Exchange rates are constantly changing but not all banks offer the same rates! Below shows the amount of Rands needed to buy one unit of currency for either the US Dollar, British Pound or Euro. Prices are updated regularly but please be aware that the rates can change a lot between each update.
EXCHANGING MONEY IN EUROPE: WHAT YOU NEED TO KNOW
The “Selling Rate” is the rate the bank will sell currency to you. The “buying Rate” is the rate the bank will buy foreign currency back from you.
There are also transaction fees and general criteria that needs to be met when purchasing foreign currency, find out more here. If you are looking for other currency rates please click on each of the logo's below for a full list.
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Rates Last Updated: 26/01/2015 - 12.00
Rates Last Updated: 26/01/2015 - 12.00 Where rates are not shown, it is either because we don't want to display an outdated rate or the rate is unavailable to us.
Rates that are shown in bold, indicate the cheapest rates if you are buying forex and the highest paying rates if you are selling forex.
Summary of the best rates:
USD- Standard Bank consistently shows the best exchange rate with the US Dollar in terms of the buying and selling prices and we recommend this is the bank to use if you are looking to buy/sell dollars.
GBP- Due to Absa having a UK association to Barclay's they seem to prodominantly have the best buying and selling rate for the British pound and we recommend buying/selling Pounds through Absa to get the most for your money.
EURO- The best rates for the Euro are generally between Nedbank and Absa and comparing rates from these two banks will help you find the best rate.
On a general note, in terms of the the three currencies mentioned above, FNB is seen to consistently have the most expensive rates by placing the biggest spread (the difference between the buying and selling rates) on each currency meaning you get less currency when you buy from them and then less Rands when you convert back to ZAR.
We recommend rather using the other three banks above when looking to buy/sell forex.