How Long Can I Keep Foreign Currency In South Africa?
It is illegal to keep your Forex for more than 30 days while in S.A. However, the business travellers who go on a business trip within 90 days of returning to S.A. from a previous business trip may retain such foreign currency to use during the next business trip. But again, if a person travels abroad and has a foreign account, he may not deposit any unused portion into his foreign bank account and use it for investment purposes.
South Africa Money Information for Travelers
South Africa is a popular country among international travelers who are attracted by its diversity, natural beauty, and welcoming people.
In order to have a positive experience and a hassle-free time in South Africa, foreign nationals should understand the country’s money. This way, they will ensure to always have access to their funds, budget for the trip appropriately, and avoid breaking the South African law.
Which Banks Exchange Foreign Currency For Free?
Major banks will exchange your Forex if you have a checking or savings account with them. In some instances, a bank will exchange the currency if you have a credit card with them. Few of these institutions charge a fee for this service. However, some institutions do it for free. See them below: Bank of America Citigroup U.S. Bank T.D. Bank PNC.
How To Change Dollars To Rands In South Africa?
Visitors will not have any issues finding a place to change their money in South Africa. There are plenty of money exchangers and local banks that offer the service. It is also possible to withdraw ZAR directly from an ATM.
Banks located outside of Africa may not have ZAR ready and may charge a delivery fee to obtain it on top of the regular bank fees. That is why usually, exchanging money at a bank before leaving is not the cheapest option.
However, some African banks may actually offer better deals than the ones in South Africa. Also, keep in mind that rates fluctuate greatly. Foreigners should shop around as their travel dates approach.
Money exchangers offer very different rates and it is important to compare prices before choosing one.One should not forget to let the home bank know before traveling abroad in order to avoid the cards being blocked while on holiday.
How Does A Bureau De Change South Africa Work?
A bureau de change is a business that, in competition with other similar businesses, makes its profit by buying foreign currency and then selling the same currency at a higher exchange rate. It may also charge a commission or fee on the purchase or sale. The bureau sells at a lower rate from that at which it buys.
What Is the Best Currency to Use in South Africa?
The local currency is the South African Rand (R or ZAR.)
Credit and debit cards are accepted in many establishments across the country. However, many shops, restaurants, and most markets still take payments in cash only, and in that case, ZAR is the only option.
Those who visit Africa for the first time will be surprised to learn that many national parks in the continent only accept entry fees paid in US dollars and that is true for South Africa too. The same goes for some popular activities like organized tours and safaris. For this reason, international travelers should keep both rands and American dollars at hand.
How Much Cash Can You Take To South Africa?
There are limits on the amount of currency you can bring into South Africa. For cash in South African Rand (ZAR), the limit is 25,000ZAR. For other currencies, the limit is US$10,000 (or equivalent).
What Determines The Value Of The Rand?
The exchange rate of the Rand is determined by market forces. The buying and selling rates for dollars are based on the supply and demand for dollars in the market at any given time.
