Being at the southern tip of Africa does have its challenges when travelling, but with the festive season drawing near, the ability to make cross border payments oversees doesn't need to be one of them. In a time where the world is becoming progressively interconnected and with many family members now living abroad, there is an increasing need to be aware of the options and legal implications when transferring money across borders.
Depending on your specific needs and requirements, you can choose either from the Electronic Fund Transfer option (SWIFT), the Western Union® Money Transfer Service or a more personal Bank Draft.
"Electronic transfers are the securest and most reliable for money transfer, however it is still important to be vigilant when making cross border payments," says Daniel Buntman, head of Absa Retail International Banking.
Benefits of electronic transfers include:
It is a risk-free and secure form of payment
Easier/faster than a bank draft (should time be critical)
You are able to stipulate the exact date of payment
Convenient and fast
Funds received are available immediately
However when it comes to security, Buntman stresses the need to continually monitor your account. "Cybercrime remains a concern, no matter the form of transfer that you decide to use, the necessary precautions and security checks must be taken when providing your banking details in order to complete the transaction."
"Always be observant as to the amounts that are being withdrawn from your account. If you are suspicious of a withdrawal or transaction, contact your branch immediately."
It is also important to note that there are rules and regulations to the amounts that can enter and leave the country, so make sure you read about South Africa's Exchange Control rules and regulations or ask your friendly international banking expert at your nearest Absa branch for advice.
