Transferring money internationally

[Borrels]

I know treasury have foreign exchange limits in place, but not sure what the practical implications are as I've never transferred money from SA.

Can I just pitch up at my branch and ask them to transfer money from my account to an international account? Are there any restrictions in terms of the type of account you can transfer to? What documentation do I need take with me? And how long does it take for the money to go through?

Advice from someone that does this often please.

 

[Josandre53]

I use MoneyGram and it take about 10 minutes for the person at the other side to collect the money. All you need to take with you is the money, You electricity bill to proof your recidnece address and your ID book. You gat a code number that you supply to the person on the other side and they have to take their ID and this number to any MoneyGram branch and collect the money. Look at MoneyGram site on the net.

 

[Dusk]

I use Western Union , most ABSA banks will have a Western Union.

 

[Borrels]

I use MoneyGram and it take about 10 minutes for the person at the other side to collect the money. All you need to take with you is the money, You electricity bill to proof your recidnece address and your ID book. You gat a code number that you supply to the person on the other side and they have to take their ID and this number to any MoneyGram branch and collect the money. Look at MoneyGram site on the net.

Thanks, but it is for an institution, so the money needs to go into a bank account

 

[curiouswanderer]

there are ways. I think the limit is R500k for travel and gift allowance per year. Go to a bank with a bureue de exchange desk.

You basically need to have the beneficiary's bank account details including the swift code. You'll also need their residential address, bank address etc. (will find on the form they give you). tell them it's a gift for the person. I dont think there's another simpler way I can think of.

 

[ABU]

Can I just pitch up at my branch and ask them to transfer money from my account to an international account?

Yes, as long as the branch has a foreign exchange counter.

Are there any restrictions in terms of the type of account you can transfer to?

Gifts cannot be sent to business accounts ie. the account holder has to be an individual, not a business.

What documentation do I need take with me?

Green barcoded ID, many banks -like Standard- don't accept your drivers license for this.

And how long does it take for the money to go through?

Depends on destination. It if is a country that your bank deals with directly like the USA, UK etc, then a week max. If not, then it has to go via a US Bank and ends up taking about 2 weeks.

Advice from someone that does this often please.

I transfer a few times a year, but have only used Standard Bank. If you use another bank, contact your branch before going there.