The exchange rate above is an indicative rate and should only be used as a guide.

For live spot and forward prices please speak to an Exchange4free currency consultant on 084-5652-1022.

The true cost of transfer fees and how they affect your ‘Real Exchange Rate’ received

Transfer fees indirectly affect the ‘effective exchange rate’ that you are quoted by other money transfer agents and banks.

This is a hidden cost that needs to be taken into account when receiving quotes from our competitors.

Assuming all money transfer agents were quoting GBPZAR 14.00, the below table illustrates the net effect that transfer fees have on your real exchange rate received:

		Exchange4free	Competitors and Other Banks
Amount	Quoted Rate	Actual ZAR Received	Transfer Cost	Actual ZAR Received	Competitors Actual Rate	Effect on your Quoted Rate
£200	14.0	R 2,800	£10	R 2,660	13.30	70 cents lower than Exchange4free
£500	14.0	R 7,000	£10	R 6,860	13.72	28 cents lower than Exchange4free
£1000	14.0	R 14,000	£10	R 13,860	13.86	14 cents lower than Exchange4free
£200	14.0	R 2,800	£20	R 2,520	12.60	140 cents lower than Exchange4free
£500	14.0	R 7,000	£20	R 6,720	13.44	56 cents lower than Exchange4freev
£1000	14.0	R 14,000	£20	R 13,720	13.72	28 cents lower than Exchange4free

As an example, if you are quoted the same exchange rate of GBPZAR 14.00 by Exchange4free and a competitor who is charging a £10 flat transfer fee on £500, then the effective rate you are actually receiving from that competitor is 28 cents lower than we are quoting!

If you are paying a transfer fee of £20 then you are actually receiving an exchange rate that is 56 cents below what Exchange4free are quoting you!

It is clear from the above table that transfer fees have a huge effect on your effective exchange rate received!

It is important to also note that we have ignored settlement and deposit fees in the calculation above which can be up to R500 per transfer just to receive funds into your SA bank account.
 
Transfer and deposit fees are a hidden cost that both banks and our competitors won’t tell you about.

Exchange4free always strive to quote our clients better exchange rates than anyone else in the market whilst providing completely free money transfers with no receiving or deposit fees at your SA bank.