The rising amount of people looking for instant online money transfers to their home country South Africa continues. With this in mind why do people transfer money to South Africa?

What are the main reasons people use foreign exchange transfer services in South Africa?

1. Sending money to family has always been a common practice. If you've relocated to England for work or studies, you might need to send money directly to relatives in South Africa for expenses such as medical bills. International wire transfers are the simplest method to support your loved ones. For those who have the advantage of spending in sterling pounds, assisting family abroad is significant. Many individuals with overseas family members frequently transfer money, whether for regular support, as a gift, or to cover fees. Currency specialists like Wise offer secure online accounts that enable you to make international payments anytime and anywhere, even through a mobile app, which is especially helpful in emergencies when additional funds are needed.

2. Selling land or a property in South Africa. You send money to complete a sale. This could the best option if you can not manage an asset from a far. Selling property inherited by the family means initially sending money to a broker agent and lawyer. As an absent landlord to protect your wealth it is better to cash in and sell than hold onto a property you can not manage as not being able to keep a constant eye on your asset is danger. You maybe thwarted by many individuals in obtaining the right legal address if your land has been forcefully taken from you. Appointed beneficiary should act with considered haste. There are risks in acting slowing and of course to fast. Do the research as quickly as possible and get the best rate for your money.

3. Building or buying a property in South Africa. Building a house or buying a holiday home is popular for obvious reasons. If you and your family enjoyed going back home when you got the chance, having a home away from home is a way to turn a potentially good trip into a winner every time as you do not have to rely on others. If you have a house or an apartment of your own in your favourite city spot, you can decorate it to your standards and turn it into a real home away from home. Buying or selling a property in South Africa is not easy.

4. Mortgage payments for a home in South Africa. If you’re lucky enough to have bought a home back home in South Africa, keeping up with mortgage payments shouldn’t come with extra money being skimmed off the top, which is why it’s so important to find the right way to send your money to South Africa. Thousands of people buy and sell properties abroad every year, however lots of care must be consider in West Africa if you are either going to use it as a holiday home or to let out then later when you can move or retire in South Africa. This is dream for many descendants of South Africans they particularly love a hot climate and consider it a place with a better quality of life. Cape Town or the coastal areas are of course the popular destinations.

5. Paying overseas tuition fees. South Africans value an education as the most important way to advance in life. If a young relative is heading to one of the top universities in the UK or America, it can be tough for them to afford the fees themselves even if they’ve been working since they were young. Finding a cheap way to send money to them can take the weight off their shoulders if they’re concerned about how they can afford the steep fees at their chosen university.

6. Paying for local South African accommodation and adventure. If you’re planning an African city break in Cape Town South Africa or a week of chilling and partying in the national parks, you’ll need somewhere to sleep when you finally hit the hay. The most popular destinations for travellers across South Africa continue to be on the holiday coasts and so it makes sense that you’ll need to pay for your holiday apartment in the local currency if you just turn up. However today money can be transfer online in stages if you wish to pay for all your accommodation plus excursions.

7. Paying for South African travel. If you’re embarking on a long holiday such as over Christmas with the family back home, you might find the money you’ve taken with you runs out sooner than you expected. However, with Wise money exchange transfer, local friends and family can help you out without subjecting yourself to ATM fees in South Africa.

8. Holiday celebrations. This is for the festivals such as Christmas and Eid the religious holiday that is celebrated by Muslims across west Africa.

9. Buying presents of gifts from South African websites. Buying items online can be a tricky journey sometimes—whether a present or your favourite new beauty product which is exclusive to South Africa. With leading e-commerce sites, though, you can get around these restrictions. Buying in the UK and delivering in South Africa should be straight forward.

10. Other celebrations like birthdays. They come round once a year so it is best to plan for when it is the best time to exchange your pounds sterling cash to South African Rand. Food and gift need to be bought in the local markets to transfer to South African family or friends for the best exchange.

11. Paying for a big fat South African wedding. Back home weddings are back on the agenda and booking a wedding in South Africa could be the perfect way to say “I do” and all of Cape Town is invited to see who is getting hitched. Whether it’s your own or you’re contributing to the cost for the happy couple, you’re helping to pay for things like musicians, caterers and venues it best to get value for money. Planning a wedding in South Africa for bride and groom can be best served by using a detailed spreadsheet and adding in all costs. If you’re planning on getting married South Africa, a wedding there may be cheaper than a UK ceremony. However, you will still have currency costs for paying for your big South African wedding; if the ceremony wedding is several months away, you may be able to arrange a ‘market order’ whereby you tell your money transfer service the rate you want, and if this rate is reached, the deal will be booked on your behalf. This helps you make the most of your South African wedding budget; in addition, saving money on transaction fees can help you pay for the added extras and personal touches for your big day.

Exchange rate as of Thursday 29 August 2024, 21:26 GMT

So these are some of the most popular reasons why people send money abroad to South Africa. Whatever the reason for your international payments, you can save money with a currency specialist such as Wise.

Whenever you make a payment overseas, your provider will ask you to provide the reason for sending money in order to comply with money transfer laws that are there to prevent money laundering. As a result of our partnership with currency specialists West Africa Money to provide our readers with international transfer services, we have an insight into the many reasons why people send money overseas.

Best ways to make international money transfers

Specialist foreign currency transfer companies often provide a convenient, great value way to move money overseas. That’s one of the reasons West Africa Money has teamed up with currency specialist to bring you West Africa Money Transfers with Wise. With great rates, you’ll also have access to specialist currency tools to help you make the most of your money. You can manage your account over the phone or online via a secure online platform or mobile app. Whatever the reason you’re sending money overseas, you can enjoy better exchange rates, no transfer fees and a secure online platform with West Africa Money Transfer service with Wise.

Send money English pounds to South Africa for the South African Rand with confidence by comparing exchange rates.

Note: Wise is the new name for TransferWise

Resources

https://www.ifad.org/en/web/latest/-/story/sending-money-home-nine-reasons-why-remittances-matter

https://www.themoneycloud.com/news/2016/10/top-10-reasons-why-people-transfer-money-overseas

South Africa - Wikipedia https://en.wikipedia.org/wiki/SouthAfrica