British Fintech Wise Receives Conditional Approval for South Africa Launch

What this means for users in South Africa

• Direct service: Wise can now offer its international money transfer services directly to consumers in South Africa.
• Local rand accounts: This will allow for the use of local South African rand (ZAR) accounts for transfers.
• Faster, cheaper, and more transparent transfers: Wise’s model of upfront fees and no markups on the mid-market exchange rate is expected to provide a more efficient and transparent alternative to traditional services.
• Alignment with global reforms: This development aligns with South Africa’s commitment to the G20 Roadmap for Enhancing Cross-Border Payments, which aims to improve speed, cost, and transparency in international transactions by 2027. 

How to send money to South Africa

• Via the Wise app or website: You can initiate a transfer by logging in and selecting the option to send money.
• Provide recipient details: You will need the recipient’s bank account details, including the account number and possibly the SWIFT code.
• Review and confirm: Enter the amount, review the details, and confirm the transaction to complete the transfer.

How to receive money from Wise

• Provide details to the sender: The sender will need your bank account details to send you money.
• Receive funds directly: Funds will be sent to your bank account in the amount that was sent after the transfer is processed.