International money transfer

[RVQ]

I'm trying to figure out what is the cheapest way to transfer money from SA to the UK. It seems I have three options:
Traditional Bank (FNB)
Digital Bank (Revolut or N26)
P2P Exchange (CurrencyFair).

The charges that I can see are
Transfer cost by FNB including to the Digital Banks and P2P Exchanges as they all use international accounts.
The Exchange Rates based on the standard exchange rates
Then there are platform charges

I'm lost in trying to figure out where the savings are when using Digital Banks and P2P Exchanges over Traditional Bank. As I see it I will always have to pay the swift costs from SA, is FNB charging additional platform costs over and above swift or do the other guys give better exchange rates?

Why is everyone using Revolut, N26 and CurrencyFair, where is the savings?

 

[Swa]

It's a few percent at most. Could come to a substantial amount if it's a large sum but otherwise it's usually not worth the effort. The biggest issue is usually exchange controls.

 

[MirageF1]

ABSA charge about 1% in SWIFT fees, and approx 3% in currency conversion charges where they make most of their money. So +- 4% total charges.

Not too bad I guess compared to Moneygram and WU (with their 10-15% ripoff charges)
Money gets there in 2-3 days, been doing it for last 15 years, both ways.

 

[Johnatan56]

@RVQ, what did you end up choosing?

 

[RVQ]

@RVQ, what did you end up choosing?

Currencies Direct. Great rates and excellent service!

Problem with the Global Fintech's like CurrencyFair or Revolut is SARB, they don't allow moving Rands outside South Africa, so you have to trade locally and move the foreign currency

 

[bar1]

Hi, I want to send a once off payment overseas for about 15k what is the best option? PayPal seems to have high fees, is Swift still the best option?

 

[Speedster]

Hi, I want to send a once off payment overseas for about 15k what is the best option? PayPal seems to have high fees, is Swift still the best option?

Shyft is your best option

 

[bar1]

Shyft is your best option

Had a quick look, how will it work?
I buy the forex in the country's currency using my card, transfer it to the person on shyft and he can withdraw with no issues?

 

[Speedster]

Had a quick look, how will it work?
I buy the forex in the country's currency using my card, transfer it to the person on shyft and he can withdraw with no issues?

You need to load up your shyft wallet. I normally EFT the funds across (not sure if they have a card option). You then buy the forex on the app and can send it to a bank account in the foreign currency (via Swift).

 

[bar1]

You need to load up your shyft wallet. I normally EFT the funds across (not sure if they have a card option). You then buy the forex on the app and can send it to a bank account in the foreign currency (via Swift).

Sounds good will give it a try

 

[bar1]

You need to load up your shyft wallet. I normally EFT the funds across (not sure if they have a card option). You then buy the forex on the app and can send it to a bank account in the foreign currency (via Swift).

So what do I need to check with the recipient? swift number?

 

[Speedster]

What do you mean check with the recipient?

You need their bank details to make the payment and then it should reflect in their account within a day or two.

To follow up on a missing/delayed payment you need to contact shyft who can do a trace on the swift.