A wire transfer is one of the easiest and cost-effective modes of sending money to your friends and family. It is an electronic transfer of funds across a network administered by a large number of banks around the world.
It allows individualized sending of funds from single entities to other entities at a higher pace ensuring 100% security of money.
The Relation Between India and South Africa:
The South African currency is South African Rand and has the ISO3166_1 3 letter code of ZAR. Whereas, the Indian currency is Indian Rupee and has the ISO3166_1 3 letter code of INR so in order to transfer money from India to South Africa, Indian Rupee to South African Rand money transfer is required, which can be done via wire transfer.
Who is Your Best Partner While Sending Money From India to South Africa:
Banks, Local Dealers and Online Money Transfer Aggregators are the available options to remitting the money from India to South Africa but most of the travellers will not prefer Banks because of Higher margins and Higher exchange rates so the best and secured option for outward remittance is Online portals like Fxkart.
Why Choose Fxkart Portal For Sending Money From India to South Africa?
We are India’s First Online Digital Remittance Management portal serving more than 1000+ customers and providing a fully dedicated online portal for transferring money from India to South Africa for any important purpose like Overseas Education, Immigration, Tour Cost and Overseas Medical Treatment.
- We have RBI Authorized Remittance Partner as it has tied up with the Authorized FX dealers of RBI for processing all kinds of remittances.
- We have a tie-up with RBI authorized remittance partner for processing all kinds of remittances at Best Rates.
- We offer the lowest Rate in comparison to other Banks; it charges interbank rates + 5 to 8 paisa per transaction banks normally change interbank rates plus 1%.
- We try to solve the problem of exchange rate by locking the most favourable rates.
- We offer Hassle-free online Document Verification and transfers money in no time.
- Our portal is 100% safe and secure as it supports all kinds of online payment methods like Debit cards, Net Banking, RTGS, NEFT.
Enter Your Details, We will get you the LOWEST Rates Compared to Banks.
Follow Some Easy Steps to Send Money From India to South Africa:
- Check the Transfer Breakup
- Log Into the Portal
- Update Sender Bank Details
- Update Receiver Bank Details
- Update KYC
- Make Payment Online
- Remittance Processed
Step 1: Check the Transfer Breakup
The first step is to check the transfer breakup in the portal. The process begins by creating the remittance request and selects the amount and the currency you want to transfer. Also, select the purpose of money transfer like medical remittance, overseas education or any tour payment, etc. The total breakup you will be getting is the total amount you need to make to process your remittance request.
This transfer breakup includes Best rates with all types of Minimal charges like Remittance charges and GST etc.
Step 2: Register Or Log Into the Portal
The second step is Registering or logging into the portal. This is done by creating an account and enters the details like name, mobile number, email id and password. If you have already login id and password then all you need is just to sign in to your account.
Step 3: Update Sender or Remitter Bank Details
The third step is updating the sender or remitter’s bank details. This begins only after you log onto the account, the screen will show you the payable amount, and there it is required to fill in the details like the name, Permanent Account Number, passport number, Aadhar number. Update the bank details like the bank name and branch, Account number, IFSC, and other details.
Step 4: Update Receiver Bank Details
The fourth step is to update the receiver’s bank details by fill in the bank details of the beneficiary such as the Account holder’s name, Bank Account number, Bank’s name and Branch details etc.
Step 5: Update KYC
The fifth step is to update the KYC. This is done by uploading and updating the soft copies of KYC or Know Your Customer documents for verification purpose.
Step 6: Make Payment Online & Your Outward Remittance Will Be Processed
The sixth and the last step are to Make Payment Online and your Remittance Will Be Processed. One can pay the full amount either by NEFT (National Electronic Funds Transfer) or by IMPS (Immediate Payment Service or RTGS (Real Time Gross Settlement) transfer.
Once your payment is reflected in our account, Then we will start processing your remittance request and Remittance will be completed in 48 hours of international bank working days.
Types of Outward Remittance Supported From India to South Africa at Fxkart:
People send money to their near and dear ones by using wire transfer for a number of reasons, such as:
According to the Authorized Dealers (AD) Category, I and II Banks can release foreign exchange up to US$ 2, 50,000 to the residents’ individuals for overseas education without requesting for an estimated amount from the foreign university. But, these banks can allow remittances without the prior approval of RBI in excess of US$ 2, 50,000 depending on the estimate received from the overseas university.
An individual can draw an amount up to US$ 2,50,000 from the AD Category I & II Banks for the purpose of immigration or an amount specified by South Africa. Remittance of foreign exchange in excess of the limit of US$ 2, 50,000 is permitted towards meeting the incidental expenses of South Africa but not for earning credits to become eligible for immigration for making foreign investments in the land, government bonds, etc.
Overseas Medical Treatments
The ADs can release foreign exchange up to an amount US$ 2, 50,000 in a Financial Year without asking for an estimate from the doctor or the hospital. The Authorized Dealer can release an amount in excess of this based on the estimate received from any doctor in India or any doctor/hospital from abroad.
In case any person who falls sick after proceeding overseas, the Authorized Dealer may release foreign exchange without the prior approval of RBI for the purpose of medical treatment outside India. Additionally, an amount of USD 2, 50,000 in a financial year is allowed to the person who accompanies the patient as an attendant to abroad for the purpose of check-up/medical treatment.
While touring abroad, a resident Indian can accept foreign exchange aggregating to an amount of US$ 2, 50,000 from FFMC or Authorized Dealer in a financial year. It is irrespective of the number of visits made during a year.