Can anybody please tell me the exchange rate please?
That is a very open question.
Firstly.Exchange rate between ZAR ( one assumes) and which currencies?.. British pound, Euro, US Dollar.. Swiss Franc, etc etc.?
One assumes British pound, but it may not necessarily be so.
A bit more specificity will help.
Secondly, the exchange rate varies from day to day, indeed, from hour to hour, so a Google search would be useful for the ruling exchange rate at any specific timeEdited: 29 September 2015, 16:01
What I've been doing: Google 'ZAR to USD' (for the exchange rate to the dollar), to 'ZAR to GBP' (to the pound), etc. It'll be the most current exchange rate. It's fluctuating rapidly.
So the exchange rate I'll get on google or XE or any site at that moment (right now 1 US$ = 13,97 ZAR$) is the same rate I´ll get exchanging ( dollars cash for instance) at an exchange bureau at Cape Town or Johannesburg ?
I believe that these places usually charge a fee or use a different rate.
I mean exchanging cash and not to expenses made by credit card or debit or withdraw at ATMs.
Am I wrong?
"So the exchange rate I'll get on google or XE or any site at that moment (right now 1 US$ = 13,97 ZAR$) is the same rate I´ll get exchanging ( dollars cash for instance) at an exchange bureau at Cape Town or Johannesburg ?"
Theoretically, yes, the exchange rate is the same, anywhere in the world, at any one time.
But, you'll not get the exact amount, according to the exchange rate on the day, and YES, Bureaux de Change and banks do charge you for doing this!
Bureaux de Change, and banks charge you for the service.
Also, different banks seem to have rates that differ slightly from the official rate, as well as different rates according to whether they are buying, or selling.
I recently had to change some dollars to ZAR.
I changed $100.00 at the prevailing rate on the day, of 13.5538.
This should have worked out to ZAR1355.38.
However, I was charged ZAR72.00 commission, PLUS VAT at 14%, PLUS a so called administration fee of another ZAR72.00.
I ended up getting ZAR 1191.30.
It is far better to draw ZAR from an ATM, using a cash/cheque card (Not a credit card).
You will get the exact amount of Rands you want to draw.
You are effectively drawing your own money, but in ZAR, not $$
The only charges will be by your bank, for the withdrawal.
I believe some banks/card companies do not charge for this service
Be sure and inform your bank/card company before you leave home, that you'll be using your card in SA.
Also, if you exchange money at a bank/bureau de change, you will need to show your passport
Thank you Gavin S,
I had forgotten VAT.
For us Brazilians, to exchange Reais for any currency in cash we have to pay 0.38% of government tax.
Any international spent on any type of card ( credit, debit or travel card ) is rated at 6.38%... Plus the bank fee for withdraw abroad, Plus the ATM fee...
And all international exchange transaction made by credit card or debit card in any currency is converted into Dollar and them to Reais. So more conversions = more expensive...