How international money transfers work
When sending money internationally from South Africa using platforms like Sikhona, the transaction does not go via banks and does not use the SWIFT system, which is utilized by conventional financial institutions.
Money is moved between account holders by utilizing third-party money transfer providers, each of which has their own communication infrastructure. This allows the money to be moved quickly and securely.
As a consequence of this change, users will, in general, benefit from speedier transactions across international borders. In point of fact, money is typically received within one to two days, and in other situations, international money transfers from South Africa are typically received instantly.
This is because South Africa is located in a time zone that allows for the fastest possible processing times.
International money transfers in South Africa are often a more cost-effective technique of sending and receiving money in and out of the country when compared to traditional banking practices. This is because online money transfer services operate on a global scale.
These services typically provide lower margins and fees for doing transactions as well as exchanges, which is why this is the case.
In South Africa, there are a number of companies that facilitate the transfer of money and are well-known on an international scale for the quality of their services; among these companies, Sikhona is the market leader for International money transfers in South Africa.
How to send money internationally: step-by-step
Register on the platform
- Fill in your personal data
- Upload clear photographs of your identification document and of yourself holding your identity document
- Click or tap the register button
- To add a beneficiary, you must first select the “add beneficiary” button.
- Complete the appropriate fields with information about the recipient.
- The “complete” button must be clicked
- By simply pressing the “send money” button, you can start a transaction.
- Please provide the information required to send your money to the destination of your choice.
- Choose the nation in which you want your money to be sent.
- Choose the mode of payment that you want to use for the beneficiary of your money.
- You can choose the pay-out partner that you wish for your recipient here. Every nation will have its own individualized list of potential pay-out partners.
- Choose whether the quote you are about to submit should include or omit transaction costs, or whether it should be the amount that your beneficiary will get.
Benefits of using international money transfer services
There is a wide range of possible bank fees, each of which is determined not only by the institution to whom you are sending money but also by the particular guidelines of that particular bank.
On the other hand, some companies that facilitate the transfer of funds levy a flat fee for all transactions, irrespective of the destination of the funds.
In addition to this, certain money exchange transfer companies, such as Sikhona, provide consumers solutions that make it more affordable for them to send money internationally from South Africa.