# Best way to transfer money to SA



## fursethk (Jan 30, 2017)

I will be buying a house in South Africa and will need to transfer $100,000 at first and then approx $200,000 for the closing. 
Also will need to transfer money every month or so for living expenses.

What is the best way to accomplish moving money and having money locally:
1) Open a local bank account and have my American Credit Union transfer money?
2) Open a global bank account (JP Morgan or Citibank) and then how do they move money if deposited in the USA?
3) How to get the best exchange rate? Exchange dollars to ZAR in USA and then transfer or transfer dollars and then exchange to ZAR?
Will be living in ZA for 10 -15 yrs.

Any and all advice is appreciatted.
Kristen


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## 2fargone (Jun 14, 2011)

fursethk said:


> I will be buying a house in South Africa and will need to transfer $100,000 at first and then approx $200,000 for the closing.
> Also will need to transfer money every month or so for living expenses.
> 
> What is the best way to accomplish moving money and having money locally:
> ...


I opened a Nedbank account and had money moved from my USA account to my South Africa account. It added up moving money the transfer fees so I would check on the cost.

Having a global account wont make a difference. I would open up a local account. 
(FNB, Standard Bank, Capitec, Nedbank ) 

I used my USA debit and credit card. I got the exchange rate of the day. I didn't have to worry about a foreign fee with my cards. And I found I was protected better with my USA accounts when I had a charge I didn't do.


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