Maximising your international money transfers: Understanding transfer times & costs from South Africa

If you're looking to send money internationally from South Africa, one of the most important considerations is the time it takes for your payment to reach its destination.

In this blog post, we'll compare the transfer times of traditional banks with Mama Money's online money transfer service and explore the factors that can impact transfer times.

Overview of Bank Transfer Times in South Africa

Different banks have different processing times for international payments. According to numerous banking websites, the processing times range from 2 to 5 business days. Additionally, the banks may charge fees for international payments, which can vary depending on the amount of money you're sending and the country you're sending it to.

Factors Affecting Bank Transfer Times

Several factors can impact bank transfer times:

Country and currency you're sending money to: some countries have more complex banking systems than others.
The method you choose to send the money: some methods may take longer than others.
Weekends and holidays: can slow down the international money transfer time if the bank is closed.
Documentation: delays can occur if there are errors in the payment information or additional documentation is required.
Fraud prevention processes: can delay the transfer as it may pass through banks in the SWIFT network before landing at your recipient's bank. Any additional fraud prevention the banks put in place may add extra time to the transfer.
Country time zones: impact transfer times as your recipient's bank may be closed for the night during your business hours.

What are same-day international money transfers?

Some banks offer same-day international transfers if you're looking for a faster option for sending money internationally from South Africa. With this option, your payment can reach its destination on the same day it's sent, provided it's sent during business hours and meets certain requirements.

Same-day transfer options may include express or priority payments and instant or near-instant payments through mobile wallets or other electronic payment systems.

However, it's important to note that same-day international transfers typically incur higher fees and additional charges. So, it's important to compare your options carefully and choose the best fit for your needs and budget. Additionally, some countries may not support same-day transfers or may have restrictions on the amount of money that can be sent through this option.

Mama Money is Faster Compared to traditional banks

Mama Money offers a faster and more convenient way to send money internationally from South Africa. With Mama Money, transfers to mobile wallets and cash collection are sent within minutes and transfers to bank accounts, on average, take 5 hours to be received but can take up to 48 hours to reflect, depending on your recipient's institution.

This is because Mama Money uses innovative technology and partnerships with trusted payment providers to speed up the payment process. Additionally, Mama Money's fees are competitive with traditional banks, with no hidden costs or surprises.

Cost of Speeding up the Payment Process with Banks

If you need to speed up the payment process with traditional banks, you may have to pay extra fees. For example, some banks offer express or priority payments that can be processed faster than standard payments, but these services come at a higher cost. Additionally, some banks may charge intermediary or correspondent bank fees, which can further increase the cost of sending money internationally.

In conclusion, bank transfer times can vary depending on the bank you use and the country you're sending money to. With Mama Money, you can enjoy faster transfer times and competitive fees without sacrificing security or convenience.

The Mama Money Card

The Mama Money Card is a new way to manage your finances with ease and security. This card offers a hassle-free solution to access and use your money, redefining convenience for all our users. Discover all the fantastic features and benefits of the Mama Money Card by visiting our detailed blog post. For any queries or more information, feel free to reach out to us directly on WhatsApp. Your financial management just got a whole lot easier with Mama Money!