International Transfer with Absa: Fees, Time, Process

Absa Bank facilitates international transfers to and from South Africa in several ways.

In this article, we’ll go through the options for making international transfers with Absa, looking in detail at the associated fees, times, and processes.

As you might expect, there are considerable fees and exchange rates associated with making international transfers with Absa, so it’s useful to know about these in advance.

If you want to avoid expensive fees and high exchange rates, look at Wise. Wise is a bank alternative that allows you to make international transfers to ZAR (South African Rand), with a competitive mid-market exchange rate and low-cost fee⁸.

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Absa International Transfer Fees

Absa international transfer fees exist, regardless of the method you choose to make the transfer.

However, the fees do vary depending on the circumstances of each specific transfer.

Let’s take a look at some of the ways you can transfer money internationally with Absa and the fees associated with each method.

Method 1: Via SWIFT Transfer

Absa supports international transfers via SWIFT. This method can be used via the Absa online banking system, app, or in an Absa branch. There are different fees associated with where you make the transfer - whether you make it online or in a branch.

Plus, Absa also charges an electronic fee for transfers outward.

Send money abroad (SWIFT) from South Africa¹	Branch	ABSA Online
In rand and foreign currency	0.75% for R250.00 - R900.00	0.55% for R180.00 - R800.00
Electronic Fee	R185.00	R100.00

Receive money from abroad (SWIFT) in South Africa¹	Branch	ABSA Online
In rand and foreign currency	0.75% for R250.00 - R900.00	0.55% for R180.00 - R800.00

Method 2: Via Western Union

Absa supports international transfers with Western Union through Absa Online, mobile phone banking, and within Absa branches.

Absa charges fees to make a Western Union transfer - they will charge for the fee to be converted to ZAR (at the current exchange rate) in addition to 15% VAT.

Western Union also has fixed fees, which vary depending on the amount of money being transferred. It ranges from 7% at the highest fee to 2% at the lowest¹.

For example, the fees sit at a fixed 7 USD for transfers up to 50 USD and at the lowest they go down to 2% for transfers over 3,251 USD¹.

There are no fees charged for incoming transfers.

Costs to Senders for International Transfer with Western Union

• Current exchange rate
• 15% VAT
• 2% - 20% transaction fee

Amount transferred (USD)¹	Fees charged (USD)¹
0 - 50	7
401 - 500	25
2, 501 - 3, 250	65
3,251 +	2% principal

Method 3: Via NovoFX App

Absa also facilitates international transfers through the NovoFX app. Transactions that are allowed through this app include “salary remittances, gift payments, investment and travel payments”².

Although the app is marketed as an app with “no fees”, there are fees involved since NovoFX calculates the exchange rate on the app before transfer². These exchange rates are live and therefore may be poorer than the mid-market exchange rate (the exchange rate Wise uses).

Absa international transfer exchange rate

In addition to fees that are applied to international transfers, the exchange rate used by Absa will make a difference to your final transfer amount.

Absa uses an “inter-bank” rate which means they add a fixed percentage on top of the mid-market exchange rate.

The exchange rates displayed on Absa’s website are indicative and they use real-time rates, so they recommend visiting a branch to learn about these real-time rates, or seeing what the rates are at the time of transfer via online banking or when using the NovoFX app³.

If you are making an international transfer with Absa via Western Union, there are also additional fees. Western Union makes money not only from the fluctuating exchange rate (on the basis of interbank rates), but they also add a margin⁴.

If you want to compare the exchange rate you’re offered with Absa (and other banks) to see how much you could be getting charged, use an online currency converter.

Sending money internationally with Wise is pocket-friendly - Wise uses the mid-market exchange rate. This is the midpoint of the rate that bankers are willing to pay for a currency and what they’re willing to sell it for. This is the fairest rate out there.

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Get the mid market rate with Wise when transferring money to South Africa

Considering the transfer fees, exchange rates, and hidden charges applied by banks such as Absa, Wise provides a transparent and fast solution for international transfers to South Africa⁸ ⁹.

Remove yourself from all the hidden-fee-hassle and stop losing out by turning to Wise. Wise shows you the minimal transfer fee upfront and transfers your money with the mid-market exchange rate, meaning you’re saving money whilst making secure, speedy, international payments to South Africa⁸ ⁹.

Learn more about Wise’s mid-market exchange rate and take a look at the rate tracker.

How long does an international transfer take with Absa?

Absa provides no specific information about how long international transfers will take.

However, the length of time SWIFT payments take depends on where money is being sent from and to, the value of the transfer, and the bank’s process.

Since the NovoFX app also uses SWIFT, the processing time is likely to be fairly similar.

With Western Union, International money transfers can take between 1-5 days, depending on the time zone and exchange rate⁷. Some transfers may take up to three weeks if the country is classified as “slow-to-pay”⁷. The recipient will also need to be able to access a Western Union to receive the money and opening days/hours may vary depending on where they are in the world.

Absa Wire Transfer (SWIFT incl. NovoFX app)	Absa (via Western Union)⁷
3-5 days	Up to 3 weeks

Absa international transfer process

As you now know, there are three ways you can make international transfers with Absa: either through a wire transfer, via Western Union or using the NovoFX app.

In this segment, we’ll take a look at exactly how you can go about each Absa international transfer process.

Wire transfers

If you want to make an international transfer with Absa, you will need to either log into online banking, use mobile banking, or visit an Absa branch.

Since your transfer will go to the individual’s bank, you’ll need their details.

You need to know:

• The amount you want to transfer and the currency you want to send it in
• The name, address, and account details for the individual you’re transferring funds to
• The name and address of the bank that they have their account with
• The individual’s IBAN number if you’re transferring to an account in Europe, or the SWIFT/BIC code or routing number if you’re sending money to the US.

Western Union

Absa also offers international transfers through Western Union⁵. You can make Western Union transfers online by using their online banking service, on the app, or visiting an Absa branch.

This is what you can expect the process of transferring money via Western Union with Absa will look like:

• Use Absa Online Banking/ Absa Banking App: Select International payment or “CashSend” from the payments tab.
• Visit an Absa branch - only select Absa branches allow Western Union transfers, so call ahead.

NovoFX App

You can also make international transfers through the NovoFX app. You will already need to be a customer of Absa to use the NovaFX app.

• Register for Absa Internet Banking or already be an Absa Internet banking customer.
• Download the NovoFX app and log in using the Absa credentials. You will then be sent a one-time PIN (OTP).
• Use the NovoFX online app like you would use the online banking app to process a wire transfer - you will need all of the same credentials and details as you would for a wire transfer (take a look above for these).

Absa international transfer requirements

If you are sending money from South Africa with Absa, there are specific requirements that apply⁶.

For example:

• There are maximum amounts that you can transfer
• You have to provide proof of the source of funds
• You have to be 18+ years old
• You need a valid ID.

These requirements are made and supported by Western Union, of which several more apply⁶.

Absa international transfer limits

There’s no specific information provided by Absa about the maximum (or minimum) International transfer limits with Absa.

However, it’s important to note that smaller international transactions do have higher fees associated with them - as looked at earlier in this article, Absa can charge up to 20% for small transactions¹.

Sending money internationally shouldn’t be a big deal and you shouldn’t be charged endless amounts of hidden fees and unfair exchange rates. Whilst traditional banks might be a great place to store your money, they’re not always the best option when it comes to making international transfers.

At Wise, we specialise in international transfers, meaning we really know what’s best when you’re sending money globally.

We’re not here to cause you a headache - we’re here to make moving money around the world quick, easy, and low-cost⁸ ⁹.

Always check to see if Wise can give you a better deal when you’re transferring ZAR internationally⁸.

Join Wise!

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Sources

1. 2023 Absa Pricing Brochure
2. NovoFX App Information Page
3. Absa Indices and exchange rate information page
4. Western Union Fee Table
5. Absa Page - Send Money With Western Union
6. Western Union Send Money Page
7. Western Union transfer times
8. *Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
9. *Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

All sources checked on 1st August 2023