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The rate on this form is not available to individuals or business customers. This converter is based on the Interbank rate - this is used by banks to sell currency to each other and can indicate how the market is currently performing.
The rand was introduced in the Union of South Africa on 14 February 1961, three months before the country declared itself a republic. It replaced the South African pound as legal tender. The government also introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Daan Desimaal).
Recently, the rand has had a strong period against the dollar and some other major currencies. Many people think this is down to the current weakness of other currencies rather than any big shift in the South African economy.
Fun fact: In July 2018, a special series of banknotes was released to commemorate the 100th anniversary of Nelson Mandela's birth. The notes have Mandela’s face on one side, but instead of the usual Big Five animals on the reverse, they show a younger Mandela with different iconic scenes relating to his legacy.
Notes: R 200, R 100, R 50, R 20, R 10 Coins: R 5, R 2, R 1, 50c, 20c, 10c, 5c
Population: 58.7 million Capital cities: Cape Town, Pretoria, Bloemfontein Popular tourist locations: Johannesburg, Durban, Port Elizabeth
South Africa is the southernmost country on the African continent. It’s famous for its varied topography, incredible natural beauty, and cultural diversity, all of which have made the country a top destination for travellers since the ending of apartheid in 1994. The country has a huge variety of cultures, languages, and religions. That’s reflected in the constitution's recognition of 11 official languages – the fourth-highest number in the world.
If you’re planning to move to South Africa to work, you’ll need to apply for a work visa before you arrive. This acts as your temporary resident visa. You can’t come to South Africa on a tourist visa and then apply for a work visa. You’ll need to apply at least six weeks before you leave your own country to come to South Africa, usually at the South African embassy or consulate in your home country.
Rental costs can be expensive in South Africa, especially in large cities, so it might make sense to buy property there. It’s also worth considering currency. With the rand devaluing in recent years, it’s now a lot cheaper than it was for foreign currency buyers to buy homes in South Africa. However, you’re likely to pay capital gains tax of 33.3% on your profits if you sell, after deducting certain expenses.
Opening an account with Currency Solutions is completely free and you’ll be able to make currency transfers anytime at our excellent exchange rates.
We appreciate that navigating the currency market can be daunting! So, a dedicated account manager will always be on hand to offer guidance.
Would you like to speak to one of our experienced brokers? Give us a call on +44 (0)20 7740 0000 or we can call you back Monday to Thursday between 8am - 6pm, and on Friday between 8am - 5pm.
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