Need to send money cheaply to South Africa? Finding the best Canadian-dollar-to-rand exchange rate and low transfer fees should be your first port of call.
Call it Mzansi, Azania, or the Rainbow Nation — there’s no denying South Africa is one of the most popular African nations to visit or do business with. Its rich diversity and flourishing economy explain why it receives a constant influx of foreign funds, some of them from Canadian individuals and companies
If you need to send money from Canada to South Africa, technology has made the process convenient, whether you use your bank or a specialist money transfer service. However, if you’re looking for more than convenience and want to avoid international bank transfer fees and above-market exchange rates, a specialist money transfer service is the smartest option.
What is a good ZAR/CAD exchange rate?
Checking the ZAR/CAD exchange rate is the best thing you can do for your pocket when sending money to South Africa. South Africa’s official currency is the rand, so you have to factor in how the exchange rate will affect your currency conversion. Generally, a reasonable exchange rate is one that allows you to get more rands from your Canadian dollars.
Take, for instance, the MTFX rate. It’s typically 3-5% lower than banks, meaning that if you convert $20,000 Canadian dollars, you can save up to $1,000, which you can pocket or use to buy more South African rands. This translates to significant savings for businesses that regularly make big-dollar transfers to South Africa.
The savings can quickly add up if you transfer large sums of money at a good exchange rate when purchasing goods and services for your business or paying for your foreign investments.
The CAD/ZAR is a relatively popular currency pair, and it pays to focus on its current trend before sending money to South Africa. Use the MTFX live rate currency rate calculator now to discover how much your recipient gets.
What is the current South African Rand ZAR to CAD rate?
How to send money to South Africa from Canada
When making a money transfer to South Africa, it’s essential to use a service that simplifies the process for you. With MTFX, you can streamline your international payments processes by doing the following:
Register your account
Registering your personal or business account only takes a few minutes. Once you open an account, you can use it to manage all your online transfers with a few clicks or presses of a button.
Access the online platform
The 24/7 online platform is highly secure and quickly accessible from anywhere using a suitable device. You also have access to a wide range of foreign exchange tools, including currency charts and rate alerts.
Set up regular payments
MTFX automation technologies enable you to set regular payments to South Africa. If you have scheduled business payments to South Africa, you can even use a forward exchange contract to lock in today’s most favorable rate.
Get free expert guidance
If you require assistance at any stage when sending money to South Africa, you can enjoy a more personalized experience by speaking to a foreign exchange specialist.
What information do I need to transfer money to South Africa from Canada?
You’ll need to have the following information handy when sending money to South Africa from Canada:
Beneficiary account number
Bank Swift code
Reason for your transfer
How long does it take to send money to South Africa from Canada?
If your South African recipient needs money quickly, you need a fast and convenient service that moves your money at higher speeds than banks. MTFX is ideal because you can set up your online account and initiate a transfer within minutes. Once you send the money, expect it to reach its destination within 24-48 hours.
Can I safely send money abroad online?
It’s possible to send money abroad online, and it’s also possible to do it safely. The MTFX online platform is secure, and you can access it anywhere to make payments round the clock.
Send money to South Africa today
MTFX has helped many individuals and companies navigate the foreign exchange market conveniently and cost-effectively. An MTFX personal or business account provides secure access to an online platform that meets all your international money transfer needs. Competitive exchange rates and low transfer fees mean you can confidently complete your transfer while getting to keep more of your money.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.