In possession of US dollars that need to be exchanged

[masterplex]

Now , my uncle gave me some US dollars as a gift (i dont know what type of gift it is). How do i now go and exchange it? i do have a passport but i havent been overseas. What are the limitations? What should i do?
Its just $200.00 ($100.00 notes).

 

[ABU]

Just go to a bank/money exchange with your ID and proof of residence and tell them you wish to change dollars received as a gift.

 

[masterplex]

will standard bank be great? wont they need extra explanations? what is the procedure please explain i need to travel into town and i dont need any setbacc's ... Thanx ABU!!

 

[ABU]

Standard should be fine.
They might need the name/address etc of the person who gave it to you.
Money exchange might be a bit easier than a bank.

Or just sell it to someone travelling overseas

 

[masterplex]

okay but i dont have time to be selling em going to Standard will be fine....., will the bank charge me a fee? are there forms i will need to fill in?

 

[ABU]

Yes, there are forms to fill in.
The bank's exchange rate would be much lower than market rate, plus they will take commission.
So with the market rate of R10.70 to the dollar, you would be lucky to end up with R10.20

 

[masterplex]

So this also goes for other types of currencies like British Pounds etc ...?

may i ask for the sake of knowing, i have seen coins at his place , may they also be taken? because i read on a 2008 post that they dont take coins or something...

 

[masterplex]

You have been of good help ABU (props to you).

 

[Arthur]

Remember there are two exchange rates - Buy Rate and Sell Rate. You will use the Buy Rate as you are buying ZAR. Friday's close Buy Rate for notes was 10.4985.

 

[ABU]

No idea about coins though.
Best thing to do would be to call them before leaving to confirm exactly what you require

 

[masterplex]

i hear now that i wont be able to because i havent travelled overseas? will this be a problem? i do have a passport however

 

[ABU]

i hear now that i wont be able to because i havent travelled overseas? will this be a problem? i do have a passport however

You wouldn't have a problem, as you aren't returning forex that you took out.
Instead you received forex as a gift, which you are changing to rands. It is no hassle and is perfectly legal.

 

[Spizz]

Take it to a bank, they'll change it for you, tell them it was a gift, no problem No institution will change coins though.

 

[masterplex]

Many Thanx ppl will respond monday about the result...

 

[anthony900220]

Fnb is a good bank
Ive changed dolllars before
As they say take your id and you will to say who you got it from why you received and give their address

 

[bavmorda]

If you are interested I will buy them from you. I'm Bulgarian living in SA. I travel a lot and need currency all the time. We can come to an agreement with a rate better then what bank will give you and no admin charges. If interested let me know.

 

[masterplex]

yes i went to FNB and they assisted without any hesitation
I will say ABSA isnt a good option ....

 

[CharlieM]

Generally speaking, out of all the banks, FNB seems to provide the best rates for changing forex. What rate did you get and how much commission did the bank change?

 

[archibald]

Keep it ,you will need it one day.One of these days the rate will be 15 to 1.
The bank will charge you about R100 by way of commission.

 

[House]

No forms, no fuzz, no questions asked - R7 to the dollar - we buy...