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Everything you need to know on foreign exchange, using cards, cash, and hiring a car
For those unfamiliar with the sunny nation of South Africa (SA), the task of figuring out finances while on holiday or business here can seem about as daunting and confusing as a higher-grade trigonometry paper.
First of all, there’s the issue of getting a handle on the local currency. In SA, we work in rand (R), with each rand being comprised of 100 cents (c). Both coins (5c, 10c, 20c, 50c, R1, R2 and R5) and notes (R10, R20, R50, R100 and R200) are available, and the exchange rate is generally quite favourable for those coming from foreign countries.
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Then of course, it’s necessary to figure out the best form of money to bring with you on your travels. Contrary to popular belief, SA has quite a well-developed financial system and extensive bank network and there are a number of different options available for tourists spending money here. Key alternatives include using your foreign credit or debit card (yes, there are ATMs everywhere in SA, even in rural towns), arranging a special travel money card or bringing cash to exchange or traveller’s cheques. Aside from these, there’s also the option of obtaining a URCard, a prepaid debit card that was developed by a reputable local travel company specifically to address the money-related challenges often faced by visitors here.
To help you make an informed decision, we’ve elaborated on these travel money alternatives below and highlighted the pros and cons of each so that you can get a feel for which would be the best fit for you.
Ideal for creatures of habit who aren’t keen on mastering a new and unfamiliar money system, using your credit or debit card from home is a popular and handy, albeit potentially costly, option when travelling in SA. Major credit card brands, namely MasterCard and Visa, are widely accepted here, and debit cards and cheque cards, which give you access to your bank account in your home country, can generally be used over the counter and at ATMs wherever there’s a MasterCard or Visa sign. If choosing this option, there’s no need to pre-arrange travel money; though, there are, of course, issues associated with transacting in SA in foreign currency with foreign plastic.
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A modern, electronic form of the old traveller’s cheque, prepaid travel cards and cash passports, which are similar to URCard, are issued by financial institutions specifically for the purpose of using money overseas. There are a number of different types of these cards, but unlike the local URCard, they generally can only be pre-loaded with certain foreign currencies (usually US dollars, British pounds and euros) and not rand for SA. Regardless, they are ideal for those looking for a convenient option that boasts more security than standard credit and debit cards. It would be best to contact your bank or nearest foreign exchange store for more information on the specific options available.
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Once a popular travel money option, traveller’s cheques, which are pre-printed coupons of a specific denomination that can be used as a substitute for cold cash, are no longer widely used or recognised in SA. In fact, the use of these cheques has dropped significantly since the 90s due to the rise of credit, debit and travel money cards, and therefore they’re no longer a viable option for anyone visiting our nation.
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Certainly the most convenient option, carrying cold hard rand is ideal for those who aren’t keen to keep seeking out ATMs and who are looking for a sure-fire way to make hassle-free purchases fast. Cash can be used anywhere and is especially useful when travelling off the beaten path to more rural areas where electronic pay points may not be ubiquitous. However, while it’s always advisable to have some SA notes and coins on you, it’s certainly not wise to have all of your overseas spending money in this form.
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Car rental services are an essential component for any international looking to experience Cape Town like a true local.
We sat down with AroundAboutCars, a car hire company whose been in the business for over 30 years, to get answers to your most common car hire questions. They offer unlimited kilometres, fully-inclusive rates with no hidden costs, 24-hour emergency service and there are 40 affiliated branches nationwide with AroundAboutCars.
20 Bloem Street | Schotsche Kloof | Cape Town City Centre (nationwide service) | @aroundaboutcars | Image: Unsplash
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