Transferring to Foreign Account in ZAR (Standard Bank)

[opinionhated]

Hi,

Need to transfer money from a standard bank account to a foreign zar denominated account. Apparently foreign account only accepts ZAR and Standard only transfers in USD.

Anyone have any solutions? The alternative is to transfer into a third account that can transfer in ZAR. But this won't be my account and starts to look dodge - and it's not

 

[Pho3nix]

Other account takes zar but isn’t local? A bit strange.
Other bank would usually convert the amount received to zar wouldn’t it?

 

[Tim_vb]

foreign accounts that take ZAR?

use the shift app, its by far the best way to send money via swift

 

[HavocXphere]

Hi,

Need to transfer money from a standard bank account to a foreign zar denominated account. Apparently foreign account only accepts ZAR and Standard only transfers in USD.

Anyone have any solutions? The alternative is to transfer into a third account that can transfer in ZAR. But this won't be my account and starts to look dodge - and it's not

You've got dodgy info from someone there bru.

You can swift it in any currency you like afaik & it should convert automatically on whichever side needed.

For smaller amounts I use xendpay since swifts are quite expensive below like 25k.

 

[opinionhated]

OK. Think I need to speak to the bank. But they're usually clueless.

Really asking for a family member. Will try and get more info regarding zar only foreign account.

Also don't understand this...

 

[Venomous]

OK. Think I need to speak to the bank. But they're usually clueless.

Really asking for a family member. Will try and get more info regarding zar only foreign account.

Also don't understand this...

I'm wondering if they are being scammed...

 

[clickingbuttons]

SARB does not allow ZAR denominated bank wires to bank accounts outside the republic.

They insist on only allowing a foreign currency dealer ( Shyft, all the banks, western union etc ) to convert it into foreign currency first before being sent out.

Feel free to ask around, make more phone calls and do whatever you need to do but this is the answer.

/EOT

 

[opinionhated]

I'm wondering if they are being scammed...

No, no third parties involved. Just someone who's being doing it one way for years, and just doesn't spend the time to actually find easier ways to transfer.

 

[opinionhated]

SARB does not allow ZAR denominated bank wires to bank accounts outside the republic.

They insist on only allowing a foreign currency dealer ( Shyft, all the banks, western union etc ) to convert it into foreign currency first before being sent out.

Feel free to ask around, make more phone calls and do whatever you need to do but this is the answer.

/EOT

Thanks

 

[LOTR]

SARB does not allow ZAR denominated bank wires to bank accounts outside the republic.

They insist on only allowing a foreign currency dealer ( Shyft, all the banks, western union etc ) to convert it into foreign currency first before being sent out.

Feel free to ask around, make more phone calls and do whatever you need to do but this is the answer.

/EOT

Not True
ZAR is just another currency, and can be sent abroad. We do it 100's of times a day.

 

[whatwhat]

Other account takes zar but isn’t local? A bit strange.
Other bank would usually convert the amount received to zar wouldn’t it?

It's quite common for overseas bank accounts to support ZAR. My HSBC account is in Hong Kong Dollar but it also has Taiwan Dollar, US Dollar and ZAR. When I send money back to SA I convert to ZAR first with HSBC and then do a straight transfer to FNB.

These accounts also allow me to receive the money in that currency without doing a conversion along the way, which usually costs quite a bit.