Relocating from South Africa to the UK


(Kalinka (Pinky) ) #1

If I shall be so brazen as to start a topic… :thinking:

I feel it important though and could attract more loyal Monzo customers :wink::rocket:

I am relocating back to the UK in just under two weeks now :grin: (after living there as a child last) and Monzo has proven to be an awesome solution :grin: to a common problem to many, of being able to open a UK account with the least amount of fuss. Many others are in need of the same solution, but there are a few details that need to be covered which will undoubtedly be questions asked. :nerd_face:

The main one I think would be how could people go about transferring South African currency into their Monzo accounts. I was able to do this through converting SA currency to Pounds on my Shyft account, which is offered by my South African bank, Standard Bank. I could then easily transfer Pounds to my Monzo account with my Shyft account and use my Monzo app in the meantime to use my pots :wink: and even managed to buy a few shares :stuck_out_tongue_winking_eye::grin: (even with my card still waiting for me in the UK, in safe-keeping with my father, and me still being in SA for now). So when I arrive I am ready to go :wink:

So this would be a fantastic option for others relocating to the UK from SA. :grin::rocket: What other options are there there for those who don’t have Standard Bank accounts and don’t have a Shyft account? I could not find any option of converting South African currency in Transferwise.

My thoughts are that people on the forum may be aware of options, or possibly Monzo staff may have an answer for me.

I could then be in a better position to tell people that are relocating all about Monzo :wink::rocket:


(Kalinka (Pinky) ) #2

Hello… :wave:… Anyone… :see_no_evil:

Know there’s lots going on… But this is an opportunity to help many… :rocket: And a “couple” of customers, (who I am sure will be very loyal going forward, i.e. main principle current account), to gain :wink:


#3

I think Revolut could be an option but not sure about the costs. They offer ZAR account but the only way to transfer to that account is via SWIFT which most banks can do though they will charge for that.
Then once ZAR are in Revolut, these can easily be converted into GBP.

This is what I could think of :sweat_smile: I am sure someone with better knowledge will come along to comment.


(Kalinka (Pinky) ) #4

Thank you for that @SC95 :wink:

Was kinda hoping for a Monzo solution though :stuck_out_tongue_winking_eye:


#5

One you have GBP just simply transfer them to Monza Monzo :stuck_out_tongue_winking_eye:


(Simon B) #6

Using TransferWise directly, or their Borderless account seems like the best approach!


(If there's the wrong end of a stick, you'll find me holding it.) #7

I don’t think TransferWise support SAR. So I assume that Monzo don’t either.


(Kalinka (Pinky) ) #8

Thank you @SC95… In SA we used to have an Opel Monza car model :stuck_out_tongue_winking_eye: But no excuses… That was an unfortunate blip… :see_no_evil:

Corrected :wink:


(Simon B) #9

South African Rand is ZAR, not SAR.

SAR is Saudi Arabian Riyal, I believe.

https://transferwise.com/help/article/2144226/rest-of-the-world-transfers/zar-transfers

TransferWise does seem to support ZAR natively in their app (but not SAR!). There may be restrictions though.

We don’t support either natively in Monzo.


(Kalinka (Pinky) ) #10

Looks like Transferwise can’t help right now… :expressionless:


(Simon B) #11

Ah, that’s a shame :frowning:


(Kalinka (Pinky) ) #12

Thank you @simonb

This seems to be the crux of the matter,… Is how to convert to GBP first and then transfer.


#13

Relatively sure Starling can receive international transfers. They’ll be converted using a Starling rate though, which is set on the day and isn’t very transparent as I can’t seem to find it anywhere. I’m assuming they’ll accept any SWIFT payment.


(Kalinka (Pinky) ) #14

Thank you @Recchan :slightly_smiling_face:

It seems there are other options besides the Standard Bank Shyft account to do the exchange and transfer. :grin: Someone has commented on a post I placed on a Facebook page for South Africans emigrating to the UK and mentioned a company called Currencies Direct in South Africa who can also assist to exchange and then transfer into a Monzo account.