As the global economy becomes increasingly interconnected, businesses in South Africa are increasingly dealing with international clients and partners. One crucial aspect of doing business on an international scale is receiving payments from overseas. However, the process of receiving international payments in South Africa can be complicated and time-consuming, with various regulations and fees to navigate.
Navigating the various online and offline payment options can be a challenge, particularly for businesses with international clients in South Africa. With factors such as tax implications and client preferences to consider, it can be difficult to determine which payment method is the best fit.
Receiving foreign currency in South Africa
Let this be your guide to receiving international payments in South Africa, including key factors to consider when choosing a payment option that works for both you and your clients.
Which bank is best for receiving international payments?
Banks offer different money transfer services at differing costs which can make the process of choosing one overwhelming. Most often, people are searching for the cheapest or fastest way of making an international payment.
In terms of cost, the best way you can check the exchange rate being offered by the bank is against the Google rate. If it is different, then you know you are getting hit with large fees.
You can get a direct FX quote using our instant quote tool here.
We at FiveWest will beat any rate offered by your banks. Simply contact us for a quote and we'll display our quote with reference to the other banks to give you the transparency that we are giving you the best rate.
1. FNB
If you are receiving international payments via FNB, you can send USD, GBP or EUR. They also offer a wide range of other currencies including AUD, BWP, CHF, CNY, HKD, INR, JPY, NGN, NZD and TZS. FNB publishes their foreign exchange rates on their rates website.
2. Nedbank
Nedbank publishes its FX rates every 15 minutes. They offer major currencies (GBP, USD, EUR) as well as 20 other currency pairs. Their rates dashboard can be found here.
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3. Standard Bank
Standard Bank has one of the largest foreign currency offerings of all the banks. They offer 48 currencies and offer quotes on both foreign notes and cheques. View their foreign exchange dashboard to see their rates.
4. Bidvest
Bidvest also offers an array of FX choices including USD, EUR, GBP. They offer 14 other currencies, including ARS and BRL, which most other providers do not offer. Their rates are available publicly online on their Forex portal.
How do I receive international payments in South Africa?
The most common way is through an international bank transfer. This is usually through a SWIFT payment and the transfer will land in your South African bank account within a few days.
Can I receive money from overseas into my bank account?
Yes. It is perfectly possible to receive money into your bank account from overseas either using the bank transfer services we have outlined above or by using the Fivewest international payments option.
What is the fastest way to receive international payments in South Africa?
Read our post here comparing the fastest ways to receive international payments including IBAN, wire transfers, credit cards, and others.
If you're looking for dollar payments, check out our international payments from the USA to South Africa.
