LSD Trips & Arrivals
Look, See & Decide trips and those needs for when you arrive.
338 topics in this forum
-
- 2 replies
- 899 views
-
- 19 replies
- 942 views
-
- 5 replies
- 953 views
-
- 5 replies
- 542 views
-
- 17 replies
- 1,134 views
-
- 3 replies
- 741 views
-
- 15 replies
- 1,738 views
-
- 9 replies
- 1,103 views
-
- 6 replies
- 1,317 views
-
- 2 replies
- 741 views
-
- 2 replies
- 1,103 views
-
- 10 replies
- 793 views
-
- 21 replies
- 2,112 views
-
- 7 replies
- 823 views
-
- 6 replies
- 637 views
-
- 3 replies
- 679 views
-
- 13 replies
- 1,119 views
-
- 12 replies
- 1,128 views
-
- 7 replies
- 940 views
-
- 4 replies
- 711 views
-
- 7 replies
- 1,764 views
-
- 12 replies
- 1,140 views
-
- 7 replies
- 945 views
-
- 5 replies
- 1,315 views
-
- 27 replies
- 2,729 views
-
5 Most Recent Posts
-
By M_Richard · Posted
For transferring money from Canada to South Africa, bitcoin is very good if you learn to navigate the markets. You can buy bitcoin on Kraken exchange (deposit CAD) for low fees (+-0.25%) and then transfer it to Luno exchange and sell for ZAR. If you know how to navigate Luno, you can sell for zero fees, or instant sell is 1% fee but can be easily avoided. The main advantage of using bitcoin (BTC) is the fact that BTC typically trades at a 5% premium in SA. So your funds will actually become more. It is a bit of arbitrage trading mixed with remittance. A quick example using current prices and fees:
1. You deposit 10,902 CAD to Kraken, buy bitcoin at 0.25% fee (current price 10,875 CAD = 1 BTC), with the fee included, you now have 1 BTC 2. Transfer the 1 BTC to the SA Luno exchange wallet (low fixed transfer fee, like 20 ZAR). Then you sell for ZAR (at a 5% higher current price in SA of 123,000 ZAR, zero fees) and withdraw to a SA bank account (8.5 ZAR fixed fee). 3. So now you have R123,000 (minus like R30 fees) in you SA bank account. Compare this to transferring via a bank, who will give an exchange rate of around R10.33/CAD at the moment, excluding any other transfer fees or percentage based conversion fees. Working with R10.33/CAD, the original 10902 CAD will convert to 112,600 ZAR. So with bitcoin, you actually get 10,000 ZAR more on the other side. Something to think about/worth investigating. Depends on the premium between the two exchanges, but SA is typically 2% to 6% more, the premium has even been as high as 10%. Obviously, for transferring for SA to Canada, the opposite is true. -
By PyroSA · Posted
Xoom seems to support payments from USD, EUR and GBP only?
There definitely is a CAD -> ZAR option, but that's not much use if I want to send over a lump sum for getting set up in Canada. -
By Jules · Posted
I recall using Transferwise when my mom was still alive and I used to send her money from Canada to SA so there must be a CAD$ to ZAR option. I haven’t used it in a couple of years but their app was really good and fees were low. -
By M-N · Posted
Have you looked into xoom? They're a new transfer service from PayPal. -
By PyroSA · Posted
TransferWise and XE doesn't seem to have a ZAR -> CAD option. Exchange4Free OTP isn't my mobile phone at the moment Did my cash through FNB, their rate wasn't too bad to be honest.
Asked if I can get a special rate for >R100k, but still haven't had a response from fxtravel@fnb.co.za
-
