The SWIFT system, which is used by most traditional financial institutions, is bypassed in international money transfers from South Africa made through platforms like Sikhona.
Third-party money transfer providers, each with its own network infrastructure, facilitate the movement of funds between account holders. This paves the way for the safe and speedy transfer of funds.
As a result of this, cross-border transactions will be processed more quickly for users. Most international money transfers from South Africa are received within 24 hours.
This is due to the fact that South Africa is in a time zone where transactions can be processed quickly.
When opposed to using a bank, international money transfers in South Africa can save a lot of money. Reason being is that these online money transfer services are available on a global basis.
This is due to the fact that these services often offer more favourable margins and prices when conducting business and engaging in exchanges.
Sikhona is the market leader for International money transfers in South Africa, while there are several other companies that assist the movement of money that are also well-known on a global basis for the quality of their services. Here, we show how easy it is to send international money transfers.
Advantages of international money transfers
With the traditional banking system, there is a vast variety of potential bank fees, each of which is decided not only by the financial institution to whom you are sending money but also by the specific policies of that specific bank.
On the other hand, international money transfers help facilitate the transfer of cash that charge a set cost for all transactions, despite the fact that the funds may be going to a variety of different locations.
In addition to this, certain organizations that deal in the exchange and transfer of money, such as Sikhona, provide customers alternatives that make it possible for them to send money abroad from South Africa at a cost that is more manageable on their budgets.
Send money easily with Sikhona using these simple steps
Start by registering on the platform:
- Fill in your personal info
- You will need to upload high-quality images of the identification document you use and of yourself holding that document.
- You will need to click or tap the register button.
Set up your list of beneficiaries
- You will need to click the “add beneficiary” button before you can add a beneficiary to the account.
- Provide details about the recipient in the spaces provided in the appropriate form fields.
- You are required to click the “complete” button.
Send money internationally
You can initiate a transaction by pressing the “send money” button.
Kindly supply the information that is needed to facilitate the transfer of your funds to the location of your choosing.
Pick the country that will receive your money if you want to send it somewhere.
Determine how you want the recipient of your gift to receive their money and select the appropriate option of payment.
Here, you have the ability to select the pay-out partner that you want for the beneficiary of your gift. Every nation will be responsible for compiling its own unique list of possible pay-out partners.
You have the option of including or excluding transaction expenses in the quote that you are about to submit, or you can choose to have it reflect the amount that your beneficiary will really get