Receiving Money from Overseas

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PokerKing

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Hey guys

If someone has money for me in the US, how can I bring it into SA?
Is an EFT from an American bank account to a South African bank account possible? Legal? How could I get the money into SA?

Please let me know my options..

Thanks in advance
 
They'll hit you with bank charges here and in the US. I usually have them send me a cheque and just deposit it locally.
 
PokerKing said:
isn't there a chance of the cheque getting stolen?
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More likely lost but yes there is that chance. When it happened to me I just had them send me another. The schlep of depositing a foreign cheque is enough to put off any thief.
 
If anything I'd use Moneygram or Western Union...or as Bwana says a cheque, or postal orders, but not sure whether the post office in SA can change them over, theywon't take commission however you get a sh1tty rate AFAIR.

Either way I'd check all options first to see how much you lose on commission/bank charges and go for the best option.

Alternatively can you not get them to open a bank account for you that side?
 
From my UK account I use http://www.easyexchange.co.uk/ and get the exchange rate advertised on the web site at the time of initiating the transaction - this costs £5 ~ 8 and it appears in my FNB account as an internet transaction which is free of charges.

From my US BOA account I pay $20 for an international wire transfer - you have the option of converting it in the US before sending which is best, but FNB still charge a small % for incoming wire transfers.
 
I have a bank account over there in the US but I want to bring some of the money here into SA so I can use it..
Does anyone know if Standard Bank receives International Wire Transfers?
 
Standard Bank receives international transfers yet. Depending on the country and their laws, they allow international transfers (EFT) through their internet banking system. For some ****ed up reason South Africa doesn't.

The amount of money you send here can raise suspicion, and your friend needs to state what the money is for. it's easiest just to say "alamony" and by keeping the amount +- R20k won't attract too much attention.

Usually takes 3-4 days for the transfer to come through
 
PokerKing said:
I have a bank account over there in the US but I want to bring some of the money here into SA so I can use it..
Does anyone know if Standard Bank receives International Wire Transfers?
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Why not have them issue an ATM card and just use that?
 
PokerKing said:
issue an American ATM card here? will it be usable here?
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The overseas bank will need to issue it in their country but it will be usable here. Keep an eye on the balance via the www though. It's easy to go overdrawn - you also wont be able to get a realtime balance at the ATM.
 
ok so you have a US bank account simply get a Payoneer debit card and use the US bank account to fund it then withdraw at local atm only $4 any Max R2500 per day and the card works online
 
bwana said:
The overseas bank will need to issue it in their country but it will be usable here. Keep an eye on the balance via the www though. It's easy to go overdrawn - you also wont be able to get a realtime balance at the ATM.
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So if they issue me a card in the US and someone posts it to me, I will be able to withdraw from the card here in SA? Bank Charges? This sounds great if it will work..
 
PokerKing said:
So if they issue me a card in the US and someone posts it to me, I will be able to withdraw from the card here in SA? Bank Charges? This sounds great if it will work..
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My dad comes out from the states for three months every year and gets all his cash that way. He worked out that for him it was cheaper than getting dollars (cash or cheque) exchanged here.
 
bwana said:
My dad comes out from the states for three months every year and gets all his cash that way. He worked out that for him it was cheaper than getting dollars (cash or cheque) exchanged here.
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I will definitely look into this.. Sounds good to me. I might just have to contact the bank to see if their card will allow me to withdraw here:)
 
seesh. In April I got hit with roughly R150 a pop for a wire transfer from USA to my standard bank account. was for roughly 300 euro in travel claims which the bastards split up into 3 transfers. if there's any way of not going for a wire transfer - do it.
 
Of course you can transfer money from abroad to SA with bank TT/wire. Your local bank will ask you to complete an Incoming BoP form (required by Reserve Bank) stating source of funds and reason for transfer. Done it dozens of times.
 
PokerKing said:
I will definitely look into this.. Sounds good to me. I might just have to contact the bank to see if their card will allow me to withdraw here:)
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I use my foreign debit card at SA ATM's and credit card for most purchases, and the exchange rate is far better than money changers and no commission.
I use the easyexchange.co.uk to send money to my FNB account every few months to cover debit orders for property levies and municipal rates etc. - the money is available immediately and the bank doesn't even realise it's funds from abroad.
 
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