Moving abroad - Best way to "export" your money

[FrancoisOK]

My son is moving abroad and I want to give him some money as a farewell gift, but with the exchange rate and commission etc, I'm looking for the most cost efficient way for him to get the money there. When looking at the rates, a sizeable amount suddenly looks like nothing in Euro's...
So without a Gupta stunt, how do one go about it ?

[Socrates]

Have you considered a direct bank transfer? Once he gets to Europe he will automatically get an IBAN Account number when he opens a bank account. Once you have that and his Bank's BIC number, you should be able to make an EFT transfer. Back in 2013 I was required to go to a ABSA branch that was capable of making International transfers. I don't know how things are now. Back then it was by far the most efficient and cost effective way.

Otherwise there are money transfer services like Western Union etc. They do however cater for smaller amounts in the €1000 range.

[Ocali]

Many years ago on a trip to the States i used a Foreign Currency Card from Bidvest. They literally give you a card that i used over . im pretty sure that other banks now offer this service.

Albaraka bank doesnt charge commission on these transactions so might also be worth looking into it.

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[BBCT]

Look at Standard Bank's Shyft product. Can do direct transfers, get foreign currency cards, create "virtual cards" and all sorts of other imaginitive things. I use it because it's simple and I can do everything from my cellphone. Not sure if it has the best rates but it's by far the most user friendly way of getting foreign currency that I know of and the transfer is very quick if you have Standard Bank local and/or offshore accounts. I can say with confidence that the charges are very low and everything is transparent, no hidden fees.

In general terms, be careful of shopping eg for the best rate and ignoring other aspects. Quite often the bank (or other organisation) that gives you the "best rate" makes up for it by charging a higher admin fee. Another bank will say "We don't charge an admin fee" then you see a charge that says "transaction fee" and when you query it they "It's not an admin fee, it's a transaction fee". Make sure you read and understand all the small print. Some take a few days to do the transfer while you sit and wait. I've been caught out in the past but maybe things are better know. I wouldn't know because for several years now I've only used Shyft for currency transactions. I use my credit card for purchases.

[MSW2]

Many years ago on a trip to the States i used a Foreign Currency Card from Bidvest. They literally give you a card that i used over . im pretty sure that other banks now offer this service.

Albaraka bank doesnt charge commission on these transactions so might also be worth looking into it.

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Bidvest is still a good way to go. When it comes to FX they know what they are doing.

[414gates]

You can send up to R1m per year overseas.

[tcbc]

You’re allowed a once off R10m transfer, which needs tax clearance.
And annual R1m travel allowance. All that is needed is a foreign bank account and SWIft code, and the money.


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[FrancoisOK]

I've used Bidvest in the past when travelling, and their cards worked flawlessly, even in places like Indonesia and and Albania, so that is definitly an option.
Standard Bank's Shyft is the other one that looks interesting.
Once you start looking at transferring your Rands to Euro's, you realise how crippling the exchange rates are to South Africans... R150 000.00 is not even 9 000.00 Euro's !

[Finkelstein]

I deposited most of my cash into my creditcard and used that when buying stuff in Ireland.
Opening a bank account overseas can be a schlep. You need proof of adress, tax number etc.
If he is moving to Europe, he can open a N24 bank account when he arrive there. Its a german bank with no bankcost, for fee-free cash withdrawals from atms.
They courier you the card and you setup the pin from your phone app.

[Daaf Malan]

Buy Bitcoin here. Sell it there.