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 I am sure someone with better knowledge will come along to comment.
Thank you for that @SC95
Was kinda hoping for a Monzo solution though
One you have GBP just simply transfer them to
Using TransferWise directly, or their Borderless account seems like the best approach!
I don’t think TransferWise support SAR. So I assume that Monzo don’t either.
Thank you @SC95… In SA we used to have an Opel Monza car model But no excuses… That was an unfortunate blip…
South African Rand is ZAR, not SAR.
SAR is Saudi Arabian Riyal, I believe.
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.
Looks like Transferwise can’t help right now…
Thank you @simonb
This seems to be the crux of the matter,… Is how to convert to GBP first and then transfer.
Thank you @Recchan
It seems there are other options besides the Standard Bank Shyft account to do the exchange and transfer. 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.
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Hi, I run the immigration Facebook group mentioned above and I can confirm the that WBForex has successfully assisted expat South Africans to transfer their funds to their Monzo accounts in the UK. They would of course convert the ZAR Rands into GBP.
Although we have seen some success from our group members about other services, unfortunately as mentioned above, the ‘Transferwise’ service is not South African Reserve Bank approved (yet) so they are not really an option at this point. If you need any more details or help in this matter, I would be more than happy to share our experiences.
The way that I do it with rare currencies (such as Qatari riyals which aren’t supported by TransferWise), is to exchange locally and do a GBP international transfer.
I use a bank in Qatar that has a reasonable exchange rate to do the exchange there, and then pay their transfer fee to send GBP directly to Monzo using the IBAN generated by an IBAN calculator.
Generally, exchanging in Qatar gives me a much better rate than sending QAR to the UK to do the exchange here. (Because Qatari riyals are a rareish currency in the UK so there’s not much competition on the rate).
I hope that helps you in some way.
And on that note - what happens if I send a non-GBP currency into my Monzo account using my IBAN?
Good question… I am also interested to hear the answer.
Im a new Monzo user… well I have not used it yet as I just signed up.
I too live in South Africa, the problem as I see it is switching currencies twice - terms of cost.
So converting Rands to PDS then drawing out money in say Europe, the funds in the Monzo account which I assume are always related back to PDS would then be switched to Euro. Would that not mean losing more worthless rands or is there no charge to switch currencies? Hope this is a clear question?
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