most legit and convent ways of receiving money.

Do you know how to receive money from abroad through Western Union?

The process is very simple! Request your sender to give you the tracking number (MTCN), visit any bank with your ID/passport, complete a Western Union Receive Money form, review and sign the receipt, and the teller at the counter will give you the money that you require.

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Here continues our conveniently outlined list of the top 10 best ways of receiving money from overseas in South Africa 2021. Setting up these accounts is quick and very easy.

6. Wise

transferring money into south africa
Wise was formerly known as TransferWise. Photo: @Wise (modified by author)
Source: Facebook

Wise, formerly known as TransferWise, allows people abroad to send money to South Africa quickly, securely, and cost-effectively. Usually, they rely on Reuters for exchange rates, meaning one can depend on them. Funds are received in a recipient’s bank account instantly but at an extra fee. Otherwise, money takes up to four working days to arrive.

7. Xe

How to receive money from overseas FNB
Xe provides a comprehensive range of currency services and tools. Photo: @xecom (modified by author)
Source: Facebook

Xe is not a new name in the world of foreign exchange. The company is known for being its competitive rates, among many other benefits. One can send money to South Africa from as many as 130 overseas countries. However, unlike some companies, it does not allow cash pick – money is must be strictly sent to the recipient's bank account.

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8. OFX

What is the best way to receive money from overseas
OFX is among the leading currency exchange firms with its headquarters in Australia. Photo: @ofx (modified by author)
Source: Facebook

OFX is also another international money transfer service company worth trying. It was founded in 1998, and it has its headquarters in Australia. Unlike others, the minimum amount you can send to a person in South Africa is $1000. So it tends to be a cheaper method than others, especially for the sender. What's more? There are no charges when making an OFX money transfer.

9. Revolut

What is the best way to receive money from overseas
Revolut is a fintech company founded by Nikolay Storonsky and Vlad Yatsenko. Photo: @revolutapp (modified by author)
Source: Facebook

Revolut South Africa is a financial technology company with its headquarters in London, United Kingdom. Therefore, either the sender or recipient must have a Revolut account for the transaction to be complete.

For example, if the sender is a Revolut user, the recipient will only give them their phone number to receive the money. With Revolut, you have the freedom to send as much as you want. The process is user friendly and fast!

10. Venmo

venmo south africa
The Venmo app perfectly works on Android and iOS devices. Photo: @venmo (modified by author)
Source: Facebook

Venmo is another excellent mobile payment option operated by PayPal. Most of its features can be likened to those of PayPal. Besides being convenient, it is fast and safe to use. Considering its trustworthiness, it is among the most convenient ways of receiving money in South Africa.

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Indeed, receiving money from overseas in South Africa has never been this easy before. One can receive as much as you wish provided you adhere to the set regulations of the preferred company. This article outlines ten of the best ways to get your moola.

READ ALSO: List of the best 10 courier companies South Africa 2021

Briefly.co.za recently compiled a list of the best 10 courier companies in South Africa. The companies are known to offer top-notch delivery services across the country. Notably, most of them are reliable because they deliver parcels as fast as possible and in safe conditions.

The list includes companies such as The Courier Guy, Globeflight, Fastway, Time Freight, and Dawn Wing, among many others. If you require delivery services, find out more here!

Source: Briefly.co.za

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