I realize that this has been discussed in the past. What I have learned that it is best to use your credit card to make purchases in RSA. I have done this in the past and it has worked well.

I would like to take about $500 worth of Rand, to RSA (Cash) to make smaller purchases. What is the best way to do this. I realize the airports are a ripoff. My guess would be that RSA banks and ATM's would nil me on high fees....

Any suggestions? Thank you!

Find a local bank in your area and they can usually do it in one or two days for a very small fee. Just call around until you find one that will do a currency exchange.

Thank you for the advice. I will do this.

Jason, simply withdraw cash using your credit card at an approved bank/ATM in RSA. Just make sure it is an approved ATM otherwise you can get hit with additional fees. You will get the best rate as long as your credit card does not have a foreign transaction fee. You will generally get the mid exchange rate. Otherwise you will get hosed by the bank for additional fees and may not get the mid exchange rate.

Contact your bank/credit card company and make sure you know which ATMs have no no additional processing fees and make sure your PIN works before you leave.

If you attempt to exchange Dollars for Rands you will get hit with a 5% to 12% processing fee.

Thanks for the advice Opus.

I checked with my local bank and it was 10%!!

I called my local credit union and it is a $10 flat fee, up to $5k! Great deal......

I appreciate the advice!!

quote:

Originally posted by Jason P:
Thanks for the advice Opus.

I checked with my local bank and it was 10%!!

I called my local credit union and it is a $10 flat fee, up to $5k! Great deal......

I appreciate the advice!!

Yes, but the flat $10 fee may or may not be a bargain depending on what exchange RATE they use. Check that out first.

Yes, you are correct! I will surely check this.

thanks

Ok, I just checked with my bank:

$1.00 - .080029 rand

That seems pretty good. What do you think?

Thanks!

Jason the Rand to Dollar has been a little more stable this past year from 15.5:1 to 13:1 - mid market rate. Who knows where it will go next considering SA politics.

In regards to exchanging now vs exchanging later in the Summer - toss a coin...

Thanks Opus. Is the exchange range I post good?

I just want to make sure that my bank is not ripping me off. That does not seem to be the case.

Thanks

Jason the current mid rate is - N$0.0757355 to $1 USD. See what other fees they will hit you with but on the face of it, yes that's a good rate.

Thanks Opus.

It is a $10 fee per transaction, up to $5,000 US

That's a deal.

Well, kinda, sorta of a bargain.

Today's real rate should get you 6589 R for $500 US.
Instead you are going to receive 6247 R. The difference of 342 R is about $26 US plus $10, so really the exchange is costing you about 7%. Not bad when you consider the convenience but hardly a real bargain.

You are probably right. However, in this case, convenience trumps the $26. But, your point is well taken.

I have no interest in visiting a Joberg ATM. In addition, I am sure I would get nailed with a high ATM fee(s).

I will use my credit card for any large purchases.

I do appreciate everyone's advice. It is fun to plan and think about an upcoming trip. I did not think I would return to Africa, and had decided to stick with North America. But, like they say: The only that is certain is change!

According to this, you would be better off exchanging your dollars at the Joberg airport. 7 percent is a pretty big bite. I make no guarantees to the accuracy of this site:

http://www.ihatetaxis.com/conv...rg-O-R-Tambo-Airport

quote:

Originally posted by Gatogordo:
According to this, you would be better off exchanging your dollars at the Joberg airport. 7 percent is a pretty big bite. I make no guarantees to the accuracy of this site:

http://www.ihatetaxis.com/conv...rg-O-R-Tambo-Airport

Thank you!

On almost every one of my trips, I have had my PH pay for small purchases I have made, then reimburse him at the end of my stay with dollars. On the few occasions when I have been on my own, I have had no problem finding sellers who were willing to accept dollars.

Jason, your bank was actually offering you a rate better than the mid rate and the JNB exchanges offer rates that are anywhere from 2.5% to 5% below the mid rate. With the flat fee, you can drive a better deal with your bank.

At the end of the day the difference is a very small amount so go with what is more convenient and safe - in short, I would never exchange funds at JNB. (hint, hint)

quote:

Originally posted by Opus1:
Jason, your bank was actually offering you a rate better than the mid rate and the JNB exchanges offer rates that are anywhere from 2.5% to 5% below the mid rate. With the flat fee, you can drive a better deal with your bank.

At the end of the day the difference is a very small amount so go with what is more convenient and safe - in short, I would never exchange funds at JNB. (hint, hint)

Agreed! I've been to Joberg 2 times previously. I have no desire to stay there longer than I have to.
As you said, we are only talking about a few dollars difference.

Regardless, there has been some great discussion and it has helped me, as I am sure it may have helped
others.