South Africa is home to over 212,000 brits and the UK is one of the favourite destination of emigrating South Africans. With an international trade value of nearly £11 billion yearly, people in the UK often need to send money to South Africa.

Sending money to South Africa from the UK used to be a big hassle. However, emerging fintech solutions are making this easier and quicker. Unfortunately, while convenience is a given, many people still struggle to find options that offer both low fees and competitive exchange rates.

If you are a traveller, expat, business owner, or digital nomad looking for the cheapest way to send money to South Africa from the UK, we’ve got you. This article explores the best ways to send money to South Africa from the UK at low fees.

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Trusted options to send money to South Africa from the UK

Thanks to a range of reliable digital money transfer services, sending money to South Africa from the UK is now easier. The difference between a good and a bad choice could mean a significant chunk of your money lost in transaction fees or unfavourable currency conversions. Here, we explore the best ways to send money to South Africa from the UK, with a focus on minimising costs.

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• WorldRemit

With over 5 million users globally, WorldRemit is popular for its speed and low-cost transfers. They offer various delivery methods, including bank transfers to major South African banks. WorldRemit’s transfer cost to send money from the UK to South Africa consists of two main components: a transfer fee and a margin on the exchange rate. You can find the exact cost, including both these elements, by using WorldRemit’s exchange rate calculator on their website. The specific transfer fee varies depending on the amount and delivery method.

• Remitly

This is another popular digital option with a focus on user-friendly interfaces. They also facilitate bank transfers to a wide range of South African banks. Remitly’s transfer fee to South Africa from the UK is typically a flat fee of £0.99 for bank deposits and £4.99 for cash pickup. There are also exchange rate differences to consider. Remitly may offer promotional rates and waive fees for new customers or for transfers above a certain amount.

• TorFX

TorFX does not charge any transfer fees for international money transfers, including to South Africa. However, it’s crucial to consider the exchange rate used by TorFX, which may include a markup or margin that could affect the overall cost. Additionally, receiving or correspondent banks might also charge their own fees, which are not covered by TorFX. The platform is particularly suited to large transfers. It offers personal account managers and tailored customer support. While it might not always be the fastest option, its cost-effectiveness makes it a reasonable choice.

• Xe

Xe allows users to send money to South Africa from the UK within minutes. The platform charges modest fees (usually under £3) and offers competitive exchange rates. It’s ideal for smaller, time-sensitive transactions.

• Paysend

Paysend is a simple platform that allows transfers to South African bank accounts. The transcription fees are low: often just £1 for card payments or even free for bank transfers.

• Wise

Wise is often a good choice for international transfers because of its competitive exchange rates and transparency.

• Bank transfers

Direct bank transfers are still a viable international payment option when sending money from the UK to South Africa. However, they may have higher fees and slower processing times compared to digital platforms. Many UK banks charge anywhere from £10 to £30 per transaction, and their exchange rates typically include hidden markups that eat into the value of your money. Additionally, transfers may take up to five working days to arrive in a South African account, which isn’t ideal if time is of the essence.

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The best way to send money to South Africa from the UK at low fees

Grey remains your surest bet when considering reliable and affordable international payment platforms and the best way to send money to South Africa from the UK at a low fee. The fintech solution allows users to receive money from the UK, US, and EU in South Africa and convert funds to South African Rand (ZAR) at competitive rates.

Grey offers transparent fees with favourable exchange rates compared to traditional banks and most other platforms. It is an excellent choice for freelancers, remote workers, or business owners in South Africa who need to receive payments from clients in the UK.

Get started with Grey today and download the mobile app to experience the best way to send money to South Africa from the UK at low fees.

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