Transferring money from one location to the other is something popular that has been going on for a very long period of time before now. A lot of people have different reasons why they send money to South Africa from other countries. However, before now, one has to let go a lot (in terms of time and other resources as touching commission) just to receive money from overseas in South Africa. But things are fast changing.
Right now, it is easy and simple to receive money in South Africa from someone in another country, and we will be exploring this in the article I listed the best ways of receiving money from overseas in South Africa. As you will get to see, transferring money beyond borders can be done now in just a few minutes, and you don’t have to pay an arm in commission fees. You don’t have to limit yourself to banks again – the costs involved are also high. Therefore, we will see some other easy methods of receiving money from overseas in South Africa.
Best Ways Of Receiving Money From Overseas In South Africa
On the top of the list is Xoom, as the company is a reliable and reputed one when it comes to receiving money beyond borders. Xoom is actually a subsidiary of PayPal, and we can recommend this for those who want to receive money from overseas in South Africa. It should however be noted that the maximum amount you can transfer is $2,999, while the minimum is $10. But then, it is quite easy and quick. It is here due to its reputation, as there are actually tons of people making use of Xoom out there.
Take advantage of Remitly too to receive money from overseas in South Africa. It is also owned by PayPal, and a lot of people love using its services because of its reasonable exchange rates. Unlike Xoom where the minimum amount you can send is $10, you can receive as little as $1 with Remitly. You can receive up to $2,999 too, and you will get your money in three business days or even less – although transfers are completed in minutes. This is also very nice.
There are actually tons of people using PayPal. Paypal is a kind of boss in this game, and they have a big reputation. While the service is not currently available in some places, it is fully working in South Africa, and their fees in the country tend to be favourable for many. With PayPal, you can receive up to $10,000, unlike the services up there. With a PayPal account, you will get your money within seconds. When using PayPal, you don’t have to be concerned about safety, as the company is doing pretty well in this regard.
As far as sending money from overseas is concerned, MoneyGram is a veteran in the game. The service is available in South Africa, and it is pretty recommendable. Although you won’t get your money as quickly as when you use services like PayPal, MoneyGram is a secure means of receiving money in the country. The company is dedicated to helping bring people closer to their money.
5. Western Union
Western Union is also a veteran here and one of the easiest means to send money to South Africa from overseas. Before the coming of many recent services we see today, Western Union has been around. Indeed, a lot of people are comfortable using Western Union because it is reliable and convenient. If you want to receive money from overseas in South Africa, you can make use of Western Union. It should be added that one of their major strength is how they have been able to build a superb working relationship with other financial service companies in the country.
It is easy to receive money from abroad through Western Union. You simply have to request your sender to make known the tracking number (MTCN) to you. Go to supported banks with your ID/passport, and request for a Western Union Receive Money form. After doing the necessary things, you will be handed your money.
You might think this is a new one, but it’s not. It used to be known as TransferWise,. It is a brilliant service that allows folks overseas to send money to other places. It is pretty quick and secured. It should be noted that Wise usually depends on Reuters for exchange rates. This is a good one. If someone from abroad is sending you money, you can easily receive it in your bank account – although it comes with an extra fee.
Xe has an edge due to its competitive rates (one of the main things one must consider before settling for a service). There are several other benefits Xe gives to users. You can receive money from overseas (up to 130 countries around the world) with ease. You should however note that you can only get the money in your bank account, as they don’t allow cash pick. Ensure you (who is the recipient of the money) and the person sending the money to you are well familiar with the way things work on Xe.
OFX has been around for many years now – established in 1998. This is another superb international money transfer service firm we can recommend. Headquartered in Australia, you can receive a lot of money from overseas in South Africa. Kindly note that with OFX, the minimum amount anyone can send to you from abroad is $1000. One of the benefits this company has is that there are no charges when making money transfer.
You can also make use of this service to receive money from abroad right here in South Africa. This is a financial technology company that was brilliantly built to make sending and receiving money beyond borders quite easy. Their headquarters is in London, but it is available in many places in the world. Note that either the sender or recipient must have a Revolut account for the transaction to go through. It is necessary to add that a sender can send you any amount they want. It should also be added that with Revolut, the process is not only fast, but it’s also user-friendly.
Next is Venmo, also operated by PayPal. This is also one superb mobile payment option that can be utilized to receive money from overseas in South Africa. Since it is operated by PayPal, you can confidently make use of the service. It is actually related to PayPal in several ways as far as its features are concerned. Venmo is safe to use, convenient, and fast too. If you are not yet sure which method to opt for in receiving money from abroad while in South Africa, you can actually consider Venmo.
This is regarded as one of the best platforms around that is utilized by many people to send money beyond borders. You can opt for this service too, as it has a good reputation.
12. RIA Money Transfer
This is actually one of the biggest money transfer services in the world, available in over 300,000 locations around 144 countries worldwide. Their charges are pretty clear and there are no hidden charges.
Eversend is another superb one out there. It is a multi-currency e-wallet that helps people to exchange, save and send money swiftly at the best possible rates. The company made it known that when you opt for their service, you will save up to 70% in fees and foreign exchange.
14. Sendcash Africa
With this service, you can send money to folks around the world using crypto, and it will get to the other person in minutes. It is fast and affordable too. Also, you don’t have to sign-up before you can start using it. You can give it a try.
This is a splendid one. You can utilize cryptocurrency to send as much money as you like to someone else in South Africa. Receiving money from overseas in South Africa can be faster and cheaper making use of cryptocurrency. You should be aware already that there are several platforms with several limitations. For some, you can’t send beyond a specific amount of money. For some others, you can’t send below an amount. But you can actually take advantage of cryptocurrency to send any amount of money you desire to anyone in a faraway place, and they will get it in minutes.
Cryptocurrency is getting more accepted, and many people are already taking advantage of its features. You get to save money and time. You can utilize crypto-like Tron or Litecoin.
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Finally, it is now very easy to receive money in South Africa from abroad with these outstanding services. You can utilize their features to get as much as you want. You should however ensure that you recognize the set regulations of the preferred company you intend to use. Different companies have different regulations which their users have to satisfy before they can witness a successful transfer. You can learn more about them from their individual websites and get more important details