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Sending money to family or friends

Sending money to family and friends in the mail is not safe. You should use a money transfer service instead. There are two ways to wire money, through a bank or credit union or through a money transfer service company.

1. Banks

If you and the person you are sending the money to both have bank accounts, then you can easily have your bank send money from your account to theirs. Banks usually charge a flat fee for this service. Most banks can send money to other countries. One downside to wiring money through a bank is that the transfer can take anywhere from 2 to 5 business days, depending on your bank; some banks offer an express clearing sevice.

ABSA offers CashSend, which allows you to send money from your ABSA account to anyone, even if they don't have a bank account, using an ATM, or cellphone or internet banking. Read more.

FNB offers the eWallet, which allows you to send money to anyone in South Africa who has a cellphone number. Read more.

Click here for directions on how to send money using a bank.

2. SACCOs

Many credit cooperatives offer faster and less expensive money transfer services than banks and large money transfer companies. Depending on the country where you are sending money, they charge a flat rate or a percentage of the amount of money you are sending.

3. Money Transfer Companies

Wiring money through a money transfer company is faster than wiring money through a bank but in some cases it can cost more. Ask your friends and family about the money transfer services they use and try to find the lowest price.

You can have money wired to you or wire money using iKobo.

You can use your the MiMoney service on your cell-phone to make payments anytime, anywhere. Click here to access this service.

 

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