About South Africa - Currency

Currency

South Africa's currency, the rand, comes in a range of coins (R1 = 100 cents) and note denominations of R10, R50, R100.

Due to extremely favourable exchange rates against the pound, US dollar and euro, the South African (and Namibian) rand currently offers superb value for money.  You'll find your purchasing power on the up, with costly items back home suddenly seeming remarkably inexpensive.  Five-star luxury is also now very affordable. 

Use the Big Mac index to plan your holiday budget.  Don't forget to include money for tips (normally 10% of the total cost), gifts, additional meals (R100-R200 per person for a restaurant meal, plus R75-R100 for bottles of wine or R15-R25 per beer), toll gates (R7-40) and mobile roaming charges.

Money can be withdrawn at numerous ATMs countrywide, with travellers' cheques able to be exchanged in banks, bureaux de changes and some hotels.  All major credit cards are accepted.  The main banks are Absa, First National, Nedbank, Standard Bank and Capitec.  Banking hours are typically 9am-3.30pm on weekdays and 8.30am-11am on Saturdays.

There are limits on the amount of cash you can bring into South Africa: 25,000 rand or, for combinations of other currencies, US $10,000 or equivalent.  You must declare any amount higher than this upon entry.

 

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