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Bank Transfers

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BestTech    10
BestTech

Hi

 

I was wondering if anyone know's about transferring funds from a South African account to an overseas account.

I would like to have funds transferred quickly and cheaply, a South African colleague told me that it was slow and expensive, but i'm sure there are other options available.

 

Would greatly appreciate any advice!

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Miss Jewels    10
Miss Jewels

The best way is to have it done through your bank at the foreign department. Not always cheap, but def the safest! I transfered funds to my son in Italy and it cost me R125.00 for the transaction.

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BestTech    10
BestTech

Yes that is expensive, how long did that take, and how much did you send?

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Miss Jewels    10
Miss Jewels

I sent 1500 euro (R14150.00) and it took 4 days to clear.

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BestTech    10
BestTech

Well for that amount that's not too bad, I was looking at smaller regular payments.

 

In the end it might be better for me in the UK to get a cash card for my colleagues account, or, what would be great is a SA prepaid card that she loads in SA and I use in UK.

 

Don't know of any SA prepaid cards by any chance do you? hehe

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lilythepink    10
lilythepink

Why don't you register with Paypal (through FNB). Provided the other person is registered with them, too, this seems a really economical way of transferring money overseas.

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Reynet Trading    10
Reynet Trading

Yip, I think paypal will be the answer.:idea:

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BestTech    10
BestTech

Yes Paypal is a good way to go usually, the only problem is that Paypal can limit your account at any time which means any pending payments get reversed, which when running a business, can be very damaging.

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lilythepink    10
lilythepink
Yes Paypal is a good way to go usually, the only problem is that Paypal can limit your account at any time which means any pending payments get reversed, which when running a business, can be very damaging.

 

I haven't experienced any problems with Paypal and I've been using them for about 3 years now, firstly as a buyer and then also, lately, to transfer funds to family in Canada who are battling more than we are!

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BeadsandBaubles    10
BeadsandBaubles

@ BestTech

 

Hi.

 

For payments to the UK I do transfers through Moneybookers and personally I cannot understand why there are not more making use of them. It is quick and easy to set up - you EFT the funds to Moneybookers South African Standard Bank account, they transfer it within 2 days to your Moneybooker account. You then login to your Moneybookers account online, and using the recipients email only, authorise them to transfer the fund to the recipients Moneybookers fund. Of course both the sender and receiver must have an account with Moneybookers.

 

The longest it has taken me is 8 days (over a weekend) for the recipient to receive, the quickest 5 days - maybe not as fast as PayPal? but soooo much less hassle, and CHEAPER.

 

You do not need a credit card, just a normal debit card will do - seeing as it is done by EFT.

 

I have even managed to convince Sellers in the Netherlands, Germany and Uk to open a Moneybookers when I have had to purchase from them.

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BestTech    10
BestTech

Yep it's more of a problem when using for business purposes, if you many payments, especially to multiple recipients they suspect money laundering. Though in this case I there would only be one recepient so might be ok.

 

Hopefully its not too hard to setup a Paypal account in South Africa

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lilythepink    10
lilythepink
Yep it's more of a problem when using for business purposes, if you many payments, especially to multiple recipients they suspect money laundering. Though in this case I there would only be one recepient so might be ok.

 

Hopefully its not too hard to setup a Paypal account in South Africa

 

No, it's as easy as pie. If you have a credit card it's even simpler. Just go in to FNB and they'll help you right away.

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BestTech    10
BestTech

Thanks Baubles

 

I must admit Moneybookers is pretty good, it's just rather slow. The person who is sending has to upload funds from their bank to their MB account, then after transfer I have to wait for the funds to transfer to my bank or card. I think it would be quicker if the other person had a card attached to their bank account, which they don't have unfortunately.

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BestTech    10
BestTech

Is it true that FNB is the only bank that accepts Paypal in SA.

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BestTech    10
BestTech

Actually that person does have a card which makes things easier, I hope

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Reynet Trading    10
Reynet Trading

FNB is the only bank that you can withdraw money from your paypal account. To sent money through paypal it doesn't matter which bank you are with, just as long as you have a credit card or a cheque card you can do online payments with (credit card type)

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