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# Receiving Money from Overseas in South Africa with Capitec: A Comprehensive Guide

Receiving money from overseas can be a convenient and essential aspect of international transactions. If you are a [Capitec Bank](https://www.capitecbank.co.za/) customer in South Africa, you may wonder if it is possible to receive money from overseas. In this comprehensive guide, we will explore the process of receiving [international payments](https://fivewest.co.za/best-way-to-receive-international-payments) with Capitec, including the necessary steps and guidelines. We will also address frequently asked questions to provide you with all the information you need.

### Can Capitec receive money from overseas?
Yes, Capitec Bank allows customers to [receive money from overseas](https://fivewest.co.za/receiving-money-from-overseas-in-south-africa). While outward international transfers are not available, Capitec has partnered with Nedbank to facilitate the receipt of international payments. These payments are converted into South African rands at Nedbank's prevailing exchange rates. 

To receive a payment from overseas, you will need to ensure that the sender specifies your banking details correctly, including your full name, bank account number, and Capitec's SWIFT/BIC code, CABLZAJJ.

### How long does it take for Capitec to receive international payments?
The time it takes for Capitec to receive international payments can vary depending on several factors. Typically, the transfer process may take a few business days to complete. However, it is important to note that international transfers can sometimes experience delays due to factors beyond Capitec's control, such as intermediary banks and currency conversion processes. It is advisable to communicate with the sender and track the progress of the transfer for a more accurate estimate of the expected timeline.

### Can Capitec receive money from the UK?
Yes, Capitec Bank can [receive money from the United Kingdom](https://fivewest.co.za/top-money-transfer-services-to-transfer-money-from-uk-to-south-africa) and other countries around the world. As long as the sender provides the necessary banking details and follows the correct procedures, you can receive payments from overseas in South Africa through Capitec. It is essential to ensure that the sender includes your full name, bank account number, and Capitec's SWIFT/BIC code (CABLZAJJ) when initiating the transfer.

### Does Capitec have an IBAN number?
No, Capitec Bank does not have an IBAN (International Bank Account Number). Instead, Capitec uses the SWIFT/BIC code (CABLZAJJ) for international transactions. When receiving money from overseas, it is crucial to provide the sender with Capitec's SWIFT/BIC code, along with your full name and bank account number, to ensure a smooth and successful transfer.

## Receiving Money from Overseas with Capitec:
To receive money from overseas with Capitec, follow these steps:

1. **Provide correct banking details:** Ensure that the sender has accurate information, including your full name, bank account number, and Capitec's SWIFT/BIC code (CABLZAJJ).
2. **Declare large payments:** According to South African Reserve Bank (SARB) regulations, you must declare any payment over R50,000 before receiving it from abroad. Contact Capitec to fulfill this requirement.
3.  **Communicate with the sender:** Stay in touch with the sender to track the progress of the transfer and address any potential issues or delays.
4. **Be aware of exchange rates:** Keep in mind that the conversion of the payment into South African rands will be done at Nedbank's prevailing exchange rates. Consider comparing providers to ensure you receive the best exchange rate possible.

## What is the fastest way to receive international payments in South Africa?
We've written a comprehensive guide on the [fastest way to receive international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments) in South Africa if you're in a hurry! 

If you're looking for dollar payments, check out our [international payments from the USA to South Africa](https://fivewest.co.za/best-way-to-send-money-from-usa-to-south-africa) guide.

Receiving money from overseas in South Africa is possible with Capitec Bank. By following the necessary steps and providing accurate banking details, you can receive international payments conveniently. Remember to communicate with the sender, track the progress of the transfer, and be aware of any applicable regulations and exchange rates. [Capitec Bank](https://www.capitecbank.co.za/), in partnership with Nedbank, ensures a smooth process for receiving money from overseas, making it easier for you to manage your international transactions.

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A guide on how to receive money from overseas in South Africa with Capitec Bank. We give you the step-by-step process, necessary banking details, and guidelines for successful international payments. Note that Capitec partners with Nedbank to facilitate the receipt of funds and convert them into South African rands. 

Follow our Fivewest guide on how to receive money from overseas in South Africa with Capitec Bank, including the necessary banking details and guidelines for successful international payments facilitated through their partnership with Nedbank.

Receiving Money from Overseas in South Africa with Capitec

Capitec Transfers

# Bitcoin Brokers in South Africa

The two main ways to trade Bitcoin in South Africa are buying Bitcoin directly or trading Bitcoin CFDs (contracts for difference).

## Spot Bitcoin Brokers

For people looking to buy physical (spot) Bitcoin via a brokerage, Fivewest offers an [instant buy/sell tool](https://fivewest.co.za/buy-crypto-south-africa) that allows you to buy up to R1m in spot Bitcoin. This means that you will own the underlying and can either host the Bitcoin in your own wallet or via the [Fivewest](https://fivewest.co.za/) wallet

Fivewest offers traders:
- The best spot OTC bitcoin spreads
- Instant trading
- Fast settlement times (for withdrawals)

## CFD Bitcoin Brokers

Trading Bitcoin CFDs allows you to speculate on price movements without owning the underlying asset. CFDs are offered by regulated forex/CFD brokers.

When comparing Bitcoin CFD brokers, look for regulation (FSCA, FCA etc), number of crypto CFD pairs offered, fees and spreads, platform features, and customer support.

Here is a useful list of the top CFD crypto trading platforms available to South African traders:

#### Capital.com
Commission-free trading platform with tight spreads, fast execution, live pricing, and free demo account.
- Live price updates & alerts for 3,700+ markets.
- 0% commission & no hidden fees.
- Tight spreads.
- Fast order execution.
- Free demo account.

#### Plus500
Globally regulated CFD trading platform with no commissions, tight spreads, analytical tools, and leveraged trading.
- Global regulated fintech platform.
- 0% buy/sell commissions and tight spreads.
- Advanced free analytical trading tools.
- Leveraged trading - trade more with less capital.

#### IC Markets
Fast order execution on intuitive platforms supporting all strategies with advanced tools.
- Phenomenal order execution speeds.
- Support for all trading strategies & styles.
- Intuitive trading platforms with value-added tools.

#### Exness
Competitive spreads with popular MetaTrader suite and Islamic accounts.
- Competitive spreads.
- MetaTrader suite available.
- Swap-free/Islamic accounts provided.

#### BDSwiss
- Ultra-low spreads/commissions, excellent liquidity, fast execution, and tools like Autochartist.
- Ultra-low spreads and affordable commissions.
- Excellent liquidity and rapid execution.
- Feature rich value-added tools like Autochartist and trading alert

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Compare the best CFD Bitcoin brokers in South Africa like Capital.com, Plus500, IC Markets, Exness, and BDSwiss for trading Bitcoin CFDs and learn about buying spot BTC in 2023. Compare regulated platforms with tight spreads, fast execution, advanced tools, and low fees. Learn which brokers offer the most crypto CFD pairs and spot Bitcoin for South African traders.

Compare the best CFD Bitcoin brokers in South Africa like Capital.com, Plus500, IC Markets, Exness, and BDSwiss for trading Bitcoin CFDs and learn about brokering spot BTC via Fivewest OTC.

Bitcoin Brokers for South African Traders

How to buy Bitcoin via brokers in South Africa

**Thought to be worth R15bn a year in profits to the major banks, forex is a market that is begging for disruption — and several new challengers are happy to oblige, reports Moneyweb.**

It’s reckoned that **80% of SA’s R4.6 trillion GDP** has a forex component, meaning money that either flows into or out of the country. This is a gold mine for the banks since they get to toll most of this money each time it moves.

_The five major banks — FNB, Standard Bank, Absa, Nedbank, and Investec _— are believed to make a combined **profit of R15 billion** a year from forex.

Smaller clients are paying 2–3% in forex transaction costs, which explains why newer entrants charging 1–1.5%, and sometimes less, see this as a market worthy of attack.

## Costly … and complicated
[Remittances](https://fivewest.co.za/remittance-define) (money sent from abroad, usually by family members) account for a huge part of the African economy, and as much as 25% of GDP in countries like The Gambia.

The transaction costs are sometimes frightening, as much as 12% in some cases, and an average of 6.24%, according to the [World Bank.](https://remittanceprices.worldbank.org/)

Crypto and blockchain-based companies have started to chisel away at these remittance costs, charging around 1%, and settling transactions within hours rather than the one, two, or three days typically offered by money transfer companies.

_When it comes to inter-bank forex, it is not always easy to see what the actual costs are — and this seems to be deliberate._

**There is Society for Worldwide Interbank Financial Telecommunications (Swift) fees of somewhere between R500 and R750 a transaction.**

And then there is a _less visible cost in the currency exchange rate_ you are quoted. Banks will quote a mid-market rate, which is the mid-point between the price at which it _buys and sells a currency_, also known as a ‘_spread_’.

This ‘spread’ — the difference between the banks’ buying and selling rates — is complicated by the fact that exchange rates are constantly on the move, and bigger clients will get preferential rates.

So you are never really comparing apples with apples, and banks will typically quote you a rate that benefits them, leaving it up to the client to negotiate a cheaper rate. They pretty much explain this on their websites.

If you don’t ask, you’ll pay more. The problem is you have to burrow your way through an automated phone operator to a dealing desk, and if you succeed at that, the rate you get quoted depends very much on the dealer you get and the bank’s order book for the day.

Here are a few factors that contribute to the higher costs associated with bank forex services, according to Omer Iqbal of[<u> FiveWest.</u>](https://fivewest.co.za/)

**Wide spreads:** Banks typically offer wider spreads compared to brokers. The bid-ask spread represents the difference between the buying and selling prices of a currency pair, and banks often have larger spreads to increase their profit margins.

**Commissions and fees:** Banks may charge additional fees and commissions for executing forex transactions. These fees can vary depending on the bank and the type of transaction, adding to the overall cost of trading.

**Minimum trade sizes:** Banks often require higher minimum trade sizes for forex transactions, making it more difficult for smaller traders to access the market. This can limit opportunities for retail traders and potentially increase costs for those who can’t meet the minimum requirements.

**Limited market access:** Banks may not offer the same level of market access as specialized forex brokers. They might have a narrower selection of currency pairs and limited access to certain forex markets, which can restrict trading opportunities and potentially result in higher costs for clients.

**Lack of transparency:** Banks may not always provide transparent pricing for forex trades. The lack of transparency can make it difficult for traders to fully understand and compare the costs involved, potentially leading to higher overall expenses.

“It’s important for individuals and businesses to carefully evaluate the costs and services provided by banks when considering forex trading. Comparing multiple providers, including specialized forex brokers, can help determine the most cost-effective options for executing forex trades,” says Iqbal.

A good idea is to use a currency converter app that provides forex comparisons between SA banks, as offered here at [Moneytransfer.online.](https://moneytransfer.online/)

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Click here to sign up for International Payments

Challenging banks in the forex market

The upstarts challenging banks in the forex market

As the global economy becomes increasingly interconnected, businesses in South Africa are increasingly dealing with international clients and partners. One crucial aspect of doing business on an international scale is [receiving payments from overseas](https://fivewest.co.za/receiving-money-from-overseas-in-south-africa). However, the process of receiving international payments in South Africa can be complicated and time-consuming, with various regulations and fees to navigate. 

Navigating the various online and offline payment options can be a challenge, particularly for businesses with international clients in South Africa. With factors such as tax implications and client preferences to consider, it can be difficult to determine which payment method is the best fit. 

## Receiving foreign currency in south africa
Let this be your guide to receiving international payments in South Africa, including key factors to consider when choosing a payment option that works for both you and your clients.
 
### Which bank is best for receiving international payments?
Banks offer different [money transfer services](https://fivewest.co.za/The-best-online-money-transfer-solution) at differing costs which can make the process of choosing one overwhelming. Most often, people are searching for the cheapest or fastest way of making an international payment. 

In terms of cost, the best way you can check the exchange rate being offered by the bank against the Google rate. If it is different, then you know you are getting hit with large fees. 

You can get a direct FX quote using our [instant quote tool here](https://fivewest.co.za).

We at Fivewest will beat any rate offered by your banks. Simply [contact us](https://fivewest.co.za/international-payments) for a quote and we'll display our quote with the reference to the other banks to give you the transparency that we are giving you the best rate.

#### 1. FNB	
If you are receiving international payments via FNB, you can send USD, GBP or EUR. They also offer a wide range of other currencies including AUD, BWP, CHF, CNY, HKD, INR, JPY, NGN, NZD and TZS.	FNB publishes their foreign exchange rates on their [rates website](https://www.fnb.co.za/rates/ForeignExchangeRates.html). 

#### 2. Nedbank	
Nedbank publishes their FX rates every 15 minutes. They offer the major currencies (GBP, USD, EUR) as well as 20 other currency pairs. Their rates dashboard can be found [here](https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/forex/forex-rates.html). 

#### 3. Standard Bank	
Standard Bank has one of the largest foreign currency offering of all the banks. They offer 48 currencies and offer quotes on both foreign notes and cheques. View their [foreign exchange dashboard](https://ws15.standardbank.co.za/finSnapShot/GetforexServlet) to see their rates.

#### 4. Bidvest	
Bidvest also offers an array of FX choices including USD, EUR, GBP. They offer 14 other currencies including ARS and BRL which most other providers do not offer. Their rates are available publicly online on their [forex portal](https://forexonline.bidvestbank.co.za/AvailableCurrencies). 

								
## How do I receive international payments in South Africa?
The most common way is through an international bank transfer. This is usually through a SWIFT payment and the transfer will land in your South African bank account within a few days. 

## Can I receive money from overseas into my bank account?
Yes. It is perfectly possible to receive money into your bank account from overseas either using the bank transfer services we have outlined above or by using the [Fivewest international payments](https://fivewest.co.za/international-payments) option.

## What is the fastest way to receive international payments in South Africa?
[Read our post here](https://fivewest.co.za/fastest-way-to-receive-international-payments) comparing the fastest ways to receive international payments including IBAN, wire transfers, credit cards and others.

If you're looking for dollar payments, check out our [international payments from the USA to South Africa](https://fivewest.co.za/best-way-to-send-money-from-usa-to-south-africa) guide.

« I confirm the subscription of this blog to the Paperblog service under the username %(username)s ».




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Looking for the best way to receive international payments? Fivewest offers an instant, cheap and trusted solution to receive international payments from anywhere. 

Get a quote from us today. We guarantee to beat the rates offered by your bank.

Looking for the best way to receive international payments? Compare bank rates from FNB, Capitec, Nedbank, Bidvest, Standard Bank and Discovery. 

Best way to receive international payments

Best way to receive international payments in South Africa

As the festive season approaches, the spirit of giving is in the air, and FiveWest is unwrapping a special gift for South African investors – a state-of-the-art arbitrage trading solution that promises to add a touch of prosperity to your investment portfolio. 

In this blog, let's explore how FiveWest's unique arbitrage product, finely tuned for the South African market, can turn this festive season into a time of financial abundance.

## **What is Crypto Arbitrage in South Africa?**

Crypto arbitrage involves the strategic buying and selling of cryptocurrency assets to capitalize on price discrepancies, ultimately aiming to generate a profit. This trading approach leverages the inherent volatility of the cryptocurrency market and adheres to South African crypto regulations.

In South Africa, we facilitate these transactions through the Financial Intelligence Act (FIA) and the Securities Services Act (SDA). These regulatory frameworks provide a secure and compliant environment for executing crypto arbitrage transactions, ensuring transparency and legal adherence throughout the process.

## **Is Arbitrage high risk?**

Arbitrage is an extremely safe trade but consists of multiple trades to make a profit. However no need for you to worry. We handle all the trades for you as our customer.

## **Compliance and Comfort?**
Amidst the holiday hustle and bustle, rest easy knowing that FiveWest operates within South Africa's robust regulatory framework. Our commitment to compliance adds an extra layer of comfort, allowing you to focus on the festivities while we take care of the details.

## **How does arbitrage work?**

The number of loops or trades required to generate a profit is directly influenced by the amount you invest. At FiveWest, our arbitrage clients have the opportunity to earn up to a 5% profit on their investment. This potential return underscores the dynamic nature of our platform and the advantageous possibilities it presents for our valued investors.

This festive season, let FiveWest be your partner in unwrapping the gift of financial prosperity. Our Arbitrage Trading Solution, finely tuned for South Africa, brings joy to investors with market magic, currency cheer, and crypto wonderland experiences. As you celebrate the holidays, let FiveWest take care of your investment journey, turning this festive season into a time of financial abundance and trading success.


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Unlock the potential of financial success in the heart of South Africa with our comprehensive guide to Arbitrage Trading. Explore the nuances of this strategic trading approach within the diverse landscape of South Africa's financial markets. From leveraging currency differentials to navigating cryptocurrency opportunities, discover how FiveWest's cutting-edge arbitrage product empowers investors to make informed decisions and capitalize on market inefficiencies. Elevate your investment game and explore the exciting world of Arbitrage Trading in South Africa with us.

Arbitrage Trading South Africa

South Africa's enchanting landscapes, diverse cultures, and thriving economy have made it an appealing destination for foreign property investors. If you're considering buying property in this captivating country, you're embarking on an exciting journey. However, purchasing property as a foreigner in South Africa requires navigating legalities, understanding the market, and making secure [international payments](https://fivewest.co.za/best-way-to-receive-international-payments). This guide not only outlines the essential steps for buying property but also introduces FiveWest, your reliable partner for facilitating seamless international payments throughout the process.

## **1.Research and Understand the Market**

Begin your property investment journey by immersing yourself in the South African property market. From bustling urban areas to tranquil countryside retreats, each region offers unique opportunities. Comprehensive research enables you to make informed decisions about location, property types, and potential returns.

### What are the 3 top areas foreign buyers buy property inCape Town?

1.  Atlantic Seaboard
2.  City Bowl
3.  Constantiaberg


## **2. Legal Framework for Foreign Buyers**

Foreign buyers can indeed purchase property in South Africa, but adherence to legal regulations is paramount. The "Immovable Property Act" governs property ownership, and certain restrictions and approvals apply. Consulting legal experts who specialize in property transactions ensures compliance and smooth navigation of the legal landscape.


## **3. Choose the Right Property**

With SARB approval in hand, your property search gains momentum. Consider budget, preferences, and investment goals when selecting your property. Whether you envision an oceanfront apartment in Cape Town or a sprawling estate in Mpumalanga, your choice should align with your investment strategy.

## **4. Due Diligence and Professional Assistance**

Before making an offer, conduct thorough due diligence. Inspect the property, review its title deed, and assess its legal history to prevent potential complications. Engage real estate agents and conveyancers or attorneys experienced in South African property transactions to facilitate a smooth process.

## **5. Making International Payments with FiveWest**

Navigating international payments is a crucial aspect of buying property abroad. This process can be made unnecessarily difficult with slow payment processing, lack of transparency and high fees so choosing a reputable [international payment](https://fivewest.co.za/best-way-to-receive-international-payments) provider is crucial. Rocco, a FiveWest property investor reflects on the troubles he's faced with sending money internationally. 

> Sending funds to a bank in Singapore.  First couple of times it went right, then I forgot 1 abbreviation and lost €25K for 3 months. Once it came back the mistake cost me €125 in bank fees, but mostly a lot of stress in the 3 months of uncertainty whether I would get the money back.

## **6. Streamlining Payments with FiveWest**

FiveWest's comprehensive services include transparent currency exchange rates and minimal [transfer fees](https://fivewest.co.za/The-best-online-money-transfer-solution), saving you both money and time. Their user-friendly online platform empowers you to initiate, track, and manage payments with ease. We asked Rocco, a foreign property investor about his experience using FiveWest 

> It's an easy and relatively safe way of getting your money in and out of South Africa and it is cost efficient. -  Rocco

## **7. Expert Currency Guidance**

Dedicated currency experts from FiveWest provide personalized guidance throughout your property acquisition journey. Their knowledge of currency markets and international payments assists you in navigating potential fluctuations and making well-informed decisions.

## **8. Security and Accessibility**

Security is paramount in international transactions. FiveWest employs advanced security measures to safeguard your funds and personal information. Their transparent fee structure ensures you're aware of costs associated with your transactions.

## **9. The South African Advantage**

FiveWest's expertise extends to South African property transactions, ensuring your funds are transferred accurately and efficiently within the country's real estate landscape.

## **Conclusion**

Purchasing property in South Africa as a foreigner is an opportunity brimming with promise, provided you navigate legalities, research, and international transactions wisely. This guide has equipped you with the essential steps, from research to property selection, legal compliance to due diligence. In addition, partnering with [FiveWest](https://fivewest.co.za/) elevates your property acquisition experience. Their commitment to simplifying international payments ensures that your investment journey is not only rewarding but also seamlessly facilitated. With FiveWest, the dream of owning property in South Africa becomes an attainable and secure reality.


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Learn how FiveWest simplifies international payments, ensuring secure and seamless transactions for your real estate investment journey.


How to buy property in South Africa as a foreigner

There are a lot of different ways to to receive money from Overseas but with so many options available to the average consumer, making the decision on what service to choose can be harder than it looks.

But out of the pool of options the top 3 ways according to rearch are Bank Transfers (SWIFT/Wire transfer), Paypal & Money Transfer services 

## **A. Bank Transfers (SWIFT/Wire transfer)**
Bank transfers are widely used for receiving money from overseas. They are considered secure and direct, as funds are transferred directly to your bank account. Many individuals and businesses prefer this method despite potential higher fees and longer processing times, especially for larger transactions.

**How to receive money from overseas: FNB**

Receiving money from overseas through [First National Bank (FNB)](https://www.fnb.co.za/) in South Africa involves a process that includes providing the sender with your bank details and ensuring that you comply with relevant regulations. Keep in mind that procedures may change, so it's always a good idea to verify the information with FNB or check their official website for the most up-to-date instructions. Here's a general guide to receiving money overseas through FNB:

1. Provide Details: Give the sender your full name, FNB account number, branch code, and FNB's SWIFT code: FIRNZAJJ.

2. Sender's Action: The sender initiates the transfer using the provided information.

3. Wait for Transfer: It might take a few days for the funds to arrive in your FNB account.

4. Check Your Account: Monitor your FNB account for the deposited funds. You might receive alerts too.

5. Currency Conversion: If needed, FNB will convert foreign funds into South African Rand.

6. Regulatory Compliance: Be ready to provide additional info if required for regulations.

7. Verify Fees: Double-check for any unexpected fees on your account statements.



**Can Capitec receive money from overseas?**

Just like FNB, You can also make international swift payments with Capitec. How can you do this? Follow these steps:


1. Share Details: Provide the sender with your Capitec account details, including your full name, account number, and Capitec Bank's SWIFT code: CABLZAJJ.

2. Sender's Action: The sender initiates the transfer using the provided information.

3. Await Transfer: Wait for a few days for the funds to reach your Capitec account, depending on processing times.

4. Check Account: Regularly check your Capitec account or watch for notifications to confirm the deposit.

5. Currency Conversion: Capitec will convert foreign funds into South African Rand if necessary.

6. Compliance Check: Be prepared to supply additional information if required for regulatory compliance.

7. Verify Fees: Review your account statements for any unexpected fees.

The process for bank payments are fairly similar but always make sure to do your research before making a transaction.

## **B. Paypal**
PayPal is a popular online payment platform that provides a convenient way to receive money from international sources. Many freelancers, small businesses, and individuals use PayPal due to its ease of use and global recognition. However, it's important to consider PayPal's fees and currency conversion rates.

**How to withdraw money from paypal?**

Withdrawing money from PayPal in South Africa is a straightforward process. Once you have received funds into your PayPal account, you can [transfer](https://fivewest.co.za/The-best-online-money-transfer-solution) the money to your linked South African bank account. PayPal offers the option to withdraw funds in South African Rand (ZAR), which is convenient for local use. Keep in mind that there might be withdrawal fees associated with the transfer, and the exchange rate used for the currency conversion might differ from the market rate. It's advisable to review PayPal's current fees and terms before initiating a withdrawal to ensure a smooth transaction.


## **C. Money Transfer Services (Western Union, MoneyGram, Wise, FiveWest):**

Money transfer services like Western Union, MoneyGram, Wise & FiveWest are commonly used for smaller transactions or urgent transfers. They are also seen as the better option compared to the  higher fees of banks and provide much shorter processing times.
They offer competitive exchange rates and the convenience of local pickup options. 

**Western union**

Western Union: Western Union provides fast and widespread international money transfers, allowing recipients quick access to funds through a vast network of agents.

**Moneygram**

MoneyGram: MoneyGram offers a global platform for secure and expedited money transfers, with options for both online and in-person transactions.


**Wise**

Wise (formerly TransferWise): Wise offers transparent and cost-effective international transfers, providing real-time exchange rates and low fees.

**FiveWest**

[FiveWest](https://fivewest.co.za/) is a South African-based money transfer service that aims to provide efficient and competitive international transfers, catering to the needs of users in the region with a focus on simplicity and value. When considering your payment options, feel free to try this company compare tool that compares all the different transfer companies, helping you find the best rate 

## What is the fastest way to receive international payments in South Africa?
Is FNB the fastest way to receive international payments? Find out more here. We've written a comprehensive guide on the [fastest way to receive international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments) in South Africa if you need funds transferred in a hurry! 

If you're looking for dollar payments, check out our [international payments from the USA to South Africa](https://fivewest.co.za/best-way-to-send-money-from-usa-to-south-africa) guide.

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Receive money from overseas in South Africa via bank transfers (FNB, Capitec, Standard Bank, Nedbank) and money transfer services (PayPal, Western Union, MoneyGram and FiveWest). This guide compares options for fees, processing times, and ease of use.

How to receive money from overseas in South Africa

In the fast-paced interconnected world we live in, sending and receiving money across borders has become an essential part of many people's lives. Remittance, as defined by experts, is the transfer of funds by migrants to their home country. It is a financial service that plays a critical role in supporting families and facilitating economic growth in many developing nations.

Remittance services have evolved significantly over the years, with the rise of digital platforms making them more convenient and accessible than ever before. From [online money transfer](https://fivewest.co.za/The-best-online-money-transfer-solution) providers to mobile payment apps, there are numerous options available to send money to loved ones abroad quickly and securely.

## **The Importance of Remittance**

Remittance plays a crucial role in the global economy, particularly in developing nations. According to the World Bank, remittances are a lifeline for millions of households, often representing a significant portion of their income. These funds are vital for meeting basic needs such as food, healthcare, education, and housing. Additionally, remittances contribute to poverty reduction and overall economic development, as they can be used for investment and entrepreneurial activities.

## **How Does Remittance Work?**

Remittance can be initiated in various ways, depending on the sender's and receiver's preferences and the available options. Traditionally, remittances were sent through banks or money transfer operators (MTOs) that have physical branches. However, with the advent of digital technology, online platforms and mobile apps have emerged as popular alternatives.
To send money through a remittance service, the sender typically needs to provide identification documents and the recipient's details, such as their name, address, and bank account information. The sender can choose the preferred payment method, which can include bank transfers, cash pick-up, or mobile wallets. Once the transaction is initiated, the funds are transferred to the recipient, often within minutes or a few days, depending on the service and the destination country.

## **Different Types of Remittance Services**

There are several types of remittance services available, each catering to different needs and preferences. Traditional banks offer remittance services, allowing customers to send money abroad through wire transfers or checks. Money transfer operators, such as Western Union and MoneyGram, have a vast network of physical locations where cash can be sent and picked up. Online money transfer providers, such as[ FiveWest](https://fivewest.co.za/), offer convenient and cost-effective options for sending money internationally. Mobile payment apps, like PayPal and Venmo, enable users to send money directly from their smartphones.
The choice of remittance service depends on factors such as cost, speed, convenience, and accessibility. It's essential to compare different providers to find the best fit for your specific requirements.

## **The Process of Sending and Receiving Remittances**

The process of sending and receiving remittances typically involves a series of steps to ensure the secure and efficient transfer of funds. Here is a general overview of how the process works:

**1. Registration:** Both the sender and the recipient may need to register with the remittance service provider, providing necessary identification and contact details.

**2. Initiating the Transaction:** The sender initiates the transaction by providing the recipient's information, choosing the payment method, and specifying the amount to be sent.

**3. Payment:** The sender pays for the remittance, either through bank transfers, debit/credit cards, or cash.

**4. Transfer:** Once the payment is confirmed, the remittance service provider transfers the funds to the recipient's designated account or location.

**5. Notification and Collection:** The recipient is notified about the transfer and can collect the funds through various means, such as bank deposits, cash pick-up at designated locations, or mobile wallets.

It's important to follow the instructions provided by the remittance service provider to ensure a smooth transaction. Additionally, both the sender and the recipient should be cautious about sharing personal and financial information to avoid fraudulent activities.



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In this blog, we unpack the meaning of remittance, why remittance is important, how remittance works and the easy way to get started with making remittance transfers with FiveWest 

Remittance Defined

Remittance Defined: What You Need to Know About this Essential Financial Service

This notice provides you with information about the risks associated with Fivewest’s Services. Whilst each Service provided by [Fivewest](https://fivewest.co.za/) has its own associated risks, this notice provides a general description of the risks when you use a Service offered by Fivewest. By using FiveWest Services, you acknowledge that you have read and understood these General Risk Warnings. 

This notice does not describe all of the risks or how such risk relates to your personal circumstances or your personal trading strategies. 

### **Personal Advice**
We do not provide personal advice in respect to our Services. We may at times provide factual information, information about transactions procedures and information about the potential risks. However, any decision to use our Services is made by you. No communication or information provided to you by FiveWest is intended as, or shall be construed as investment advice, financial advice, trading advice, or any other sort of advice. You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance. 

### **No Monitoring**
FiveWest is not your broker, intermediary, agent or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities undertaken by you using FiveWest Services. We do not monitor whether your use of the FiveWest Services with your financial goals and objectives. It is up to you to assess whether your financial resources are adequate for your financial activity with us, and to your risk appetite in the Services you use. 

### **No Tax, Regulatory or Legal Advice**
The taxation of Digital Assets is uncertain, and you are responsible for determining what taxes you might be liable to, and how they apply when transacting through FiveWest Services. It is your responsibility to report and pay any taxes that may arise from transacting on the FiveWest Services, and you acknowledge that FiveWest does not provide legal or tax advice relative to these transactions. If you have any doubts about  your tax status or obligations when using FiveWest services, or with respect to any Digital Assets held to the credit of your FiveWest account, you may wish to seek independent advice. Furthermore, you will not use or take advantage of FiveWest Services to circumvent any capital, exchange control restrictions or tax obligations you may have or be subject to. 

### **Market Risks**
Digital Asset trading is subject to high market risk and price volatility. Changes in value may be significant and may occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and any returns can go down as well as up, and you may not get back the amount you invested. 

### **Liquidity Risk**
Digital Assets may have limited liquidity which may make it difficult or impossible for you to sell or exit a position when you wish to do so. This may occur at any time, including at times of rapid price movements. 

### **Availability Risk**
We do not guarantee that the FiveWest Services will be available at any particular time or that FiveWest Services will not be subject to unplanned service outages or network congestion. It may not be possible for you to use the FiveWest Services when you wish to do so. 

Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of the FiveWest Services in each jurisdiction from which the FiveWest Services are accessed by or on behalf of the User. 

### **Third Party Risk**
Third Parties, such as payment providers, custodians and banking partners may be involved in the provision of FiveWest Services. You may be subject to the terms and conditions of these third parties and FiveWest is not responsible for any loss that these third parties may cause to you. 

### **Security Risk**
It is not possible for FiveWest to eliminate all security risks. You are responsible for keeping your FiveWest account password safe and you may be responsible for all the transactions under your FiveWest account, whether you authorised them or not. Transactions in Digital Assets may be irreversible, and losses due to fraudulent or unathorised transactions may not be recoverable and you indemnify FiveWest for any losses suffered due to fraudulent or unathorised transactions. 

# Risks related to Digital Assets

Given the nature of Digital Assets and their underlying technologies, there are a number of intrinsic risks, including but not limited to:

Faults, defects, hacks, exploits, errors or protocol failures or unforeseen circumstances occurring in respect of a digital asset or the technologies or economic systems on which the Digital asset reply; 
Transactions in Digital Assets being irreversible. Consequently, losses due to fraudulent or accidental transactions may not be recoverable;
Technological development leading to the obsolescence of a Digital Asset;
Delays causing a transaction not being settled on the scheduled delivery date; and 
Attack on the protocol or technologies on which a digital asset depends, including but not limited to:

**i. distributed denial of service**

**ii. sybil attack** 

**iii. phishing**

**iv. social engineering**

**v. hacking**

**vi. smurfing**

**vii. malware**

**viii. double spending**

**ix. majority-mining, consensus-based or other mining attacks**

**x. misinformation campaigns**

**xi. forks and** 

**xii. Spoofing.**

You acknowledge and agree that the use of FiveWest Services is entirely at your own risk and accordingly, you assume full responsibility and risk of loss resulting from or relating to use of FiveWest Services. 

### **Monitoring Risks**
Digital Assets are open 24 hours a day, 7 days a week. Rapid price changes may occur at any time, including outside normal business hours. 

### **Currency**
Currency exchange fluctuations will impact your gain and losses.

### **Legal Risks**
Changes in laws and regulations may materially affect the value of Digital Assets. This risk is unpredictable and may vary from market to market. 


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FiveWest launches new instant Buy/Sell function

FiveWest General Risk Warnings 

# Navigating the PayPal to ABSA Transfer Maze: A Step-by-Step Guide for Absa Account Holders

In the ever-expanding digital landscape, PayPal has become a ubiquitous tool for online transactions. However, if you're an Absa bank account holder in South Africa, you might find yourself facing a unique challenge when it comes to withdrawing your PayPal funds. Fear not, as we're here to guide you through the process, ensuring a seamless transition from your PayPal account to your Absa bank account.

### Understanding the Landscape

South African exchange control regulations add a layer of complexity to using PayPal funds. The rule is clear: you cannot use received PayPal funds for peer-to-peer payments or direct purchases. Instead, you're required to transfer these funds to a South African bank account within 30 days. The bank of choice for this task is First National Bank (FNB), but the good news is you don't need to be an FNB account holder.

## Getting Started: The FNB Withdraw Service Account

1. **Create and Verify Your PayPal Account (Step One):** Head over to the PayPal website if you haven't already and create/verify your account.

2. **Register for FNB Withdraw Service (Step Two):** Visit the FNB website to sign up for the FNB Withdraw Service. This involves creating a free FNB Online Banking profile.

3. **Submit FICA Documents (Step Three):** As part of the registration process, send FNB your FICA documents for verification.

4. **Wait for Approval (Step Four):** Be patient while FNB reviews and approves your documentation. FNB account holders may skip these steps if already registered.

5. **Link Your PayPal to Your Bank Account (Step Five):** Log in to your FNB Online Banking account, select PayPal Services, and choose Link PayPal Account. This step applies even if you are an Absa bank account holder.

### **Banking on the Process**

FNB and PayPal have collaborated since 2010 to facilitate the withdrawal of PayPal funds into South African bank accounts. The process is user-friendly, allowing you to make transactions from almost any device with just a few clicks. Your financial information remains secure, thanks to PayPal's commitment to privacy.

### **Points to Consider**

- **Transaction Time:** Be aware that transactions from PayPal to your South African bank account may take up to six days.

- **Transaction Fees:** You will incur charges for transferring funds from PayPal to South Africa. The fees vary based on the transaction, so it's crucial to factor this into your financial planning.

### **Assistance and Contact Information**

Should you encounter any issues during the process, FNB's PayPal call center is ready to assist. You can reach them at 087 572 9725 or email paypalenquiries@fnb.co.za.

In conclusion, while the process may seem intricate at first glance, linking your PayPal account to your Absa bank account is a feasible and worthwhile endeavor. Once set up, you'll have the flexibility to manage your funds and participate in the global market with ease. Happy transacting!

Fivewest allows you to transfer USD quickly to South Africa into your FNB Bank account at the best rates.

Transfer funds from PayPal to your ABSA account with no fees by linking your PayPal to an FNB online banking profile. Save money while transacting with Fivewest, offering up to 5% cashback on PayPal transfers. Sign up today for cost-effective transfers.

How to Transfer Money from PayPal to ABSA Bank in South Africa

PayPal to ABSA

# Transfer Money from PayPal to FNB or Any South African Bank

If have a PayPal account in South Africa, you can easily withdraw funds to your FNB or any other local bank account.

Note, Fivewest offers a transfer service where you can send funds from your Paypal account into your FNB account and save up to 5% on each transfer. 

To follow the normal sign up flow for Paypal to FNB, follow these steps below.

### Link Your PayPal Account to FNB
To enable transfers, you first need to link your PayPal account to an FNB online banking profile:

1. Log into FNB online banking at www.fnb.co.za
2. Click Forex, then PayPal Services
3. Choose Link PayPal Profile and enter your PayPal and FNB details
4. Confirm you are the PayPal account holder when prompted
5. FNB will verify your linked accounts before transfers can be made.

### Withdraw Money from PayPal to Your Bank
Once linked, you can withdraw PayPal funds to your FNB or other bank account:

1. Go to PayPal Services in FNB online banking
2. Select Withdraw from PayPal and enter the USD amount
3. Review the exchange rate, fees, and ZAR amount
4. Approve the withdrawal when prompted on PayPal

The money will be deposited into your FNB or linked bank account within 3-5 business days.

###  Non-FNB Account Holders
Don't have an FNB account? No problem. You can still link PayPal by:

### Registering for PayPal on FNB online banking
Submitting FICA documents to complete the process
Adding your non-FNB bank account details
Then you can withdraw to any South African bank account as outlined above.

Withdrawing PayPal funds into your local bank account is fast and easy when you link to an FNB online profile first.

##  Which type of FNB accounts qualify for PayPal?
Both personal and business FNB accounts can be used to link PayPal. You'll need to register either a personal or business profile on FNB online banking. Premier, Private Clients, and enterprise accounts also qualify.

## Is PayPal to FNB instant?
No, transfers from PayPal to FNB and then Capitec take 3-6 business days to process completely. PayPal to FNB is initiated immediately, but the funds move between banks over several days. It is not an instant transfer.


Send money from PayPal to your FNB account easily and save. Link your PayPal to an FNB online banking profile to transfer funds with no fees. Fivewest offers up to 5% cashback on PayPal transfers - sign up today.

How to Transfer Money from PayPal to FNB in South Africa

PayPal to FNB

# How to Transfer Money from PayPal to Capitec Bank in South Africa

## Can Capitec receive money from overseas?
Yes, Capitec can receive international money transfers into a Capitec bank account. You can use services like PayPal, Wise (formerly TransferWise), Western Union, MoneyGram, and others to send funds from an international account into a Capitec account. The recipient will get the money deposited into their Capitec account in South African Rand.

## Paypal and Capitec
If, however, you have a PayPal account and want to withdraw funds to your Capitec bank account, it can be done relatively easily. Capitec does not offer direct PayPal integration, but you can link your PayPal account to a First National Bank (FNB) online banking profile and then withdraw to your Capitec account. Here’s how it works:

## Steps to Register for an FNB Online Banking Profile:
- Go to www.fnb.co.za and click on “Register” at the top of the page.
- Select “Register for PayPal for non-FNB customers” and choose either “For My Business” or “For Me” depending on whether it’s a business or personal account.
- Enter your personal/business details including tax info and source of funds.
- Create login credentials and enter your cell number for OTPs.
- Agree to terms and submit your registration.
- Confirm your details are correct. FNB will verify your info for FICA requirements if needed.

## Linking PayPal to Capitec Account:
- Log into your FNB online banking and go to “My Bank Accounts” then “PayPal Services.”
- Choose “Link PayPal profile” and enter your PayPal email, ID number, and balance of payment details.
- Input your Capitec account details and confirm your address.
You’ll get an OTP to enter and submit.
- Log into your PayPal account to confirm you are the account holder.
- Once linked, you can transfer funds after FNB verifies your Capitec account (takes 2-24 hours).

## Transferring from PayPal to Capitec:
- Log into FNB online banking, go to “My Bank Accounts” and choose “PayPal Services.”
- Select “Withdraw from PayPal” and enter the amount in USD and your Capitec account details.
- Review exchange rate, fees, and ZAR amount. Accept the terms.
- Log into your PayPal account to approve the withdrawal.
- Funds will transfer to your Capitec account within 3-6 business days.

With an FNB online banking profile, you can easily link your PayPal account and withdraw funds into your Capitec bank account. Just be sure to follow the steps for registering, linking, and withdrawing correctly. Here are some other questions you might have.

## Can I transfer money from PayPal to Capitec Bank?
Yes, you can transfer money from PayPal to a Capitec Bank account in South Africa. As mentioned in the blog post, you'll need to link your PayPal account to an FNB online banking profile first. Then you can withdraw funds from PayPal into your Capitec account.

## Can I transfer money from my PayPal account to my South African bank account?
Yes, any South African bank account that you can link to an FNB online banking profile can receive transfers from PayPal. This includes major banks like Capitec, FNB, Nedbank, Standard Bank, and more.


Fivewest allows you to transfer USD quickly to South Africa into your Capitec Bank account at the best rates.

South African PayPal users can transfer money to their Capitec bank account by linking PayPal to an FNB online banking profile. Learn how Fivewest can save you up to 5% on your transfer fees.

How to Transfer Money from PayPal to Capitec Bank in South Africa

PayPal to Capitec

# Can Yoco accept international payments?
Yoco, the leading payment solution for small businesses in South Africa, is frequently asked if international clients can use their services. The short answer is yes! Here's what you need to know:

## Yoco Accepts All Mastercard and Visa Cards, Including International
One of the key benefits of Yoco is that it accepts all major credit and debit cards, including those issued internationally. As long as your customer has a valid Mastercard or Visa card, they will be able to make a purchase from your Yoco-supported business.

### Payments are processed in South African Rands
It's important to note that while international cards are accepted, all transactions through Yoco are processed in South African Rands (ZAR). This means your international customers will pay the ZAR amount listed for your products or services. Their bank will handle automatically converting from their home currency to ZAR at the daily exchange rate.

### International Transaction Fees 
Yoco does charge slightly higher transaction fees for international payments - 3.4% plus VAT versus 2.95% for local payments. This is quite reasonable compared to many other payment processors. The more sales your business makes through Yoco, the lower your fees will be.

## How Fivewest Can Save You up to 3% on International Payments to South Africa
Sending or receiving payments internationally can get expensive with bank fees and poor exchange rates eating away at your margins. This is especially true when doing business with South Africa. But Fivewest offers a better solution that can save your business up to 3% on international transfers.

Unlike banks, Fivewest has access to wholesale exchange rates that we pass onto our clients. This means when we convert your international payments to/from ZAR, you get a better rate that saves you money.

## Save on fees with our international transfers
Our fees are just 0.5% on international transfers with no hidden costs. When combined with our better exchange rates, you can save up to 3% compared to typical bank fees and rates. Complete pricing transparency so you know exactly what you'll pay.

Yoco allows international payments to South African businesses but charges a 3.4% fee. Save money by using Fivewest for international transfers - our wholesale rates and low fees let you keep up to 3% more profits.

Yoco international payments

# Does payfast accept international payments?
PayFast is a popular online payment gateway based in South Africa. While PayFast primarily supports transactions in South African Rand (ZAR), it can also facilitate international payments in certain situations. Here is some key information on how PayFast handles international payments:

## Is PayFast International?
PayFast only directly supports ZAR transactions and is designed for South African merchants. However, PayFast does allow international customers to make purchases if they have a South African bank account or credit card issued by a South African bank. The funds will be converted to ZAR before being deposited.

## Payfast supported countries
Payfast is only designed for South African merchants for now. It is possible that more countries will be added in future.

## Transaction Fees
PayFast charges fees for processing transactions. For credit cards, it charges 3.5% + R2 per transaction for Visa and Mastercard, and 4.5% + R2 for American Express. Debit card transactions are charged at 2.5%. Additional fees may apply for services like chargebacks and refunds.

## Receiving International Payments
While PayFast only supports ZAR, you can receive international payments via Visa and Mastercard credit cards issued in other countries. The card provider will handle the currency exchange to ZAR.

## Accepting Other Currencies
You can display prices in currencies other than ZAR on your website. However, the actual payment amount must be in ZAR on the PayFast platform for processing.

## USD and Other Currencies
PayFast does not directly accept USD, EUR, GBP or other international currencies. Payments must be converted to ZAR by the customer's credit card provider before depositing into your PayFast account.

## PayFast vs PayPal
PayPal facilitates international payments more seamlessly, but PayFast has lower fees for South African merchants (around 3.7% per transaction). PayFast also provides better local customer support.

Learn how PayFast, the popular South African payment gateway, handles international payments. This blog covers PayFast's currency support, international transaction fees, and how it compares to PayPal for accepting payments from global customers.

Payfast International Payments South Africa

Payfast international payments	

# How Does PayPal Work in South Africa?
PayPal is one of the most popular online payment services in the world, with over 200 million active user accounts globally. But how exactly does PayPal work for users in South Africa? Here's a quick overview:

## Is PayPal Available in South Africa?
Yes, PayPal is available for use in South Africa via FNB. You can sign up for a PayPal account, link your bank account, and use it to send and receive payments online.

## What are the fees for using PayPal?
The PayPal fees in South Africa are very high can add up to **between 5% and 8% per transaction.** This includes a _fixed PayPal transaction fee_, a _currency conversion fee_, an _exchange rate fee_ charged by FNB, and an _FNB withdrawal fee_. The total fees make PayPal an expensive option for payments and withdrawals in South Africa compared to some local payment solutions. However, PayPal still provides the ability to easily receive payments from international clients in foreign currencies.

## How Do South Africans Use PayPal?
South Africans use PayPal to:
1. Receive payments from international clients and freelance work clients. PayPal allows you to get paid in foreign currencies like USD and EUR.
Pay for items on international websites and auction sites like eBay that accept PayPal.
2. Send and receive money domestically. You can send funds to anyone else with a PayPal account.

## How Do I Get Money From PayPal in South Africa?
To get money out of your PayPal account in South Africa, you need to:

Link your South African bank account to your PayPal account. This is done through FNB's PayPal Withdrawal Service.
Initiate a withdrawal from your PayPal account balance to your connected South African bank account.
The money will be deposited into your bank account within 3-5 working days.
## Can I Use PayPal to Send Money to South Africa?
Yes, PayPal allows you to send money to recipients in South Africa. The recipient needs to have a PayPal account connected to their South African bank account.

You can send money using your PayPal balance, bank account, or debit/credit card. The recipient will receive the money in their PayPal account and can then withdraw it to their bank.

## Is PayPal Reliable in South Africa?
PayPal is generally considered safe and reliable to use in South Africa. It uses modern security measures to protect your financial information and transactions.

PayPal also offers buyer and seller protection policies in case issues arise. But be aware that PayPal's customer service is based overseas, which can make resolving problems more difficult from South Africa.

So in summary - PayPal is a viable online payment option for South Africans to use for international transactions and payments. Just be aware of the fees involved and make sure to properly link your bank account. For more information on receiving payments, check out our[PayPal in South Africa](https://fivewest.co.za/paypal-south-africa) guide.

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Learn how PayPal works in South Africa. Understand how to create an account, link your bank, withdraw funds, and safely use PayPal for sending and receiving payments online as a South African user.



We've put together a guide to answer questions related to using PayPal in South Africa. Learn how you can save up to 5% on your PayPal fees!

How Does PayPal Work in South Africa?

Using PayPal to receive payments in South Africa

# Buy Cardano (ADA) in South Africa

If you're wondering how you can buy Cardano in South Africa, we've got you covered! You can buy Cardano in 3 simple steps using Fivewest's instant buy/sell service:
1. Create and verify your account. Sign up and complete KYC verification.
2. Place your buy order. Select ADA, enter your purchase amount in ZAR.
3. Pay and receive your ADA. Choose payment method, complete payment, and receive ADA in your wallet.

### Why choose Fivewest?
When looking to buy Cardano's ADA token in South Africa, FiveWest should be your first choice. Here are some of the key reasons to use FiveWest:

- **Best fees** - FiveWest offers some of the lowest trading fees in South Africa, allowing you to get the most ADA for your money.

- **No slippage** - With FiveWest's instant buy feature, you lock in the ADA price shown with no order slippage. 

- **Secure wallet** - Your purchased ADA is delivered instantly to your FiveWest wallet, giving you full control without relying on an exchange.

- **Convenience** - No more waiting around. FiveWest makes buying ADA with ZAR fast and easy with just a few clicks.

With these advantages, FiveWest is clearly the premier platform for South Africans to buy, sell and store Cardano's ADA cryptocurrency. The rest of this guide will walk you through step-by-step how to use FiveWest to buy and store your ADA.

Cardano is a blockchain platform that aims to be an Ethereum killer. Created by Ethereum co-founder Charles Hoskinson in 2015, Cardano seeks to solve some of the issues he saw with the Ethereum network. Since its launch, Cardano has partnered with organizations and governments to further develop its technology and real-world use cases.

### A Brief History of Cardano
2015 - Charles Hoskinson and his companies Input Output Hong Kong (IOHK) and the Cardano Foundation begin working on the Cardano blockchain.
2017 - IOHK partners with universities around the world for blockchain research. Hoskinson donates to the University of Wyoming to support blockchain development.
2018 - IOHK partners with the Ethiopian government to build an immutable record-keeping system to track student identities and performance.
How Cardano's Blockchain Works
Cardano uses a proof-of-stake consensus protocol that is designed to be energy efficient. The native ADA token functions as a payment currency and is used to pay transaction fees.

The Cardano blockchain has two layers:

- Settlement layer - Where users can transact ADA. Transactions use a UTXO model like Bitcoin for security.
- Computation layer - Where smart contracts are deployed and executed. This separation provides scalability and efficiency.

### Where to Buy Cardano (ADA) in South Africa?
FiveWest - The easiest and fastest way to buy ADA in South Africa. FiveWest allows you to instantly buy ADA directly with ZAR. It uses a non-custodial model, meaning you retain control of your crypto. FiveWest also has low fees compared to other crypto platforms in South Africa.

### Step-by-Step Guide to Buying ADA
Follow these steps to buy ADA on FiveWest:

1. Create an account and complete KYC verification
2. Deposit ZAR into your Fivewest wallet
3. Select ADA and enter your desired purchase amount in ZAR
4. Swap ZAR for ADA and receive ADA in your wallet shortly after payment

With FiveWest's instant buy feature, buying and securing ADA in South Africa is easier than ever! Sign up today to get started.

Screenshot 2023-10-08 at 12.43.15.png

The fastest, most affordable way for South Africans to buy Cardano's ADA token using FiveWest's seamless instant buy feature and secure wallet storage.

Instantly Buy Cardano In South Africa

Buy ADA in South Africa

# The Cheapest and Best Way to Send Money to South Africa
There are several options for sending money abroad to South Africa. While banks and services like Wise offer money transfers, they often come with high fees and poor exchange rates. A dedicated international money transfer provider like Fivewest provides the cheapest and best way to send funds.

Banks typically charge very high fees for international wire transfers, ranging from $40-$50 per transaction. They also don't provide great exchange rates since they build in their own profit margin. Services like Wise can be cheaper than banks, but their exchange rates are not as competitive as a specialist provider.

With Fivewest, transfers only cost a small fixed fee per transaction. Exchange rates are checked daily against major banks and Wise to ensure customers always get the top rate. This can save you up to 5% compared to alternatives. There are also no hidden charges.

Payment options are flexible with Fivewest. You can pay via bank transfer, debit card, credit card or electronic wallets like Apple Pay and Google Pay. Bank transfers are recommended as they incur the lowest fees, while credit cards attract the highest fees.

One of the best features of Fivewest is the ability to set rate alerts and lock-in rates when currency markets are favorable. This enables you to maximize your transfer amount compared to just sending at the current rate. Wise does not provide forward rate locking.

For convenience, the Fivewest app and online platform make sending money abroad to South Africa fast and secure. Transfers are generally received within 2-3 days. You also get dedicated account support for any questions or transaction management needs.

In summary, while banks and Wise offer money transfer services, the dedicated specialization and better exchange rates of Fivewest provide the cheapest and best way to send money to South Africa. Sign up for free today and save on your next international transfer.

Sending money to South Africa? This guide compares banks, Wise, and Fivewest to show how a dedicated money transfer provider offers the cheapest fees, best rates, and most effective option in 2023.

Trading Crypto in South Africa

Cheap International Transfers to South Africa

# Earn money online in South Africa with arbitrage (up to R150k per year)

Cryptocurrency arbitrage can be a lucrative way for South Africans to earn money online. With arbitrage, you take advantage of price differences across cryptocurrency exchanges to buy low on one exchange and sell high on another. This allows you to lock in small profits that add up over time.

The good news is that South Africans have tax incentives that make crypto arbitrage an appealing online income option. Using your R1 million Special Investment Allowance or R10 million Foreign Investment Allowance, you can get started with the minimum capital requirement which typically ranges from R100,000 to R200,000.

Current crypto arbitrage premiums are around 2-4% before costs historically. This means for each R100,000 traded, you could earn around R2000+ in profit on the price spread. 

Some Fivewest clients utilizing facilities have managed to earn over R100,000 to R120,000 using both their single discretionary allowance and foreign investment allowance. Of course, your profits will depend on market conditions and how much capital you're able to deploy. But the earning potential is certainly enticing.

Fivewest  provides a seamless crypto arbitrage service to capitalize on price inconsistencies between South African and overseas exchanges. By purchasing cryptos abroad in foreign currency and selling locally at higher rates, you can earn risk-free returns as the transactions settle.

## Benefits of Crypto Arbitrage with Fivewest:
1. Relatively Quick Payouts: Unlike other trading strategies, arbitrage profits materialize rapidly as transactions complete.
2. Avoid Volatility Risk: Arbitrage thrives on price fluctuations without exposing you to volatility.

Fivewest takes care of the trading intricacies so you can earn worry-free. We don't take open positions with client funds, limiting risk exposure. Our experts monitor cross-exchange pricing and exploit arbitrage opportunities as they emerge.

## We also mitigate common arbitrage risks:
1. Regulation: As an FSP-approved FinTech, we adhere to South African regulations affecting arbitrage.
2. Spreads: Our low spreads ensure fees don't eat into your potential profits.
3. Security: We limit exchange wallet exposure and insure against trading losses.

Crypto arbitrage offers a straightforward way for South Africans to earn rapid profits with minimal volatility risk. With Fivewest's seamless arbitrage service, you can capitalize on cross-exchange price discrepancies.

If you want to put your rands to work earning quick, low-risk returns, contact Fivewest Capital to explore how crypto arbitrage can deliver stable profits. Our expertise makes this money-making strategy simple and secure.

Earn Online with Crypto Arbitrage in South Africa



Earn online in South Africa using crypto arbitrage. You can make up to R100,000 arbitrage profits in just weeks with our arbitrage service. Sign up today!

Earn money online in South Africa (up to R150k)

Earn money online in South Africa

# PayPal South Africa: How Does It Work

PayPal is a world-leading payment solution, trusted by millions of customers and businesses worldwide. It's a great way to receive payments online for your online store or business. But how does PayPal work in South Africa? There are several specificities, such as the currencies you can receive and how to withdraw your funds. Using PayPal in South Africa might not be as straightforward as in some other countries, but it still remains a powerful tool to receive payments from international clients.

## PayPal to South African Banks

### PayPal and Standard Bank South Africa

If you're a Standard Bank South Africa customer, you may wonder how PayPal works in conjunction with this bank. Standard Bank allows you to link your PayPal account to your South African bank account, enabling you to withdraw your PayPal funds seamlessly. This integration provides a convenient way to access your money.

### PayPal and ABSA South Africa

ABSA customers, you can also enjoy the benefits of using PayPal in South Africa. Link your ABSA account to your PayPal account, and you'll have a channel to withdraw your funds. It's worth noting that the process for ABSA is similar to other banks, ensuring accessibility for ABSA customers.

### PayPal and Capitec South Africa

For Capitec Bank customers, the process of using PayPal in South Africa involves linking your Capitec bank account to your PayPal account. This step allows you to withdraw your PayPal funds and utilize them as needed. Capitec Bank provides a practical solution for accessing your PayPal earnings.

## Quick Summary

To use PayPal in South Africa, follow these steps:

1. **Create a PayPal account**: Visit http://www.paypal.com/za, choose between an individual or business account, and verify it.
2. **Link to your South African bank account**: Link your PayPal account to your South African bank account to withdraw funds.
3. **Withdraw funds**: Remember to withdraw your funds within 30 days of receipt.

Now, let's dive deeper into how PayPal works in South Africa and explore an alternative that can save you from high fees.

## Is PayPal Available In South Africa?

Yes, PayPal is available in South Africa, allowing you to pay and receive payments online for goods or services. However, South African regulations bring certain limitations to using PayPal in the country.

**Currency Constraints**: You cannot receive payments in South African Rand, but you can accept international payments in the 25 different currencies offered by PayPal, including USD and Euros. This makes PayPal a convenient option for international customers but not ideal for local transactions.

**No Fund Storage**: You cannot keep funds in your PayPal account. Funds received must be withdrawn to your South African bank account within 30 days.

Despite these constraints, PayPal in South Africa offers numerous benefits.

## Benefits of PayPal

- **Wide Acceptance**: PayPal is used by hundreds of thousands of websites worldwide, making it a trusted choice for customers.
- **Multi-Currency Support**: PayPal enables you to receive payments in 25 different currencies, ideal for selling to international customers.
- **Security**: PayPal provides buyer and seller protection against fraudulent transactions, ensuring safe transactions for you and your customers.
- **Data Security**: PayPal handles payment details securely, giving you peace of mind regarding data protection.
- **Trust Factor**: Offering PayPal as a payment option can enhance trust and credibility for your business.

## How Does PayPal Work in South Africa?

Here's a step-by-step guide to set up PayPal for receiving payments in South Africa:

### 1. Create a PayPal Account

   - Visit http://www.paypal.com/za and create your PayPal account.
   - Choose between an individual or business account, depending on your needs.
   - Verify your account by providing documents such as your National Identity card or Passport, proof of address, and a bank statement.
   - Link a credit/debit card to your PayPal account for verification.

### 2. Link Your PayPal Account to Your Bank Account

   - Link your PayPal account to your South African bank account. Note that this process involves creating an FNB online profile, even if you don't bank with FNB.
   - Register with the FNB PayPal Service on the FNB website.
   - Complete the setup process to enable fund withdrawals to your bank account.

### 3. Withdraw Your Funds

Due to South African regulations, you cannot use your PayPal funds directly. You have 30 days from the receipt of funds to withdraw them to your South African bank account. Once withdrawn, you can use the funds as needed.

## PayPal Fees in South Africa

While PayPal doesn't charge setup or monthly fees, it's essential to be aware of its transaction costs:

- **Fixed PayPal Transaction Fee**: Ranging from 2.4% to 3.9%, plus $0.3 USD per transaction.
- **Currency Conversion Fee**: A 2.5% fee above the exchange rate, set by FNB, with a margin included.
- **FNB Withdrawal Fee**: Varies between 0.81% and 1.51% based on transaction amount and volume.

This adds up to total fees between 5.7% and 8% per transaction, making PayPal an expensive payment solution in South Africa.

## A Cheaper Alternative: FiveWest

While PayPal offers global recognition and multi-currency support, it comes at a significant cost in South Africa. If you're looking for a more cost-effective option, consider FiveWest.

FiveWest is a payment gateway that doesn't charge the high 4-6% fees associated with PayPal. This makes it a compelling choice for businesses operating in South Africa, allowing you to keep more of your hard-earned money.

In conclusion, using PayPal in South Africa provides advantages such as trust, multi-currency support, and security. However, its fees can be substantial. If you're focused on cost-efficiency, exploring alternatives like FiveWest could be a wise move for your business.

Setting up a successful online store requires several steps, and selecting the right payment method is crucial. Whether you choose PayPal or an alternative like FiveWest, ensure it aligns with your business goals and customer needs.

Ready to start your online store and explore payment options? [Create your online store](insert your store creation link) and start selling in minutes!

---

Uncover insights into PayPal fees, including details with Standard Bank, ABSA, Capitec, and more.

Understanding PayPal in South Africa: From its operations to evaluating its advantages and transaction costs. Explore economical alternatives like Fivewest. Uncover insights into PayPal fees, including details with Standard Bank, ABSA, Capitec, and more.

PayPal Transfers

# Receiving Money from Overseas in South Africa with Standard Bank

Receiving money from overseas is an essential aspect of international transactions, whether you are a customer or a service provider. If you are a Standard Bank customer in South Africa, you may be wondering about the process of receiving international payments. In this comprehensive guide, we will explore how Standard Bank facilitates the receipt of funds from overseas, including the necessary steps and guidelines. We will also address frequently asked questions to provide you with all the information you need.

## Does Standard Bank allow international transfers? 
Yes, Standard Bank allows international transfers, enabling customers to receive money from overseas seamlessly. The bank has established robust systems and processes to facilitate these transactions securely.

## Does Standard Bank South Africa have an IBAN number? 
No, Standard Bank South Africa does not use the IBAN (International Bank Account Number) system. Instead, it relies on other identification codes for international transfers. For example, the SWIFT code for Standard Bank South Africa is SBZAZAJJ. This unique code ensures that funds are directed to the correct bank and branch.

## How much does Standard Bank charge to receive international payments? 
Standard Bank applies a fee for receiving international payments, which is subject to specific conditions. The fee is calculated as 0.554% of the transaction amount, with a minimum charge of R185 and a maximum charge of R791. It's important to note that these fees may vary based on factors such as the channel through which the funds are received (e.g., call center, online banking) and the specific details of the transaction.

Additionally, Standard Bank may require customers to complete a SARB (South African Reserve Bank) Reporting Mandate Form when receiving foreign exchange. This form collects personal details and declarations to comply with South African regulations regarding international payments.

Please note that the fee amounts and specific codes mentioned above are based on the information available at the time of writing and may be subject to change. It is advisable to consult with Standard Bank directly or refer to their official documentation for the most accurate and up-to-date information regarding fees and codes related to receiving international payments.

## What is the fastest way to receive international payments in South Africa?
Is Standard Bank the fastest way to receive international payments? Find out more here. We've written a comprehensive guide on the [fastest way to receive international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments) in South Africa if you need funds transferred in a hurry! 

If you're looking for dollar payments, check out our [international payments from the USA to South Africa](https://fivewest.co.za/best-way-to-send-money-from-usa-to-south-africa) guide.

Receiving money from overseas is an essential aspect of international transactions, whether you are a customer or a service provider. If you are a Standard Bank customer in South Africa, you may be wondering about the process of receiving international payments. In this comprehensive guide, we will explore how Standard Bank facilitates the receipt of funds from overseas, including the necessary steps and guidelines. We will also address frequently asked questions to provide you with all the information you need.


Learn how to receive money from overseas in South Africa with Standard Bank. Learn about Standard Bank's international transfer capabilities, fees, the absence of an IBAN number, and the utilization of SWIFT codes like SBZAZAJJ. 

International Standard Bank Transfers

The Best Ways to Transfer Money from the USA to South Africa

Sending money from the USA to South Africa can be a straightforward process if you choose the right method. In this blog, we will explore the most cost-effective and convenient ways to transfer money to South Africa. Whether you're looking for the cheapest option, the easiest method, or considering using PayPal, we've got you covered.

## What is the Cheapest Way to Transfer Money from USA to South Africa?
When it comes to finding the cheapest way to send money from the USA to South Africa, specialized international money transfer companies often offer the best rates and low fees. These companies focus on providing competitive exchange rates and transparent fee structures, ensuring that you get the most value for your money. By comparing different providers, you can find the one that offers the most favorable USD-to-ZAR rates and minimal fees.

## What is the Easiest and Cheapest Way to Send Money to South Africa?
If you're looking for a method that combines ease of use with affordability, specialized international money transfer companies are again a great choice. These companies typically offer user-friendly online platforms or mobile apps that allow you to initiate transfers quickly and conveniently. With their intuitive interfaces, you can easily enter the recipient's details, select the desired amount, and complete the transaction in just a few clicks. Additionally, these providers often offer competitive rates and low fees, making them an excellent option for both convenience and cost-effectiveness.

## Can I Send Money from USA to South Africa with PayPal?
Yes, you can send money from the USA to South Africa using PayPal. PayPal is a popular online payment platform that allows you to transfer funds internationally. However, it's important to note that PayPal's fees and exchange rates may not always be the most competitive compared to specialized money transfer companies. While PayPal offers convenience and familiarity, it's worth comparing the rates and fees with other providers to ensure you're getting the best deal.

## South African Banks and Service Providers
In addition to specialized international money transfer companies, South Africa has its own banks and service providers that you can consider for sending money from the USA. Some notable South African banks include:

**Standard Bank**: As one of the largest banks in South Africa, Standard Bank offers a range of international money transfer services, including wire transfers and online banking options.

**Absa Bank**: Absa Bank provides various options for sending money internationally, such as telegraphic transfers and online banking services.

**First National Bank (FNB)**: FNB offers convenient and secure ways to send money from the USA to South Africa, including their online banking platform and mobile app.

**Nedbank**: Nedbank provides international money transfer services, allowing you to send funds from the USA to South Africa through their online banking platform or by visiting a branch.

When considering South African banks, it's important to compare their fees, exchange rates, and services with international money transfer companies to ensure you're getting the best deal for your specific needs.

When it comes to sending money from the USA to South Africa, there are several options to consider. Specialized international money transfer companies often provide the cheapest and easiest methods, offering favorable exchange rates and low fees. However, if you prefer using South African banks, options like Standard Bank, Absa Bank, FNB, and Nedbank can also be explored. Additionally, PayPal is a viable option, although it's essential to compare its rates and fees with other providers. By exploring these different options, you can find the best way to send money to South Africa that suits your needs and priorities.

Remember, always compare rates, fees, and services offered by different providers to make an informed decision and ensure you get the most value for your money.

Discover the best ways to send money from the USA to South Africa, including specialized international money transfer companies, PayPal, and South African banks like Standard Bank, Absa Bank, FNB, and Nedbank.

The Best Ways to Transfer Money from the USA to South Africa

U.S.A. Money Transfers to SA

# How FNB Customers Can Receive Money from Overseas in South Africa 

In today's globalized world, [receiving money from overseas](https://fivewest.co.za/receiving-money-from-overseas-in-south-africa) has become a common occurrence. Whether you're an individual or a business, having a seamless and efficient process for [international payments](https://fivewest.co.za/best-way-to-receive-international-payments) is crucial. In this  post, we will guide you on how to receive money from overseas in South Africa using [FNB](https://www.fnb.co.za/), ensuring a smooth and successful transfer.

##Can an FNB account receive money from abroad? 
Yes, FNB accounts can receive money from abroad. Simply provide the sender with your FNB SWIFT code: FIRNZAJJ to facilitate the international payment to your FNB account.

## What are FNB Banking Details for International Payments ?
To receive money from overseas through FNB, it is essential to provide the sender with the following banking details:

- **Full Name:** Make sure the sender includes your full name accurately to avoid any confusion during the transfer process.

- **Bank Account Number:** Provide the sender with your FNB bank account number. Double-check the accuracy of the account number to prevent any delays or misrouting of funds.

- **FNB's SWIFT/BIC Code:** FNB uses the SWIFT/BIC code for international transactions. The SWIFT/BIC code for FNB is FIRNZAJJ. It is crucial to provide this code to the sender to ensure a successful transfer.

Once the sender initiates the transfer, it is advisable to maintain communication with them to track the progress of the transfer. While FNB provides an estimated timeline for [international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments), the actual duration may vary depending on various factors. By staying in touch with the sender, you can get a more accurate estimate of when the funds will be available in your FNB account.

FNB facilitates international payments from various countries worldwide. However, it is essential to be aware of any specific requirements or considerations when receiving money from certain countries. [FNB's website](https://www.fnb.co.za/forex/payments/global-receipts.html) provides detailed information on receiving money from specific countries, ensuring that you have all the necessary information for a smooth transaction.

### What are the steps to accept international payments on FNB?
1. Login to the FNB App.
2. Select the 'Forex' tab.
3. Choose 'Global Payments'.
4. Select the Forex menu and provide the required transaction information.
5. Choose a reason (BoP code) for your payment.
6. Follow the screen prompts to complete the transaction.

Receiving money from overseas in South Africa through FNB is a straightforward process when you have the right information and follow the correct procedures. By providing the sender with your full name, FNB bank account number, and FNB's SWIFT/BIC code (FIRNZAJJ), you can ensure a seamless transfer of funds. Remember to stay in touch with the sender and track the progress of the transfer for a more accurate estimate of when the funds will be available in your FNB account. With FNB's expertise in [international payments](https://fivewest.co.za/best-way-to-receive-international-payments), you can receive money from around the world with confidence.

### How long does it take to receive money from overseas with FNB? 
Once your documents meet Exchange Control requirements, the payment will reach the beneficiary within 2 working days. FNB ensures speed and reliability, with a full transaction history available for easy tracking.

### How much does FNB charge to receive money from abroad? 
For amounts under R10,000, FNB charges a fixed fee of R75 - R175 per transfer. For amounts over R10,000, a commission of 0.55% per transfer applies, with a minimum fee of R175 and a maximum fee of R450.

### Does FNB South Africa have an IBAN number? 
No, FNB South Africa does not use IBAN numbers for international transfers. Instead, provide the sender with FNB's SWIFT code: FIRNZAJJ to ensure a successful transfer.

## What is the fastest way to receive international payments in South Africa?
Is FNB the fastest way to receive international payments? Find out more here. We've written a comprehensive guide on the [fastest way to receive international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments) in South Africa if you need funds transferred in a hurry! 

If you're looking for dollar payments, check out our [international payments from the USA to South Africa](https://fivewest.co.za/best-way-to-send-money-from-usa-to-south-africa) guide.

We hope this guide has been helpful in understanding how to receive money from overseas in South Africa as an FNB customer. If you have any further questions or need assistance, feel free to reach out to FNB's customer support team, who will be happy to assist you.

Discover how to receive money from abroad with FNB in South Africa. Learn the simple process, including providing the FNB SWIFT code: FIRNZAJJ to the sender. Find out the timeline for receiving funds, fees involved, and more. Stay informed and make international payments hassle-free with FNB.

Discover how to receive money from abroad with FNB in South Africa. Learn the simple process, including providing the FNB SWIFT code: FIRNZAJJ to the sender. Find out the timeline for receiving funds, fees involved, and more. 

How FNB Customers Can Receive Money from Overseas in South Africa 

FNB International Transfers

# Fast International Business Payments To South Africa

If you've found your way to this article, chances are you're a South African business owner seeking a swift, secure and cost-effective route to handle international business payments. Within the ever-evolving landscape of cross-border B2B payments,[FiveWest](https://fivewest.co.za/) has identified four significant challenges that businesses in South Africa encounter when sending or receiving international transactions. FiveWest’s comprehensive and tailored solutions combat these obstacles through fast, secure and cost-effective Global Payment Solutions. 

### 1.   	Lack of Transparency
South African businesses are facing challenges in effectively tracking the sources and destinations of their funds. Inaccurate or delayed payment tracking impacts cash flow, affecting the ability to manage operational expenses and investments effectively. This causes knock-off effects, negatively affecting multiple departmental functions. The continuous lack of transparency causes direct challenges for businesses to efficiently track the status of their transactions, leading to uncertainty and disputes.  

### 2.   	High Transaction Costs
Navigating international transactions involves contending with volatile currency exchange rates, which directly influence the value of payments. Sudden changes in exchange rates can lead to unexpected financial losses. While traditional international payments often involve fees related to currency conversion, wire transfers, and intermediary bank charges. These costs can add up, and reduce the overall profitability of the transactions.

### 3.   	Tracking Multiple Payments
Complexities arise when managing the intricate task of tracking large volumes of incoming and outgoing payments, across various international platforms. The spin-off effects from these complexities make it increasingly difficult to manually track and reconcile each payment accurately.  

### 4.   	Delays in Processing Times
Delays in receiving or sending payments disrupt business operations and cash flow. These cross-border B2B payment delays are often attributed to the involvement of multiple financial institutions, compliance checks, and differences in banking systems.

## Fivewest’s Comprehensive & Tailored Solutions For International Business Payments
FiveWest’s development of comprehensive B2B international payment solutions has revolutionized the way South African businesses approach these obstacles. Our platform leverages blockchain rails for settlement which has the following benefits:

#### Speed
Our transfers take less than  1 hour, making international B2B transactions streamlined and efficient. 
#### Cost
Our payment rails takes advantage of the latest blockchain technology which means that payments can take place for less ZAR 10 cents per transaction.  
#### Security 
Through blockchain’s transparency tools FiveWest is able to conduct analyses through Transaction Monitoring for in-coming and out-going B2B global payments. This is done in conjunction with strict compliance to the standards set by FSCA and SARB. FiveWests Sanctions List Screening alongside Suspicious Activity Reports ensures that all transactions remain secure complying with AML regulations.


While international business payments present manyfold challenges to South African businesses, FiveWest’s tailored solutions continue to revolutionise the way B2B payments are done. Their fast, secure and cost-effective Global Payment Solutions help businesses streamline and navigate international payments efficiently.


AdobeStock_492299763.jpeg

South African businesses face challenges with international B2B payments like lack of transparency, high costs, payment tracking complexity, and delays. FiveWest's fast, secure and affordable global payment solutions powered by blockchain technology overcome these obstacles. Our transfers take under an hour, cost less than 10 ZAR cents, and leverage transaction monitoring for security. FiveWest streamlines international business payments for South African companies through speed, transparency, low fees, easy tracking, and compliance with regulations.

FiveWest's business global payment solutions tackle challenges with international B2B payments for South African businesses through fast, secure, affordable transfers, transparency, simplified tracking, and regulatory compliance.

Fast International Business Payments To South Africa

Using remittance services offers several advantages, but it also comes with a few drawbacks. Let's explore the pros and cons:

**Pros:**

**1. Speed and Convenience:** [Remittance](https://fivewest.co.za/remittance-define) services allow for quick and convenient money transfers, enabling recipients to access funds within minutes or days.

**2. Accessibility:** With the rise of digital platforms, remittance services are more accessible than ever before. Migrants can send money to their home countries from anywhere in the world using services like [FiveWest](https://fivewest.co.za/international-payments)

**3. Cost-Effectiveness:** Online money transfer providers and mobile payment apps often offer competitive exchange rates and lower fees compared to traditional banks and [money transfer](https://fivewest.co.za/The-best-online-money-transfer-solution) operators. For example when using FiveWest to transfer money you are guaranteed to be cheaper than your bank

**4. Security:** Reputable remittance service providers employ robust security measures to protect the privacy and financial transactions of their customers. At FiveWest Security is 

**Cons:**

**1. Fees and Exchange Rates:** Remittance services may charge fees and apply exchange rates that can vary significantly across providers. It's important to compare costs to ensure you are getting the best value for your money. But no need to jump from website to website to do this. Our converstion tool aggregates and compares rates from popular servthis for easy comparison. [Try it.](https://fivewest.co.za/)

**2. Limited Accessibility:** In some remote areas or developing countries, access to remittance services may be limited, making it challenging for recipients to receive funds.

**3. Potential for Fraud:** While remittance service providers implement security measures, there is always a risk of fraud. It's crucial to use trusted and reputable providers and be cautious when sharing personal and financial information. Us at FiveWest value the input of 

## Remittance Fees and Exchange Rates

Remittance fees and exchange rates can vary widely depending on the service provider and the destination country. It's crucial to compare different providers to find the most cost-effective option for your specific remittance needs.
Some providers offer low or zero fees for certain transactions or during promotional periods, while others may charge a fixed fee or a percentage of the transaction amount. Additionally, exchange rates can significantly impact the value of the remittance, as they determine how much money the recipient will receive in their local currency.
It's advisable to consider both the fees and the exchange rates when choosing a remittance service providers. Online platforms and comparison websites can help you compare fees and rates across different providers, ensuring you make an informed decision.

##**Remittance Regulations and Security Measures**
Remittance services are subject to regulations and security measures to prevent money laundering, terrorist financing, and other illegal activities. Governments and regulatory bodies in both sending and receiving countries have established guidelines and requirements that remittance service providers must adhere to.
These regulations often involve customer identification procedures, transaction monitoring, and reporting suspicious activities. Reputable remittance service providers have robust compliance programs in place to ensure they meet these regulatory requirements and protect their customers' interests.
To safeguard your transactions, it's important to use licensed and regulated remittance service providers. Look for providers that display certifications or partnerships with trusted financial institutions or regulatory bodies.

## **Remittance Trends and Statistics**
Remittance flows have been steadily increasing over the years. According to the World Bank, global remittances reached a record high of $689 billion in 2018, with developing countries receiving the majority of these funds. Remittance volumes are expected to continue growing, driven by factors such as increased migration, globalization, and advancements in digital technology.
The rise of digital platforms has revolutionized the remittance industry, making transactions faster, more convenient, and cost-effective. Mobile money transfers, in particular, have gained traction, especially in regions with limited access to traditional banking services.
Additionally, blockchain technology and cryptocurrencies are being explored as potential disruptors in the remittance market. These technologies have the potential to reduce costs, increase transparency, and improve the speed of transactions.
**
## Remittance Services Comparison**

To help you make an informed decision, here is a brief comparison of some popular remittance service providers:

**1. TransferWise:** Offers competitive exchange rates and transparent fees with no hidden charges. Allows users to send money online and provides multi-currency accounts for easy international transactions.

**2. WorldRemit:** Provides a variety of payment options, including bank transfers, cash pick-up, and mobile wallets. Offers low fees and fast transfers to a wide range of destinations.
3. PayPal: Allows users to send and receive money globally through their online platform or mobile app. Offers convenience and security, with the ability to link bank accounts and cards for seamless transactions.
4. Remitly: Specializes in remittances to specific countries, offering fast transfers and competitive exchange rates. Provides cash pick-up and bank deposit options for recipients.
5. FiveWest: 


Screen Shot 2023-08-15 at 14.40.53.png

Discover pros and cons of remittance services. Benefit from speed, accessibility & cost savings. Beware of fees, fraud risks & limited access. Stay secure with trusted providers. Compare options for informed decisions.

Pros and cons of using Payment Remittance Services

# Understanding the Taxation of Crypto Assets in South Africa 

Cryptocurrency has gained significant popularity in recent years, and as its use grows, so does the need to understand its tax implications. If you're a cryptocurrency holder in South Africa, you might be wondering how crypto is taxed, whether it falls under capital gains or income tax, the tax rates involved, and if any VAT is applicable. In this blog, we'll provide an overview of the tax treatment of crypto assets in South Africa.

## Is crypto taxed in South Africa?
Yes, cryptocurrency is subject to taxation in South Africa. The [South African Revenue Service (SARS)](https://www.sars.gov.za/) considers cryptocurrencies as intangible assets, and any income or gains derived from them are subject to taxation.

### Capital gains tax or income tax on crypto?
Determining whether you should pay capital gains tax or income tax on your crypto activities depends on the nature and frequency of your crypto transactions. SARS treats cryptocurrencies as assets, and the tax treatment will depend on whether you are an investor or a trader.

Capital gains tax (CGT): If you are an investor who buys and holds cryptocurrencies as a long-term investment, any profits made upon disposal will be subject to capital gains tax. The capital gain is calculated by subtracting the base cost (acquisition price plus any associated costs) from the selling price.

Income tax: If you actively trade cryptocurrencies, engaging in frequent buying and selling or using crypto for business purposes, SARS may view your activities as trading rather than investing. In this case, your profits will be treated as ordinary income and subject to income tax. Factors considered include the volume, frequency, and intention behind your transactions.

### How much tax do I pay for crypto?
The tax rate you pay for crypto depends on your income or capital gains bracket. South Africa uses a progressive tax system, where higher income or gains are taxed at higher rates. As of the current tax year, the marginal tax rates for individuals range from 18% to 45%. The tax rate applicable to your crypto activities will be determined based on your overall taxable income.

You can use [Tax Calculators](https://taxcalculators.ai/south-africa) to calculate your taxable income for your specific scenario.

It's important to note that SARS allows certain exclusions and deductions for crypto-related expenses. Expenses incurred for the purpose of generating income from cryptocurrency transactions, such as transaction fees, may be deductible when calculating your taxable income or capital gains.

### VAT on crypto assets in South Africa:
Value-added tax (VAT) is not applicable to the buying, selling, or holding of cryptocurrencies in South Africa. In 2018, SARS clarified that cryptocurrencies are not considered a currency for VAT purposes. However, it's worth noting that other services related to cryptocurrencies, such as mining or providing exchange platforms, may be subject to VAT.

When it comes to taxation, cryptocurrencies are not exempt in South Africa. Depending on your activities, you may be subject to either capital gains tax or income tax. It's crucial to keep accurate records of your crypto transactions and consult with a tax professional to ensure compliance with SARS regulations. Remember to consider the applicable tax rates based on your income or gains, and be aware that VAT does not apply to the buying, selling, or holding of cryptocurrencies themselves. Stay informed and proactive in fulfilling your tax obligations to avoid any potential penalties or legal issues.





Trading of crypto assets is subject to the general principles of South African tax law and taxed accordingly. In simple terms, if crypto is traded for the purpose of making short-term trading profits, it will be considered part of a taxpayer's income. On the other hand, if it is held for capital appreciation purposes, it will be considered part of capital gains tax (CGT).

In South Africa, trading crypto assets follows general tax principles. If crypto is traded for short-term trading profits, it's treated as income, while holding it for capital appreciation falls under capital gains tax. Intention is also a factor.

Tax and Crypto Assets in South Africa

FiveWest clients will be pleased to hear that a new and instantaneous Buy/Sell feature has been added to the FiveWest dashboard.

**What does this mean in practical terms?**

It means, for example, you can switch between fiat ZAR and US dollar stablecoins such as USDC with the simple click of a button. Or you can get a market quote on Bitcoin and compare that price with other crypto providers to see if you are getting the best deal available.

> “We are excited to announce the launch of FiveWest’s latest instant Buy/Sell feature. Now, you can effortlessly trade between stablecoins and ZAR with our intuitive user interface, anytime, day or night,” says FiveWest CEO Omer Iqbal.

To access this feature, you have to sign up with FiveWest [here](lhttps://dashboard.fivewest.co.za/auth/register?).

Once your wallet is funded with either crypto or ZAR, the funds are immediately available for trading. “There’s no more waiting around,” adds Iqbal. “After completing your trades, the funds are instantly accessible in your wallet. You can also request withdrawals, which are processed multiple times per day for your convenience.”

Crypto traders will appreciate the convenience of being able to switch instantly between fiat or crypto into stablecoins. Prudent investors and traders will understand that ZAR has been one of the world’s weakest currencies this year so far, so hedging against any further weakness might be a smart strategy. When the opportunity presents itself to re-enter the crypto market, this can likewise be done in an instant with the click of a button.

> “If you still prefer a personal touch, our dedicated over-the-phone trading desk is at your service. Call our OTC desk to negotiate rates and settle funds directly into your wallet at the agreed-upon rate. Other crypto and fiat currencies are currently available on the OTC desk and will be added to the Instant Buy/Sell, along with other advanced features, such as margin trading, in the near future,” says Iqbal.

**Complete our short KYC process and begin trading automatically with FiveWest today!**

cover.png

Buy Crypto South Africa

A report by wire fraud detection firm CertID shows $1.4 billion in wire fraud in 2022. What’s alarming
about this is that instances of wire fraud jumped 145% over the previous year.

Risks of wire fraud have increased as a result of the shift towards digital payments, aggravated by the
disruptions caused by Covid.
Here are some of the more common types of [money transfer](https://fivewest.co.za/The-best-online-money-transfer-solution) scams that have surfaced in recent years.

-  **Phishing:** this is the fraudulent use of emails, purporting to come from reputable sources, to
entice people to reveal personal information and – most especially – money. The emails will
generally look legitimate and will suggest that you are the recipient of a cash refund or prie for
which you have to supply your bank details.

- **Help, I’ve had an emergency and need cash:** 60 Minutes recently did a segment on how
sophisticated AI has become. It goes like this: you get a call from someone who sounds like a
friend or family member (Deep Fakes can now do this with the help of AI) saying they have been
in a car accident, or some other emergency, and need cash transferred to their bank account
immediately. You can easily be fooled into believing that if you do not transfer money
immediately, the friend/relative/associate is in serious danger. These are surprisingly common
and effective.

- **Online dating:** this happens a lot on social media sites like Facebook, where the con artist
pretends to express romantic interest in the victim. They will say they want to send you a gift
and need an address, but then they explain that you need to send shipping money (or some
such story). Once you do that, they will come up with other complicated stories to get you to
send more money. Don’t do it!

- **Investment scams:** you come across a website (or get directed to it) with a deal that looks too
good to be true. Investment returns of 5% or 10% a month are on offer (nothing is ever that
good). You send money to the designated address (often in the form of crypto) and some are
fairly sophisticated, showing you a dashboard with your fake returns clearly displayed. Once you
try to withdraw, the scammers will ask for withdrawal fees or may even encourage you to invest
more and upgrade your investment to a “premium-tier” bracket. The whole idea is to get you to
pour more money into the scam.

- **You’re a winner!** You get an email telling you about a fantastic prize you have just won. All you
have to do is transfer money to an attached bank or crypto account to cover ”taxes”, “fees” or
“transfer costs”. The scammer then takes your money and that’s the last you hear from him.
There are many other types of money transfer scams. Be alert to the fact that scammers work on a
numbers basis: the more people they contact, the higher their chances of pulling off a successful scam.

**The lesson here is to only deal with reputable money transfer companies such as Moneytransfer.online
(a division of [FiveWest](https://fivewest.co.za/)), which is among the cheapest in the market, with transactions completed within
a day.**

AdobeStock_479368124.jpeg

There are a lot of scammers out there, so when making money transfers, always make sure to work with reputable money transfer companies. 

Beware these types of money transfer scams

South Africa has an extensive population of foreign workers who support family members back home
each month and there are some interesting and innovative ways they do this.

> For example, Zimbabweans have an informal [money transfer](https://fivewest.co.za/The-best-online-money-transfer-solution) system that is based on a system of trust.
Taxi drivers commuting from Joburg and the Western Cape will deliver rands in cash to family members
back home – for a fee, which can be 5-10%. Family members in Zimbabwe would rather receive cash in
foreign currency because of the ability to swap these on the black market at a better exchange rate than
offered through the official banking sector.

**Then there are more formal options:**

Data from Monito suggests WorldRemit is the best service for sending R1,000 to Zimbabwe. By the time that money arrives in Zimbabwe, the recipient will receive $46.70 (R928) which means **about 7% has been swallowed in fees.** This transfer can be completed in minutes, with the recipient collecting at a WorldRemit agency with a transfer code.

## What about sending money from abroad to South Africa?

Let’s see what happens when we transfer A$200 (Australian) to South Africa (the exchange rate as of
May 2023 was R12.84 to A$1).

- FiveWest comes out as the cheapest (less than 1%), with transfer taking place within a day. The
company is [cheapest on most transfers](https://fivewest.co.za/cheapest-way-to-receive-international-payments), including shipping money outside of SA.

- SingX comes out as the next best transfer option, with the recipient collecting R2,564 using the
company’s zero transfer fees on the first two transfers. Thereafter, the amount received would
be R2,402, which amounts to a cost of 6.4%. The other advantage of SingX is that transfer
happens on the same day.

- CurrencyFair and XE are slightly more expensive, though CurrencyFair takes 1-3 days, while XE
will effect transfer the following day.
- WorldRemit will transfer the same day, but offers a worse exchange rate than SingX and will
load a transfer fee of A$4.99 on top. The recipient will receive R2,470, which is equivalent to a
fee of 3.8% - not bad.
- Remitly offers a slightly worse exchange rate and loads a transfer fee of A$6.99 on top. The
recipient gets R2,455, which equates to a cost of 4.4%.

Both WorldRemit and Remitly will effect transfer the same day. If you transfer larger amounts of money (say A$2,000), SingX and CurrencyFair come out on top
mainly because there are no fees on the first few transfers (and in the case of CurrencyFair, no
fees for the first three months).

## 
Transferring funds from the UK
Again, FiveWest comes out on top with costs of slightly less than 1%. You can check its rates here.
CurrencyFair again comes the next cheapest when transferring GBP 200 from the UK to South Africa
because there are no fees for the first three months. Once the three months expires, the cost jumps to
around 17% which is extremely high.
Paysend and XE are better options for the longer term, particularly for small amounts.
It’s important to do comparisons of costs before making a transfer, and remember that the costs can
vary depending on the amount involved. Also keep note of how long the transfer will take. Ideally, you
would want a transfer company that can make the transfer in a day or less.

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There are so many options out there to consider For money transfers but not all of them are fast or cheap. In this blog, we break down the fastest and cheapest options for your money transfer needs from overseas to South Africa 

The Fastest and Cheapest Way To Transfer Cash To South Africa

Cheapest Way To Receive International Payments

Conducting business transactions with partners in South Africa has become increasingly common. Whether you are paying suppliers, collaborating with international colleagues, or investing in South African ventures, having a reliable and efficient [money transfer service](https://fivewest.co.za/The-best-online-money-transfer-solution) is crucial.
At FiveWest, we offer tailored solutions to support your business needs when sending money to South Africa. Here's why our services are the ideal choice for your business:

**Streamlined Transactions**

We understand the importance of prompt payments in the business world. Our platform allows you to initiate and track your transfers quickly and easily, ensuring that your funds reach their destination without delays. Time is money, and we value your time.

**Secure and Trusted**

When it comes to business transactions, security is paramount. We have implemented stringent security measures to protect your sensitive information and provide a safe transfer environment. With [FiveWest](https://fivewest.co.za/about), you can have peace of mind knowing that your funds are handled with the utmost care.

**Competitive Exchange Rates**

As a business, getting the best value for your money is crucial. Our money transfer service offers competitive exchange rates, allowing you to maximize the funds sent to South Africa. We understand that every dollar counts, and our aim is to help you make the most of your financial resources.

**Dedicated Support for Businesses**

We recognize that businesses have unique requirements. Our dedicated customer support team is well-versed in addressing business-related inquiries and concerns. Whether you need assistance with bulk transfers, recurring payments, or navigating international regulations, we are here to provide


## How do I send money to South Africa with FiveWest?


- Navigate to our “Request a quote” form. 
- Include your email. 
- Include the currency that you would like to send & submit the form 
- One of our account managers will be in touch shortly. 



AdobeStock_303448308.jpeg

Managing a business from outside of South Africa can be a bit tricky to navigate. Here are some tips and tricks to make your business money transfers easier than ever 

Managing business from outside of South Africa can be a bit tricky to navigate. Here are some tips and tricks to make your business money transfers easier than ever 

Nurturing Business Relationships: Efficient Money Transfers to South Africa

Sending money to South Africa doesn't have to be a daunting task. With the right knowledge and a reliable money transfer service, you can easily and efficiently send funds to your loved ones or business partners. In this comprehensive guide, we will walk you through the process of how to send money to South Africa, providing you with valuable insights and tips to ensure a smooth and hassle-free experience.

### **Step 1: Choose a Trusted Money Transfer Service**

The first step in sending money to South Africa is selecting a reputable money transfer service. Look for a provider that offers competitive exchange rates, low fees, secure transactions, and excellent customer support. Take your time to compare different services and read customer reviews to make an informed decision. A good example of a trusted [Money Transfer Service](https://fivewest.co.za/The-best-online-money-transfer-solution) is us at FiveWest.

### **Step 2: Create an Account**

Once you've chosen a money transfer service, visit their website and create an account. This typically involves providing your personal information, such as your name, address, and contact details. Some services may require additional verification steps to ensure the security of your transactions. When performing this step through [FiveWest](https://fivewest.co.za/). Online you just have to initially request a quote by filling in the Request a quote form and your designated account manager will be in touch with you to help with creating your account.

### **Step 3: Provide Recipient Details**

Next, you'll need to provide the recipient's details. This includes their name, address, and contact information in South Africa. Make sure to double-check the accuracy of the recipient's information to avoid any delays or issues with the transfer. This helps the company KYC you. 

### **Step 4: Select the Transfer Amount and Currency**

Specify the amount of money you wish to send to South Africa and the currency in which you want to make the transfer. The [money transfer service](https://fivewest.co.za/The-best-online-money-transfer-solution) will then calculate the exchange rate and provide you with the converted amount in South African Rand (ZAR). Ensure that you review the exchange rate and any associated fees before confirming the transfer. Once you are happy you can proceed and confirm.

### **Step 5: Choose a Transfer Method**

Money transfer services offer various transfer methods to suit your needs. Common options include bank transfers, debit or credit card payments, and mobile wallet transfers. Select the most convenient method for you and proceed with the transfer.

### **Step 6: Review and Confirm the Transfer**

Before finalizing the transfer, carefully review all the details, including the recipient's information, transfer amount, exchange rate, fees, and estimated delivery time. If everything appears correct, go ahead and confirm the transfer.

### **Step 7: Track Your Transfer**

After confirming the transfer, the money transfer service will provide you with a tracking number or reference code. Use this information to track the progress of your transfer online or through customer support channels. This allows you to stay informed about the status of your transaction.

### **Step 8: Notify the Recipient**

Once the transfer is complete, it's a good practice to inform the recipient in South Africa that the funds are on the way. Provide them with any relevant details, such as the expected delivery date or the tracking information, so they can anticipate the arrival of the funds.

[Sending money to South Africa](https://fivewest.co.za/international-business-payments) is a straightforward process when you follow the right steps and choose a reliable money transfer service. By selecting a trusted provider, creating an account, providing accurate recipient details, choosing the transfer amount and currency, selecting a transfer method, reviewing and confirming the transfer, tracking the progress, and notifying the recipient, you can ensure a seamless experience. Remember to consider factors like:
 
- Competitive exchange rates
- Low fees
- Security & 
- Customer support 

With the right approach, you can confidently send money to South Africa and support your loved ones or conduct business transactions with ease.

## **How do I send money to South Africa with FiveWest?**


- Navigate to our “Request a quote” form. 
- Include your email. 
- Include the currency that you would like to send & submit the form 
- One of our account managers will be in touch shortly. 





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The following is a step-by-step process on how to go about sending money to South Africa, whether it's to a family member, business payments, or buying a house, we've got you covered.

How to Transfer money to South Africa: A Comprehensive Guide

When it comes to [sending money to South Africa](https://fivewest.co.za/what-to-know-about-sending-money-from-uk-to-south-africa), finding a reliable and efficient foreign currency exchange service is crucial. Whether you need to support your loved ones or conduct business transactions, you want a service that offers competitive rates, secure transfers, and a hassle-free experience. Look no further! Our money transfer service specializes in foreign currency exchange to South Africa, providing you with a seamless and convenient way to send funds while ensuring your satisfaction every step of the way.

## Why Choose Our Foreign Currency Exchange Service?

**Competitive Exchange Rates:**
We understand that every cent matters, and getting the best exchange rate is essential. Our foreign currency exchange service is committed to offering highly competitive rates to ensure that your hard-earned money goes further. By closely monitoring the foreign exchange market, we provide real-time rates that allow you to maximize the value of your transfers to South Africa. Say goodbye to excessive fees and hidden charges—our transparent approach guarantees that you receive the best possible deal.

**Streamlined Online Platform:**
We value your time and convenience. Our user-friendly online platform is designed to simplify the money transfer process. With just a few clicks, you can request a quote, select the desired foreign currency exchange, and specify the recipient in South Africa. Our intuitive interface ensures a seamless experience, whether you're using a computer or a mobile device. Enjoy the flexibility of managing your transfers at any time, from anywhere in the world.

**Security at the Core:**
At our money transfer service, your peace of mind is our top priority. We employ state-of-the-art security measures to safeguard your personal and financial information. Our secure encryption protocols ensure that your data remains confidential throughout the transaction process. By partnering with trusted financial institutions in South Africa, we guarantee that your funds are handled with utmost care and reach your intended recipient securely and reliably.

**Extensive Coverage:**
No matter where your recipient is located in South Africa, our foreign currency exchange service has you covered. We have an extensive network of partners and banking relationships across the country, enabling us to reach even the most remote areas. Whether you need to send money to Johannesburg, Cape Town, Pretoria, or any other city or town, our service ensures a smooth and efficient transfer experience.

**Customer Support Excellence:**
We take pride in providing exceptional customer support to address any queries or concerns you may have. Our dedicated support team is available to assist you at every stage of your money transfer journey. Whether you need assistance with the foreign currency exchange process, tracking your funds, or understanding our services, our friendly and knowledgeable representatives are just a call or message away.
Sending money to South Africa and navigating the foreign currency exchange process can be a complex endeavor. However, with our money transfer service, you can simplify the experience and enjoy peace of mind. Our competitive exchange rates, streamlined online platform, robust security measures, extensive coverage, and dedicated customer support make us the ideal choice for your money transfer needs. Trust us to handle your foreign currency exchange, and experience a hassle-free and efficient way to send money to South Africa.

**Disclaimer: Please note that exchange rates are subject to market fluctuations and may vary. We recommend checking our current rates and terms and conditions at the time of your transfer.**

## How to send money to South Africa with MoneyTransfer

- Navigate to our “Request a quote” form. 
- Include your email. 
- Include the currency that you would like to send & submit the form 
- One of our account managers will be in touch shortly. 


AdobeStock_312927435.jpeg

Choosing a foreign currency exchange can be a headache, the following are features of why FiveWest's foreign currency exchange is the best fit for you.

The Best Foreign Currency Exchange Service for Sending Money to South Africa

According to Home Office statistics, between 2018 and 2022, over 52,000 visas were issued to South Africans to live in the UK. This doesn't include the many South African holders of British passports who have also moved over in the past few years. With that being said, there are many reasons for Expats to want to send money back home wheather its: Sending money to a family member, making [international payments](https://fivewest.co.za/fastest-way-to-receive-international-payments) for your business, buying property back home or simply about to move to the Mother land. 
Despite the many reasons there are for [transferring money from the UK](https://fivewest.co.za/top-money-transfer-services-to-transfer-money-from-uk-to-south-africa) to South Africa, money transfers have never been an easy task. They too often take way too long, are expensive and inefficient.

## How to send money to South Africa with MoneyTransfer
1. Navigate to our “Request a quote” form. 
2. Include your email. 
3. Include the currency that you would like to send & submit the form 
4. One of our account managers will be in touch shortly. 

## How long does it take to send money to South Africa from the UK
If it is your first time sending funds through us it takes a little longer to get you registered with the appropriate intermediary and to the necessary KYC compliance. Once you have registered and transferred your foreign currency the Rands will arrive in the designated Rand bank account in South Africa the same day

## How much does it cost to send money to South Africa

It’s a sad fact that the average cost of sending small amounts of money abroad costs an average of 6.3%, according to the World Bank. The overall trend over the last 12 years is down, but started to spike higher in early 2022.
Paying 6-7% for sending money back to your family can be hard to swallow, and the World Bank has long complained about these high costs – and how shaving a percent or two off the cost of fees would inject billions into Africa’s local economies.


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Sending and receiving money from and into South Africa can be difficult, here are a  few tips and tricks on how to make the experience a little bit better.

What to know before sending money from London (UK) to South Africa 

## Top money transfer services to transfer money from UK to South Africa

Here’s our take on the most reliable companies to use for sending money from the UK to South Africa. First, some general guidelines. 

You want to stick with a company that has a strong presence in the market, an easy-to-use online platform, trusted security, low costs, and speed of transfer. For example, FiveWest is a popular choice for [UK-South Africa transfers](https://fivewest.co.za/top-money-transfer-services-to-transfer-money-from-uk-to-south-africa), due to its competitive rates, excellent customer service, and fast transfer times. 
Some services allow anyone, even those without a bank account, to transfer money internationally. FiveWest's services help customers to send money abroad to family or friends, or businesses who need international payments.

1. **[Currencies Direct](https://www.currenciesdirect.com/en?utm_medium=company_profile&utm_source=trustpilot&utm_campaign=domain_click)**

Rated by [MoverFocus ](https://moverfocus.com/best-ways-to-send-money-internationally/) as the best overall for money transfers. It has a user-friendly online platform and mobile app, with no transfer fees, strong security, and funds can be expected to arrive within 24 hours. It received a 91% 5-start rating from reviewers – the best of all money transfer companies.


2. **[XE](https://www.xe.com/?utm_medium=company_profile&utm_source=trustpilot&utm_campaign=domain_click)** 

Has coverage across 200 countries and supports 130 different currencies. This makes it ideal for those transferring in less popular currencies to less common destinations. XE has received[ 5-star rating](https://www.trustpilot.com/review/www.xe.com) from 82% of customers at Trustpilot.


3. **[Wise](https://wise.com/?utm_medium=company_profile&utm_source=trustpilot&utm_campaign=domain_click)**

Wise is considered the best money transfer company for small transfers. It charges a small percentage fee rather than a flat charge, which makes this the most efficient and cost-effective for small amounts. Transfers are speedy, usually within 24 hours, and the online platform is easy to use. It supports 52 currencies, which is broad enough to cover most transfer needs. 84% of Trustpilot users gave it a 5-star rating.


4. **[MoneyGram](https://www.moneygram.com/intl/)**

Perfect for sending money instantly for those with no bank account. You can send money from London to Johannesburg in minutes for collection at a local office. This makes it ideal for remittances. This is likely to cost more than online services such as those delivered by the above companies, but the speed and convenience of being able to access your cash immediately under MoneyGram is a major benefit. It received a 71% [5-star rating](https://www.trustpilot.com/review/www.moneygram.com) on Trustpilot.


4. **[WorldRemit](https://www.worldremit.com/en?utm_medium=company_profile&utm_source=trustpilot&utm_campaign=domain_click)**

Allows you to send via its mobile app, via the website, bank transfer, mobile money or airtime top-up. Costs are considerably lower than most banks. Once the transfer is on its way, you can follow it on the WorldRemit app. Some 74% of users on Trustpilot rated it 5-star.


6. **[OFX.](https://www.ofx.com/en-au/)**

This is highly rated for business transfers, though the range of currencies is more limited than many others. This is more suitable for larger transfers. This Australian-based money transfer company compares well with Aussie banks in terms of costs, and is listed on the Australian Stock Exchange.


7. **[FiveWest.](https://moneytransfer.online/)**

We offer world-beating money transfer services for  people who want to send money to South Africa from abroad.  Wheather you are sending for a family member, making payments for your business or simply buying a house, MoneyTranfer is one of the best. The prices speak for themselves. You can compare the price of transferring money between your banks and FiveWest [here.](https://fivewest.co.za/international-payments) 



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When deciding on a money transfer service can be daunting because of how many there are out there. This blog has compiled the top money transfer services out there to help make your decision a little easier.

 Top money transfer services to transfer money from UK to South Africa

Send money to South Africa from UK

In today's interconnected world, receiving international payments quickly and efficiently is crucial for individuals and businesses alike. In this blog, we will explore the fastest methods available to [receive international payments](https://fivewest.co.za/best-way-to-receive-international-payments) in South Africa. We will also address common questions such as the time it takes to receive international payments, the duration of receiving money from the European Union (EU), and the processing time for IBAN transfers.

### 1. How many days does it take to receive an international payment?
The time it takes to receive an international payment in South Africa can vary anywhere from a couple days to a couple weeks depending on the provider and method used. For bank transfers, SEPA payments from Europe to major banks like Standard Bank, FNB, and Nedbank can reflect in recipient accounts within 1-3 business days. However, a bank like Capitec may take 3-5 days for SEPA transfers.

For SWIFT wire transfers, the major retail banks in South Africa generally take 3-7 business days to [receive funds from overseas](https://fivewest.co.za/receiving-money-from-overseas-in-south-africa). This includes Standard Bank, FNB, Nedbank and Capitec. The exact duration can depend on the specific countries and banks involved.

However, using international [money transfer services](https://fivewest.co.za/The-best-online-money-transfer-solution) like WorldRemit and Western Union can significantly speed up international payments. WorldRemit offers options to send funds directly to bank accounts in South Africa, which can be received within a few hours for many corridors. Western Union enables real-time money transfers within minutes through its extensive cash pickup network across South Africa.

### 2. How long does it take to receive money from the EU?
For payments sent from the European Union, most major banks in South Africa can receive SEPA (Single Euro Payments Area) transfers within 1-3 business days. Banks like Standard Bank, FNB, and Nedbank are generally able to credit SEPA payments from the EU in 1-3 days. However, [Capitec bank](https://www.capitecbank.co.za/) may take slightly longer at 3-5 days to receive SEPA transfers from Europe.

The use of digital money transfer services can often reduce these timelines further. Both WorldRemit and Western Union can deliver funds from the EU either to bank accounts or cash pickup locations much faster than traditional bank routes. This makes them preferable options for urgent payments from Europe.

### 3. How long does an IBAN transfer take?
International wire transfers using IBAN (International Bank Account Number) can take anywhere between 1-5 business days on average via banks in South Africa. However, the exact duration for IBAN transfers depends on a variety of factors. These include the specific banks involved for the sender and recipient, currency of transfer, and any intermediary banks in the payment flow.

While bank IBAN transfers may take up to a week, international services like WorldRemit and Western Union can expedite IBAN payments. They utilize faster electronic networks rather than traditional correspondent banking. Therefore, IBAN transfers through digital providers may be received within hours or a couple of days in South Africa.

## Fastest Ways to Receive International Payments in South Africa:

### a. Electronic Funds Transfer (EFT):
EFT is a widely used method for receiving international payments. It involves electronic transfer of funds from the sender's bank to the recipient's bank account. Depending on the sender's bank and the countries involved, EFT payments can often be received within 2-5 business days.

### b. Online Payment Processors:
Utilizing online payment processors such as PayPal, Skrill, or Payoneer can expedite the receipt of international payments. These platforms facilitate secure and fast transfers, allowing funds to be received almost instantaneously once the payment is processed.

### c. International Wire Transfers:
International wire transfers, also known as telegraphic transfers, are a traditional method of receiving international payments. While they may take longer than other options, they are still widely used. The processing time for wire transfers varies, but they can typically take 3-7 business days.

### 4. FiveWest offers the fastest solution to receiving international payments
FiveWest offers a same-day settlement solution making us the fastest way to receive international payments. We use blockchain settlement solutions which are facilitated through decentralized blockchain networks rather than correspondent banks, which enables near instantaneous transfers globally. Blockchain payments also avoid costly intermediary fees and exchange rates charged by banks and remittance companies. 

We also offer the most competitive rates which means you get more Rands for any unit of foreign currency you send back to South Africa. To compare our rates, create an account [here](https://dashboard.fivewest.co.za/auth/register?).

Other FAQs:
### How long does it take for money to reflect from Skrill to Nedbank?
Transfers made through Skrill to a foreign currency bank account via Nedbank Online Banking generally take approximately 1 to up to 5 business days for the withdrawal to arrive in your Nedbank account. Keep in mind that the actual transfer time may vary depending on several factors, including the processing speed of both Skrill and Nedbank, the currency involved, and any additional verification or security checks that may be required for the transfer.

### How long does an international transfer take with Capitec?
Receiving international transfers with Capitec via SWIFT typically takes 3-7 working days, as suggested by a 2017 Tweet from Capitec. However, the exact duration may vary based on factors such as the source of the funds, the amount transferred, and the processes of individual banks.

To expedite the process and avoid telephonic declarations, the transfer should meet certain criteria: the transfer amount should be under R50,000, the beneficiary's name on the payment must match the account information on Capitec Bank's records, the provided account number should be correct, and the transfer reference should specify a valid reason (e.g., tuition, salary, rental income, gift, pension, alimony, financial assistance). For amounts exceeding R50,000 or not meeting the criteria, the processing time may be longer as Capitec will need to obtain a telephonic declaration from the beneficiary, making the exact duration unclear.

[Receiving international payments quickly ](https://fivewest.co.za/fastest-way-to-receive-international-payments) and efficiently is vital in today's globalized world. While the processing time for international payments can vary, several methods can expedite the transfer of funds to South Africa. Online payment processors, EFT, and wire transfers all offer options for faster receipt of international payments. It is advisable to consider factors such as fees, exchange rates, and the sender's location when choosing the most suitable method. Always consult with your bank or financial institution for accurate information regarding processing times and any specific requirements for receiving international payments.

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Standard Bank, FNB, ABSA, West Union or World Remit? Which of these methods is the fastest way to receive international payments in South Africa. Compare your options with our useful rates tool.

Your debit or credit card is generally the quickest way to make an international money transfer back to South Africa, with bank transfers being a second choice. These, however, are not the only options.

Fastest Way To Receive International Payments

In the ever-evolving world of cryptocurrencies, [Over-the-Counter (OTC) trading](https://fivewest.co.za/otc-desk) has emerged as a popular alternative to traditional exchange-based trading. OTC crypto trading offers a range of benefits to investors and institutions, providing them with greater flexibility, liquidity, and privacy. In this post, we will explore what OTC crypto trading entails, how it works, and the advantages it brings to the table.

### What is OTC for Crypto?
OTC trading refers to the buying and selling of cryptocurrencies directly between two parties, without the involvement of a centralized exchange. Unlike regular exchanges where transactions occur on a public order book, OTC trades are executed through private negotiations. This allows investors to conduct large-scale transactions with customized terms and pricing, away from the scrutiny of the broader market.

### How Does OTC Trading Work?
OTC trading involves a bilateral agreement between a buyer and a seller, often facilitated by OTC brokers or desks. Here's a step-by-step breakdown of how OTC trading typically works:

1. Negotiation: The buyer and seller initiate discussions to determine the terms of the trade, including the quantity of cryptocurrencies, the price, and any other specific conditions they may wish to include.

2. Pricing and Quotes: OTC brokers or desks provide price quotes based on the prevailing market rates and the negotiated terms. These quotes take into account factors such as the size of the trade, market liquidity, and potential risks.

3. Trade Execution: Once the terms are agreed upon, the trade is executed, and the assets are transferred between the buyer and the seller. This can be done through the use of smart contracts, escrow services, or direct transfers between wallets.

4. Settlement: OTC trades often involve a settlement period where the parties involved ensure that all aspects of the transaction, such as payments and delivery of assets, are completed according to the agreed-upon terms.

### What Are the Benefits of Crypto OTC?
1. Enhanced Liquidity: OTC trading provides access to deep liquidity pools, enabling investors to execute large trades without significantly impacting the market price. This is particularly advantageous for institutional investors, hedge funds, and high-net-worth individuals who require substantial volume transactions.

2. Customized Trading: OTC markets allow for more flexibility in terms of trade structure and pricing. Parties can negotiate and customize the terms to suit their specific requirements, including block trades, dark pool trading, and execution at specific price levels.

3. Reduced Slippage: Slippage refers to the difference between the expected price of a trade and the actual executed price. OTC trading minimizes slippage as trades are executed at agreed-upon prices, mitigating the impact of market volatility and order book depth.

4. Enhanced Privacy and Security: OTC trading provides a higher level of privacy as transactions occur off-exchange. This can be appealing to investors who prefer to keep their trading activities confidential, preventing potential market manipulation or front-running.

5. Reduced Regulatory Hurdles: OTC trading can sometimes offer more lenient regulatory requirements compared to exchanges. This can be advantageous for institutional investors navigating complex regulatory frameworks, allowing them to trade more efficiently.

Conclusion:
Over-the-Counter (OTC) trading has gained significant popularity in the crypto industry, providing investors and institutions with an alternative avenue for executing large-scale trades. With its flexibility, enhanced liquidity, and privacy features, OTC trading offers numerous advantages over traditional exchange-based trading. As the cryptocurrency market continues to evolve, OTC trading is likely to remain a prominent part of the ecosystem, catering to the diverse needs of market participants.


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OTC crypto trading offers a range of benefits to investors and institutions, providing them with greater flexibility, better liquidity, customized trading and privacy.

What is OTC for Crypto and how does it work?

What is OTC for crypto and how does it work?

In recent years, the world of finance has witnessed a revolution in the form of cryptocurrencies, with Bitcoin leading the way. South Africa, with its thriving tech-savvy population, has embraced this digital currency with open arms. Bitcoin trading platforms have emerged as hubs for South African traders to explore the exciting potential of cryptocurrencies. In this post, we will delve into the key aspects of Bitcoin trading in South Africa, addressing questions such as the best trading platform, starting capital, trusted sites, legalities, banking support, and the use of platforms like Binance.

## 1. Best Bitcoin Trading Platform in South Africa:
Choosing the right trading platform is crucial for a smooth and secure trading experience. South Africa offers a range of reliable platforms including established players like Luno and VALR, but one that consistently stands out is Luno simply because it is the oldest exchange with the most users. Luno boasts a great user-friendly interface for first time users, competitive fees, robust security measures, and a wide selection of cryptocurrencies to trade. Additionally, the platform provides comprehensive educational resources, making it ideal for both beginners and experienced traders.

## 2. How Much Do I Need to Start Trading Bitcoin in South Africa?
One of the great advantages of Bitcoin trading is its accessibility, even for traders with limited funds. In South Africa, you can start trading Bitcoin with as little as R50 (or 0.0001 BTC). However, keep in mind that while a small initial investment is possible, it's advisable to have a more substantial amount to mitigate risks and take advantage of market fluctuations effectively.

## 3. Best Site to Buy Bitcoin in South Africa:
When it comes to buying Bitcoin in South Africa, Luno is a highly recommended platform due it being the oldest and havin the most users in South Africa. Luno offers a great instant buy/sell for users, secure bank transfers, and competitive exchange rates. The platform supports various payment methods, including bank transfers and credit/debit cards, making it convenient for users across the country. Luno has gained a strong reputation for its reliability and exceptional customer support.

## 4. Legality of Bitcoin Trading in South Africa:
Bitcoin trading is legal in South Africa. The South African Reserve Bank (SARB) recognizes cryptocurrencies as a legitimate means of payment and investment. However, it's crucial to comply with the regulatory framework outlined by the SARB, including reporting obligations and adhering to anti-money laundering measures. By trading on reputable and regulated platforms, South African traders can ensure compliance while enjoying the benefits of Bitcoin trading.

## 5. Banks Supporting Bitcoin in South Africa:
In recent years, some South African banks have shown support for Bitcoin and cryptocurrencies. All South African banks including FNB, Standard Bank, Nedbank and Absa allow you to transfer money to and from exchanges such as Luno and VALR. FNB no longer banks exchanges themselves and Nedbank has chosen not to work with crypto exchanges due to the risk. The other banks have either not published their position or remain neutral.

## 6. Can South Africans Use Binance?
Yes, South Africans can use Binance, one of the world's leading cryptocurrency exchanges. Binance offers a wide range of cryptocurrencies for trading, competitive fees, and a user-friendly interface. Traders in South Africa can create an account on Binance, deposit funds using various payment methods, and start trading cryptocurrencies. Binance's global presence and robust security measures make it a popular choice among South African traders.

## Conclusion:
South Africa has emerged as a vibrant hub for Bitcoin trading, with a growing number of individuals embracing the potential of cryptocurrencies. The country offers reliable trading platforms, low starting capital requirements, trusted sites for buying Bitcoin, and a supportive regulatory environment. By adhering to legal guidelines, utilizing reputable platforms, and staying informed, South African traders can confidently navigate the exciting world of Bitcoin and harness its potential for financial growth.

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Your resource for Bitcoin trading in South Africa, including the best trading platforms, starting capital, trusted sites, legalities, banking support, and the use of platforms like Binance.

Bitcoin Traders in South Africa

Here are two reasons why you should be using [FiveWest](https://fivewest.co.za/) to transfer forex from one country to another:

**Time:** It takes less than a day

**Cost:** Way cheaper than anyone else

**Security:** All transfers are highly secure, and our payment gateway is easy to use.

Head over to [moneytransfer](https://moneytransfer.online/) and compare FiveWest’s forex service with the banks. You will be shocked. [FiveWest](https://fivewest.co.za/) is head and shoulders above the competition in terms of forex rates, and speed of transfer. Bear in mind that rates will change from day to day, but what will not change is the fact that FiveWest will offer the fastest transfer times at the best rates.

## How do I transfer money with FiveWest?

The first step is to open an account at[ FiveWest](https://fivewest.co.za/) and then click on “Create Your Account”.

## Is FiveWest regulated?
FiveWest is an authorized **Financial Services Provider (FSP)** and regulated primary accountable institution with the **Financial Intelligence Centre (FIC).** We also hold a mandate from the SA Reserve Bank to facilitate international payments.

## What currencies can I transfer?
Whether you need to send money from the UK, Europe, the US, or from Africa — you can do it via FiveWest. We offer the ability to trade in 46 currencies worldwide, which means we cover pretty much the entire globe.

## Emergency Transfer?
Millions of people work abroad and send funds back to families living in their home countries. Remittances are a huge market, particularly in Africa and Asia, accounting for some 24% of GDP in countries like The Gambia. People in Africa rely on this support from family members working abroad, and money is usually needed immediately. Waiting 2–3 days can mean the difference between eating and going hungry. In situations like this, speed of transfer is critical.


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Discover and compare the best online money transfer solutions for sending money to South Africa

The Best Online Money Transfer Solution

The best online money transfer solution

Integration with existing systems is straightforward, using FiveWest’s white-label payments portal or through a full API. Using this gateway, a QR code and a wallet address are generated on screen and the client can choose from a variety of payment methods — including cryptos such as Bitcoin (BTC) or US dollar-backed stablecoins such as USDC.

FiveWest immediately hedges the transaction to eliminate unfavourable currency price movements, so the retailer does not suffer adverse movements in the chosen crypto — whether it is BTC, USDC, or other assets — before receiving funds into his or her business bank account.

This is an astonishing technological breakthrough. Consider that a Visa card transaction may only be settled three or more days after a transaction is made, and cost the retailer 1–3% of the purchase price. FiveWest’s Crypto payment gateway settles the transaction in fiat or crypto within 24 hours — banked into the merchant’s bank account or crypto wallet — and all at a fraction of the cost of a credit card.

**Why this is a game changer**

What this means for merchants who sign up to FiveWest’s payments gateway is this:

- Access to a massive and global customer base, totaling more than 300 million crypto users worldwide, without exposing merchants to the volatility inherent in cryptocurrencies.
- The crypto payments gateway is compatible with all cryptocurrency wallets. Currently, it accepts BTC, ETH, XRP, and ERC-20 stablecoins. We settle merchants with fiat or crypto the next day.
- Merchants pay no set-up fees to use the gateway. There is a transaction fee of 0.5% which is less than half of the current average credit card gateway fee.

payment gateway.jpg

The test for crypto as a viable means of payment is whether it can be used to purchase a coffee. That threshold was crossed years ago. Retailers are more than happy to accept crypto as a means of payment provided the proceeds can be instantly converted to rands and deposited in their bank account.

Welcome to FiveWest’s Crypto Payments Gateway

There are 7 good reasons to trade cryptos through an OTC desk rather than a normal exchange. FiveWest’s CEO Omer Iqbal explains.

**1. Minimie price impact**

FiveWest’s crypto OTC desk provides greater liquidity compared to traditional exchanges. This is particularly beneficial for institutional investors and high-net-worth individuals who may be looking to conduct large trades without affecting the market price. Normal exchanges typically lack the liquidity to execute sizable transactions smoothly.

**2. Reduced slippage**

Slippage is the difference between the expected price of a trade and the executed price, and it can significantly impact the profitability of a transaction. Someone wanting to purchase (or sell) 50 or 100 bitcoin on a normal crypto exchange may wait days for that order to be fully executed, and it would be filled at many different prices. “We’ve got vast expertise in handling large crypto trades, so that minimises any potential price slippage that could occur on an exchange,” says Iqbal.

**3. Faster settlement times **

FiveWest offers expedited settlement times, ensuring that your trades are completed swiftly and securely. Traditional exchanges can sometimes experience delays in settling trades due to operational and other inefficiencies. This can be frustrating for clients trying to capitalise on time-sensitive market opportunities. Iqbal says FiveWest’s OTC desk offers expedited settlement times, meaning trades are cashed up and the proceeds (whether in cash or crypto) secured in record time.

**4. More settlement options **

Relying on its own facilities and its network of partners, FiveWest is able to settle trades in different global currencies, or cryptocurrencies, across any blockchain.

**5. Enhanced privacy **

 For institutions and high-net-worth individuals, confidentiality is crucial when it comes to cryptocurrency trading. By using the OTC desk, large transactions will be kept off public order books, which means trading activity remains discreet and less susceptible to being targeted by other market participants.

**6. Customised solutions **
 
Clients have different reasons for acquiring or selling cryptos, and many need personalised service and individualised trading solutions. This level of customisation is not available on traditional exchanges, where you are limited to pre-defined trading tools and interfaces.

**7. Access to experts **

FiveWest has arguably the largest pool of crypto talent in SA, and that’s a critical lever when it comes to developing a crypto trading strategy. Clients also require specialised insights into the broader crypto eco-sphere, such as tax and legal implications, the risk profile one can expect when investing in cryptos, and the evolving number of use cases for cryptos.



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Over-The-Counter or OTC desks are nothing new in financial markets. They’ve been a part of stock trading for decades, allowing investors to fill large orders at low cost and without slippage (price variations that occur when a large order is broken up into smaller ones).

FiveWest's OTC Desk might just be better than your crypto exchanges

You are better off dealing through FiveWest's OTC Desk

Why you are better off dealing through FiveWest’s OTC desk than through a crypto exchange

Cryptocurrency trading has gained significant popularity worldwide, including South Africa. As one of the leading economies in Africa, South Africa offers ample opportunities for crypto enthusiasts to engage in trading activities. In this blog, we will explore the landscape of crypto exchanges in South Africa and highlight a couple of effective trading strategies to help you navigate this exciting market.

### Part 1: Crypto Exchanges in South Africa
#### 1. Luno:
Luno is a well-established cryptocurrency exchange that has gained a strong reputation in South Africa. It offers a user-friendly platform for buying, selling, and trading various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Luno provides secure storage for your digital assets and features a mobile app for convenient trading on the go.

#### 2. VALR:
VALR is another prominent crypto exchange in South Africa, offering a wide range of cryptocurrencies for trading. The platform supports both spot trading and advanced trading features like limit orders and stop-loss orders. VALR ensures a secure trading environment and provides competitive fees. It also offers a user-friendly interface, making it suitable for both beginners and experienced traders.

#### 3. Ice3X:
Ice3X is a local South African exchange that provides a diverse selection of cryptocurrencies to trade. It offers a simple and intuitive platform, making it ideal for new traders. Ice3X also allows users to fund their accounts with South African Rand (ZAR), which can simplify the trading process for local investors. The exchange has a strong focus on security and compliance.

### Part 2: Effective Trading Strategies

#### 1. Trend Following:
Trend following is a popular strategy in cryptocurrency trading that involves identifying and riding the prevailing market trends. In this strategy, traders aim to enter a position when an uptrend or downtrend is established and exit when the trend shows signs of reversal. Traders can use technical indicators like moving averages, relative strength index (RSI), or Bollinger Bands to identify trends and make informed trading decisions.

#### 2. Swing Trading:
Swing trading is a strategy that seeks to capture shorter-term price movements within a larger trend. Traders using this approach typically hold their positions for a few days to weeks. The strategy involves identifying key support and resistance levels and taking advantage of price fluctuations within those boundaries. Swing traders often use technical analysis tools, such as candlestick patterns and oscillators, to time their entries and exits effectively.

#### 3. Dollar-Cost Averaging (DCA):
Dollar-cost averaging is a long-term investment strategy that can also be applied to cryptocurrency trading. Instead of trying to time the market, investors using DCA allocate a fixed amount of funds regularly, regardless of the current price. By spreading purchases over time, DCA reduces the impact of short-term price volatility and allows investors to accumulate cryptocurrencies at different price points. This strategy can be especially useful for newcomers to the market.

#### 4. Premium arbitrage in South Africa:
A relatively low risk strategy to make profits in South Africa crypto trading is simply to arbitrage the overseas crypto prices vs the prices in South Africa. For example, Bitcoin trades at a premium in South Africa compared to the USA therefore you can buy Bitcoin overseas and sell it in South Africa for an instant profit. If you're interested in this strategy, you can sign up for the Fivewest crypto arbitrage service where we provide an automated way for you to complete your arbitrage.

As cryptocurrencies continue to gain traction in South Africa, it's essential to understand the landscape of crypto exchanges and develop effective trading strategies. Platforms like Luno, VALR, and Ice3X offer convenient ways to trade cryptocurrencies, while strategies like trend following, swing trading, and dollar-cost averaging provide options for different trading preferences and risk tolerances. Remember to conduct thorough research, manage risk wisely, and stay updated with the latest developments in the cryptocurrency market. Happy trading!

AdobeStock_571779214.jpeg

The world of cryptocurrency has gained immense popularity in recent years, and South Africa has emerged as one of the vibrant markets for trading digital assets. With a growing number of exchanges and a supportive regulatory framework, South Africans have ample opportunities to participate in the exciting realm of crypto trading. In this blog, we will delve into the top cryptocurrency exchanges in South Africa and discuss a few effective trading strategies to help you navigate this dynamic market.


Find the best exchanges and strategies to trade crypto in South Africa. 

## Trade altcoins safely and in size using the Fivewest OTC desk

Interested in altcoin trading in ZAR? The Fivewest OTC Desk [ Fivewest OTC Desk ](https://fivewest.co.za/otc-desk) helps you trade altcoins with minimal slippage with the best fees. We offer coverage in all of the altcoins listed below.

Interested in learning more about Altcoins? We've got you covered with a overview of the top 10 altcoins for 2023.

### ETH (Ethereum)
#### Market cap (as of April 18, 2023): $547 billion USD
Ethereum is a decentralized, open-source blockchain platform that enables developers to build decentralized applications (dApps) on top of it. ETH is the native cryptocurrency of the Ethereum blockchain, used as a means of payment for transaction fees and as a medium of exchange for dApps. The outlook for ETH is generally positive, with its recent upgrades making it more efficient and capable of handling higher transaction volumes.

### BNB (Binance Coin)
#### Market cap (as of April 18, 2023): $128 billion USD
Binance Coin is the native cryptocurrency of the Binance blockchain platform, which is primarily used for trading cryptocurrencies and paying transaction fees on the Binance exchange. BNB has also been used to launch several decentralized finance (DeFi) projects on the Binance Smart Chain. The outlook for BNB is positive, as Binance continues to expand its services and launch new products and features that are likely to drive demand for BNB.

### XRP (XRP)
#### Market cap (as of April 18, 2023): $54 billion USD
XRP is the native cryptocurrency of the XRP Ledger, which is a decentralized blockchain network that is designed to facilitate cross-border payments and remittances. XRP is often used by banks and financial institutions to settle international payments quickly and at a low cost. The outlook for XRP is somewhat mixed, as it has faced regulatory challenges in some jurisdictions, but also has a strong use case in the global remittance market.

### ADA (Cardano)
#### Market cap (as of April 18, 2023): $123 billion USD
Cardano is a decentralized blockchain platform that aims to provide a more secure and sustainable infrastructure for decentralized applications and smart contracts. ADA is the native cryptocurrency of the Cardano blockchain, used for payment and settlement of transactions on the network. The outlook for ADA is positive, as the Cardano team continues to develop and roll out new features and improvements to the network.

### DOGE (Dogecoin)
#### Market cap (as of April 18, 2023): $18 billion USD
Dogecoin is a cryptocurrency that was created as a lighthearted joke, but has gained a significant following due to its meme-inspired branding and community. Despite its popularity, DOGE lacks a clear use case and its value is largely driven by speculation. The outlook for DOGE is uncertain, as its price is highly volatile and influenced by social media trends.

### MATIC (Polygon)
#### Market cap (as of April 18, 2023): $30 billion USD
Polygon (formerly Matic Network) is a layer 2 scaling solution for Ethereum, designed to improve the speed and scalability of the Ethereum network. MATIC is the native cryptocurrency of the Polygon network, used for payment of transaction fees and governance. The outlook for MATIC is positive, as it continues to gain traction as a popular alternative to Ethereum for building decentralized applications.

### SOL (Solana)
#### Market cap (as of April 18, 2023): $155 billion USD
Solana is a high-performance blockchain platform that is designed to process transactions quickly and at low cost. SOL is the native cryptocurrency of the Solana network, used for payment of transaction fees and as a medium of exchange. The outlook for SOL is positive, as it continues to gain adoption among developers and investors due to its fast transaction processing times and low fees.

### DOT (Polkadot)
#### Market cap (as of April 18, 2023): $45 billion USD
Polkadot is a next-generation blockchain platform that aims to enable cross-chain interoperability between different blockchains. DOT is the native cryptocurrency of the Polkadot network, used for payment of transaction fees and governance. The outlook for DOT is positive, as the project is still in its early stages and has a lot of potential to enable more seamless communication between different blockchain networks.

### LTC (Litecoin)
#### Market cap (as of April 18, 2023): $12 billion USD
Litecoin is a cryptocurrency that was created as a fork of Bitcoin, with faster transaction times and lower fees. LTC is used for payment and settlement of transactions on the Litecoin network. The outlook for LTC is somewhat mixed, as it has faced increased competition from other fast and low-cost cryptocurrencies, but still has a strong following and use case for peer-to-peer transactions.

### AVAX (Avalanche)
#### Market cap (as of April 18, 2023): $22 billion USD
Avalanche is a blockchain platform that aims to provide high-speed, low-cost transactions and smart contracts. AVAX is the native cryptocurrency of the Avalanche network, used for payment of transaction fees and governance. The outlook for AVAX is positive, as the project continues to gain adoption among developers and investors due to its fast transaction processing times and low fees, as well as its support for interoperability with other blockchain networks.

altcoin.jpg

Use Fivewest to trade Altcoins like ETH, BNB and XRP safely and in size with ZAR.

Use Fivewest to trade Altcoins like ETH, BNB and XRP safely and in size with ZAR 

Altcoin Trading 2023

Altcoin Trading

Payment remittance is simply the act of sending money from one person or organization to another as a payment for goods or services received. 

This transfer of money can be done using various methods, such as wire transfers, electronic funds transfers, credit card payments, and checks. 

## How does a remittance work?
Remittance works by transferring money from one person or organization to another. The process involves several steps:

### 1. The sender initiates the payment: 
The person or organization sending the money initiates the remittance process by providing the necessary information, such as the recipient's name, account number, and the amount to be sent.

### 2. The transfer of funds: 
The money is transferred using a chosen payment method, such as wire transfer, electronic funds transfer, or credit card payment. The sender's bank or payment service provider sends the money to the recipient's bank or payment service provider.

### 3. The receipt of payment: 
The recipient's bank or payment service provider receives the payment and verifies the details, including the recipient's account number and the amount received.

### 4. Reconciliation: 
The recipient reconciles the payment by verifying that the amount received matches the amount expected. Once verified, the payment is considered complete.

## How to send a remittance using Fivewest
1. [Sign up using this link](https://dashboard.fivewest.co.za/auth/signup) and select "global payments". 
2. Submit your KYC information for approval
3. Lastly select the currency you wish to send and the bank details of the recipient. 

## The benefits of using Fivewest remittance
1. **Money is received within 1 day.** The time it takes for the money to arrive in the recipient's account is less than 24 hours.

2. **You'll get the cheapest fees in the market**. We offer the most affordable service in the market and guarantee to beat your bank's rate.

3. **Peace of mind**. We offer a secure payment solution that ensures the funds land safely.







6617.jpg

Need to remit money somewhere in the world? Fivewest offers a fast, secure and cheap solution to your remittance needs.

Payment remittance is simply the act of sending money from one person or organization to another as a payment for goods or services received. 

What Is Payment Remittance?

Over-The-Counter or "OTC" desks are nothing new in financial markets. An OTC desk is a platform where individuals or institutions can buy or sell cryptocurrencies directly with each other, without going through a traditional exchange. OTC desks act as intermediaries between buyers and sellers, providing them with liquidity and facilitating large trades that may not be possible or practical on a public exchange.

In the crypto market, OTC desks fulfil the same function, and one of the largest in Africa is operated by FiveWest.

Moneyweb asked CEO Omer Iqbal why crypto investors should consider buying or selling cryptos through an OTC desk rather than a crypto exchange.

> “OTC desks are really like private banks, where people who want to place large orders can do so discreetly and get the orders filled rapidly without having to break them up into smaller bite-sized chunks, which creates price slippage,” Iqbal says.

“Our OTC desk is not for everyone. Most people wanting to buy small amounts of bitcoin, ether, or other cryptos will do so through a crypto exchange. Bigger orders would be better placed through an OTC desk such as ours,” he adds.

### Who are the typical customers of OTC desk services?

Iqbal says these are institutional and high net worth clients for the most part, who might want to keep their orders away from the prying eyes of traders on crypto exchanges.

“We’ve got vast expertise in handling large crypto trades, so that minimises any potential price slippage that could occur on an exchange,” says Iqbal.

He says FiveWest is more properly described as a fintech company than a crypto services provider – though it does that too. Apart from the OTC desk, it offers clients the ability to profit from crypto arbitrage (buying crypto assets cheaper on one exchange and selling them for a profit on another), treasury solutions (storing company cash reserves in US dollar-backed stablecoins to protect against currency depreciation) and recently launched Blockshop, a crypto payment gateway solution.

Are there any other good reasons to trade cryptos through an OTC desk rather than a normal exchange?

In fact, there are seven good reasons, says Iqbal.

## 7 reasons why you should buy cryptos through an OTC desk rather than an exchange

### 1. Minimise price impact:
FiveWest&#39;s crypto OTC desk provides greater liquidity compared to traditional exchanges. This is particularly beneficial for institutional investors and high net-worth individuals who may be looking to conduct large trades without affecting the market price. Normal exchanges typically
lack the liquidity to execute sizable transactions smoothly.

### 2. Reduced slippage: 
Slippage is the difference between the expected price of a trade and the executed price, and it can significantly impact the profitability of a transaction. Someone wanting to purchase (or sell) 50 or 100 bitcoin on a normal crypto exchange may wait days for that order to be fully executed, and it would be filled at many different prices.

### 3. Faster settlement times: 
FiveWest offers expedited settlement times, ensuring that your trades are completed swiftly and securely. Traditional exchanges can sometimes experience delays in settling trades due to operational and other inefficiencies. This can be frustrating for clients trying to capitalise
on time sensitive market opportunities. Iqbal says FiveWest&#39;s OTC desk offers expedited settlement times, meaning trades are cashed up and the proceeds (whether in cash or crypto) secured in record time.

### 4. More settlement options: 
Relying on its own facilities and partner network, FiveWest is able to settle trades in different global currencies, or cryptocurrencies, across any blockchain.

### 5. Enhanced privacy: 
For institutions and high net worth individuals, confidentiality is crucial when it comes to cryptocurrency trading. By using the OTC desk, large transactions will be kept off public order books, which means trading activity remains discreet and less susceptible to being targeted by other
market participants.

### 6. Customised solutions: 
Clients have different reasons for acquiring or selling cryptos, and many need personalised service and individualised trading solutions. This level of customisation is not available on traditional exchanges, where you are limited to pre-defined trading tools and interfaces.

### 7. Access to experts: 
FiveWest has arguably the largest pool of crypto talent in SA, and that’s a critical lever when it comes to developing a crypto trading strategy. Clients also require specialised insights into the broader crypto ecosphere, such as tax and legal implications, the risk profile one can expect when investing in cryptos, and the evolving number of uses for cryptos.

Brought to you by [MoneyWeb](https://www.moneyweb.co.za/)


An OTC (over-the-counter) desk is a platform where individuals or institutions can buy or sell cryptocurrencies directly with each other, without going through a traditional exchange. OTC desks act as intermediaries between buyers and sellers, providing them with liquidity and facilitating large trades that may not be possible or practical on a public exchange.

An OTC desk is a platform where individuals or institutions can buy or sell cryptocurrencies directly with each other, without going through a traditional exchange. 

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