Many banks and credit unions offer currency exchange services to their consumers. It may cost a little charge, but it will almost certainly be the best exchange rate available.
Which South African bank is the best for foreign exchange?
This article offers an overview of the top 5 South African banks for forex trading.
FNB
Mercantile Bank.
Nedbank.
Absa.
Standard Bank.
What is the FNB foreign exchange fee?
For overseas payments, FNB charges 0.55%, with a minimum of R160 and a maximum of R675. These payments, like offshore transfers through other local banks, require at least two days to reflect.
Avoiding Foreign Transaction Fees
Get a credit card with no annual fees.
Open a bank account with a no-fee international transaction institution.
Before you travel, exchange your currency.
Use foreign ATMs at all costs.
Stay away from Dynamic Currency Conversion.
When is it appropriate to trade currency?
Prior to and Following Travel
What is the purpose of a foreign currency account?
For foreign currency transactions, your average bank account usually translates money to and from US dollars. A foreign currency account, on the other hand, enables you to transfer and receive money in several currencies. You save time with a simplified transaction and money by avoiding the expensive conversion costs.
