How to Convert your Canadian Dollars to South African Rand?

Convert your Canadian Dollars to South African Rand

Ready to convert Canadian Dollars to South African Rand? Discover how to make the currency switch at the best CAD to ZAR exchange rate.

The South African Rand is one of the most actively traded emerging market currencies. For Canadians, the Rand is popular for several reasons.

In 2021 alone, Canada received imports worth $1.7 billion¹ from South Africa, meaning many B2B international payments and currency exchanges were made.

For some, South Africa is also the ideal place for a destination wedding or various overseas investments.

With every occasion to send money to South Africa from Canada, there's a need to convert CAD to ZAR. On such occasions, a little diligence about which provider to use goes a long way toward making the most of your funds.

CAD to ZAR: What's the Real Exchange Rate?

When people ask about the cheapest way to transfer money internationally, they're looking for the mid-market rate.

This middle rate is the "true" exchange rate between 2 currencies, in this case, the Canadian Dollar and the South African Rand.

That means you get the real value of your currency when you convert the Canadian Dollars to the Rand at the mid-market rate.

Banks and other transfer services add hidden markups to the mid-market rate. So when you use these services, you get a cooked-up exchange rate instead of the actual rate.

Therefore, it's best to avoid banks and non-specialist providers if you want the real rate that saves you money on your CAD to ZAR currency conversion.

Canadian Dollars to South African Rand Converter

MTFX values foreign exchange rate transparency for its clients, which is why we have a free and easy-to-use rate calculator.

Use this Canadian Dollars-to-Rand converter to check the exchange rate before you initiate your transfer.

This will also help verify our claims that we offer competitive exchange rates that beat the banks by 3-5%.

What's the Right Time to Convert Canadian Dollars to South African Rand?

The Canadian Dollar and the South African Rand are both subject to fluctuations. For example, the South African economy relies on gold exports, so Rand's value often correlates with gold prices.

On the other hand, the Canadian Dollar is impacted by the price of oil². If the South African Rand weakens, it's always a good time to exchange Canadian Dollars.

However, if the opposite occurs, your money is worth less in foreign currency. Your best bet is to use a foreign exchange specialist that gives you access to currency tools and expert guidance to minimize conversion losses.

The right tools, such as a forward contract or a market order, will ensure you can lock in, track, or target a favorable exchange rate when the time is right for your transfer.

Finding the Best CAD to ZAR Exchange Rate

Besides helping you navigate exchange rate fluctuations, an international payments specialist offers the best CAD to ZAR exchange rate available for you at any time.

At MTFX, banks are our main competition, and we have differentiated ourselves from them with attractive FX costs.

We have made this possible by trading in large quantities and making it work on smaller margins so that we can share profits with customers.

As specialists, we have more liberty to offer competitive exchange rates and lower transfer fees whenever you need to convert Canadian Dollars to South African Rand.

CAD to ZAR

Converting and Transferring CAD to ZAR Online

Currency transactions are now simple and convenient thanks to technology and MTFX's secure online platform. As an MTFX customer, you can access our full-service foreign exchange platform from anywhere, 24/7.

Opening an account takes less than five minutes, and best of all, it's free. From there, you can send money abroad online quickly and easily in three steps:

  1. Add funds to your account via bank transfer and bill payment.
  2. Choose currencies, the amount, and input recipient details.
  3. Convert and transfer your money, then let us do the rest.

Convert Canadian Dollars to Rand Today

Your journey to find the best international money transfer services ends with MTFX.

  • Attractive FX Costs. We offer competitive exchange rates and low transfer fees to make your money go further with every international transfer.
  • Expert Guidance and Specialist Tools. Enjoy effortless overseas payments, whether you want to set up regular transfers or change Canadian Dollars to Rand in large sums.
  • Safe and Secure Transfers. MTFX is regulated by FINTRAC and has a reputation (built over 25 years) as a reliable foreign exchange specialist.

Open an account today to convert CAD to ZAR and book a great rate with MTFX's specialist international money transfer service.

Popular Related Articles;

Sources

  1. Canada-South Africa relations
  2. How & Why Oil Impacts The Canadian Dollar

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