Need to send money to South Africa? Are you considering a wire to transfer the money to South Africa? Before you visit your financial institution to organise it, make sure you check out the wire transfer fees. You might get a shock how much the fees will be and depending on the transfer amount, it might not be worth sending the money by bank wire transfer to send the money by other methods.
What can make it more expensive is in addition to your bank charging a fee for sending the money to a place in South Africa, the recipient receiving the money transfer will possibly also be charged a fee from their bank. A way to reduce the likelihood of the charge is to remit the international wire transfer in their local currency.
To initiate a bank wire transfer to South Africa, you might need a SWIFT code. These are unique for each financial institution and based on a number of things such as the bank and country.
SWIFT Country Code
Central Bank Name
South African Reserve Bank