Are you looking for a faster, easier way to transfer money to the UK from South Africa?
With FX Paymaster online, you can now transfer money to over 100 destinations online.
In fact, transferring money to the UK has never been easier, cheaper or faster.
How to transfer money to the UK from South Africa?
Sending money to a UK bank account from South Africa is quick and easy. To avoid high transfer fees, its best to transfer funds online.
All you need to do is follow these steps:
- Register online and we’ll open a free account for you in your name…
- Login, select the currency and amount you want to send and secure a great rate…
- Next, you’ll need to fund your account in order to pay for your currency…
- Finally, complete the online payment instructions for the account you want to pay…
- That’s it! Sit back, relax, and wait for your currency to arrive.
Great exchange rates | Low transfer fees
Sending money to the UK through a bank can be expensive depending on who you use. With some banks charging as much as R 1,500 in transfer fees it’s no surprise people are fed up. The last thing you need when moving abroad is the added expense and hassle of dealing with the bank. Fortunately, we’ve solved that problem for you.
We understand how important it is to get the very best exchange rate when transferring money overseas. Through our partner banks, we offer some of the most competitive exchange rates and lowest transfer fees in South Africa. Every cent you save, is money you could put towards starting your new life abroad.
How long does it take to send money from South Africa to UK?
Most international payments take between 24 – 48hrs to reflect in a foreign account. With our same day international payment service, we can get your money to the UK in less than 24hrs, and we can do the same for Euro and US Dollar payments.
Providing we submit your payment instructions to the bank by 12:00 pm South African time, your payment should arrive on the same day.
Transfer money to the UK online
Sending money to the UK is quick and easy when you use our online payment platform. You can open a free payment account online in under 10 minutes. To activate your account, we’ll ask you to complete your online profile and provide FICA information.
Once you’re up and running, you’ll be able to buy and transfer GBP to any account in the UK in a matter of minutes.
You’ll need an IBAN number to transfer money to the UK
To send money to a UK bank account, you’ll need the full IBAN (International Bank Account Number) and BIC / SWIFT code for the account you want to send money to.
Each bank has their own BIC / SWIFT code. This is used to identify the branch where your account is held. You will also need your IBAN number. An IBAN contains between 16 and 34 numbers and letters. It includes the country code, bank identification number, two check digits, bank account number and other routing information. For UK Bank accounts, the IBAN will always start with the letters GB.
You can normally find your IBAN number on your bank statement or by logging into your internet banking account.
How much can I transfer out of South Africa per year?
When transferring money out of South Africa, it’s important to understand the exchange control limits and regulations. As a South African resident, you can transfer a total of R11 million out of South Africa a year using your allowances. Taxpayers over the age of 18 who are South African residents are eligible for the following allowances:
- R1 million single discretionary allowance (no tax clearance required from SARS)
- R10 million foreign investment allowance (tax clearance required from SARS)
