| Component | Typical level | Visible on the statement |
|---|---|---|
| Exchange rate margin, major bank | 1.5% to 3.0% | No |
| Exchange rate margin, specialist provider | 0.3% to 1.0% | No |
| SWIFT transfer fee | R300 to R600 | Yes |
| Correspondent bank fee | USD 15 to USD 40 | Sometimes, deducted in transit |
| Receiving bank fee | USD 0 to USD 25 | At the far end |
| Commission | 0% to 0.5% | Yes |
| Route | Rate margin | Fees | Total cost | Received at R16.40 mid |
|---|---|---|---|---|
| Major bank | 2.5% | R450 | R2,950 | USD 5,918 |
| Bank, negotiated | 1.2% | R450 | R1,650 | USD 5,997 |
| Specialist provider | 0.5% | R250 | R750 | USD 6,052 |
| Specialist, larger amount | 0.3% | R250 | R550 | USD 6,064 |
| Question | Why it matters |
|---|---|
| What rate am I getting, against the mid-market rate | The margin is the real cost |
| Is the fee deducted here or at the other end | OUR, SHA or BEN changes who pays |
| Which correspondent banks are in the chain | Each one can deduct a fee |
| How long will it take | Two to five business days is normal |
| Does this use my SDA or my FIA | It decides whether a PIN is needed |
Data maintained by TradeAnswers · updated as the figures change