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CurrencyFair vs South African Banks

August 28, 2017

CurrencyFair Versus South African Banks

Saving you money on international transfers: it’s what we do. Last month we shone a light on UK banks and highlighted just how much money our customers are saving by choosing CurrencyFair.

This month we turn our attention to South Africa: the home of the Rand, biltong and, as we discovered, banks who like to take chunky margins on your currency transfers.

Read on to find out how much you can save by using CurrencyFair as an alternative to South African banks.

How much will I receive when I transfer R200,000 to Euros?

We took the four biggest South African banks by customer totals and volume – Standard Bank, ABSA Bank, FNB and Nedbank – and asked each the same question. If I transfer ZAR200,000 to EUR, how much will I receive?

We compared the exchange rates and transfer fees quoted with CurrencyFair.

Buying HousesData collected on August 18th 2017.

Compared to the South African banks, a CurrencyFair customer would receive up to €349 more on a R200,000 transfer. That’s enough additional money to buy four Kaizer Chiefs shirts, 5.25kg of biltong or 46 vuvuzelas.

 

Why hand over so much of your hard-earned money to the banks? Sign up with CurrencyFair and join hundreds of thousands of customers getting a better deal on their money transfers.

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