Remittance Prices Worldwide

MAKING MARKETS MORE TRANSPARENT

From ZASouth Africa you can also send money to

Sending money from SOUTH AFRICA to NIGERIA

Data collected on: Oct 28, 2020
ZAR | USD
Payment instrument
Access point
Sending network coverage
Transfer speed
<em>Transfer Speed</em> has been standardized in six broad categories.
Receiving method
Exchange rate margin (%)
The exchange rate margin is the cost resulting from the fact that the firm applies a rate that is different from the market reference rate. The margin is the percentage difference between the market reference rate and the exchange rate actually applied to the transaction.
Total cost (%)
The total cost of sending a remittance transfer includes: the fee charged to the sender plus the exchange rate margin.
Total cost (ZAR)Total cost (USD)
The total cost of sending a remittance transfer includes: the fee charged to the sender plus the exchange rate margin.
ABSA
Firm type: Bank
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
370.0054.01
1.46
Percentage difference between market reference rate 23.48 and exchange rate charged 23.14
1.46
28.4728.47
390.0456.94
ChipperCash
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
High
0.000.00
5.51
Percentage difference between market reference rate 23.48 and exchange rate charged 22.19
5.51
5.515.51
75.4911.02
EcoBank Rapid Transfer
Firm type: Money Transfer Operator
Payment instrument
Access point
Bank branch, Internet
Sending network coverage
High
Receiving method
Bank branch
Medium
0.000.00
0.83
Percentage difference between market reference rate 23.48 and exchange rate charged 23.29
0.83
0.830.83
11.371.66
First National Bank of South Africa
Firm type: Money Transfer Operator
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
375.0054.74
2.56
Percentage difference between market reference rate 23.48 and exchange rate charged 22.88
2.56
29.9329.93
410.0459.86
First National Bank of South Africa
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
Medium
Receiving method
Medium
295.0043.07
2.56
Percentage difference between market reference rate 23.48 and exchange rate charged 22.88
2.56
24.0924.09
330.0348.18
Hello-Paisa
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Internet
Sending network coverage
High
Receiving method
Agent
High
100.0014.60
4.22
Percentage difference between market reference rate 23.48 and exchange rate charged 22.49
4.22
11.5211.52
157.8223.04
Mama Money
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Internet
Sending network coverage
High
Receiving method
Medium
66.009.64
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
4.824.82
66.039.64
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
166.0924.25
2.03
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
2.03
14.1614.16
193.9928.32
Nedbank
Firm type: Bank
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
304.0144.38
3.05
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
3.05
25.2425.24
345.7950.48
SFX
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
76.2511.13
2.31
Percentage difference between market reference rate 23.48 and exchange rate charged 22.94
2.31
7.887.88
107.9615.76
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Call Center
Sending network coverage
High
Receiving method
Agent
High
176.6025.78
1.11
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
1.11
14.0014.00
191.8028.00
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
Medium
68.5010.00
2.17
Percentage difference between market reference rate 23.48 and exchange rate charged 22.97
2.17
7.177.17
98.2314.34
Total Average Fourth Quarter 2020
14.4714.47
Total Average Third Quarter 2020
14.9514.95
Total Average
Fee
166.4524.30
Exchange Rate Margin (%)
2.322.32
Total Cost Percent (%)
14.4714.47
Total Cost (ZAR) Total Cost (USD)
198.2228.94
Non-Transparent records
Bank account transfer Debit/credit card Mobile money Cash
Less than one hour Same day 3-5 days
Bank account Cash Mobile wallet
Payment instrument
Access point
Sending network coverage
Receiving method
ABSA
Firm type: Bank
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
370.0054.25
1.46
Percentage difference between market reference rate 23.48 and exchange rate charged 23.14
1.46
12.3112.31
419.7761.55
ChipperCash
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
High
0.000.00
5.51
Percentage difference between market reference rate 23.48 and exchange rate charged 22.19
5.51
5.515.51
187.8927.55
EcoBank Rapid Transfer
Firm type: Money Transfer Operator
Payment instrument
Access point
Bank branch, Internet
Sending network coverage
High
Receiving method
Bank branch
Medium
N/AN/A
N/A
not available
N/A
N/AN/A
N/AN/A
First National Bank of South Africa
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
Medium
Receiving method
Medium
295.0043.26
2.56
Percentage difference between market reference rate 23.48 and exchange rate charged 22.88
2.56
11.2111.21
382.2656.05
First National Bank of South Africa
Firm type: Money Transfer Operator
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
375.0054.99
2.56
Percentage difference between market reference rate 23.48 and exchange rate charged 22.88
2.56
13.5513.55
462.0667.75
Hello-Paisa
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Internet
Sending network coverage
High
Receiving method
Agent
High
100.0014.66
4.22
Percentage difference between market reference rate 23.48 and exchange rate charged 22.49
4.22
7.167.16
244.1635.80
Mama Money
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Internet
Sending network coverage
High
Receiving method
Medium
89.0013.05
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
2.612.61
89.0013.05
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
215.9231.66
2.03
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
2.03
8.378.37
285.4241.85
Nedbank
Firm type: Bank
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
Medium
Receiving method
Medium
304.0144.58
3.05
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
3.05
11.9711.97
408.1859.85
SFX
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
76.2511.18
2.31
Percentage difference between market reference rate 23.48 and exchange rate charged 22.94
2.31
4.554.55
155.1622.75
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent, Call Center
Sending network coverage
High
Receiving method
Agent
High
308.0345.17
1.11
Percentage difference between market reference rate 0.06 and exchange rate charged 0.06
1.11
10.1410.14
345.7750.70
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
Medium
170.5025.00
2.17
Percentage difference between market reference rate 23.48 and exchange rate charged 22.97
2.17
7.177.17
244.5035.85
Total Average Fourth Quarter 2020
8.608.60
Total Average Third Quarter 2020
8.898.89
Total Average
Fee
209.4330.71
Exchange Rate Margin (%)
2.452.45
Total Cost Percent (%)
8.608.60
Total Cost (ZAR) Total Cost (USD)
293.1142.98
Non-Transparent records
Bank account transfer Debit/credit card Mobile money Cash
Less than one hour Same day 3-5 days
Bank account Cash Mobile wallet