USD to ZAR – Convert US Dollars to South African Rand

ZAR to USD – Convert South African Rand to US Dollars

Dollar to Rand rate – Here is the current USD to South African Rand rate today. See South African Reserve Bank & exchange rate for dollar to Rand. You change your USD to ZAR at this rate or convert your dollar to Rand at the official rate.

Which banks change USD to ZAR in South Africa?

What banks deal in foreign exchange? The Rand is the currency of South Africa, and its currency code is ZAR. Exchanging US dollars to South African Rand in the country is quite simple and follows most of the same laws as exchanging money in other countries. Again, not all banks provide currency exchange services. The institutions listed below are some of the greatest places to go to acquire these services quickly and safely.

• Albaraka bank forex
• Absa Forex trading bank
• Habib bank south Africa
• Chase bank South Africa
• Standard Bank of S.A. Ltd
• FirstRand Bank Ltd
• Mercantile Bank Limited
• Nedbank Group Limited
• Bidvest Bank Limited
• Capitec Bank Ltd

What is the maximum amount of time I can store foreign currencies like US Dollar (USD) in South Africa?

While in South Africa, it is prohibited to hold your Forex including US Dollars for more than 30 days. Business travellers who embark on a business trip within 90 days after returning to South Africa from a previous business trip, on the other hand, may keep the foreign money for use on their next business trip. However, if a person travels overseas and has a foreign bank account, he cannot deposit any unused funds into that account and utilize them for investing purposes.

How much foreign currency may I exchange in South Africa?

The most you can spend is R1 million. Persons may carry foreign currency up to the limit of their SDA, i.e. R1 million, overseas in the form of travel allowances, according to the Currency and Exchanges Manual for Authorised Dealers 1961 (Regulations.

Factors Influencing USD / Rand Exchange Rates

Economic stability in China
The Rand is influenced by the economic and political stability of South Africa’s trading partners. China is the leading export destination for South African goods. As a result, the political and economic climate in China has a significant impact on the performance and value of the South African Rand.

Global market uncertainty
Uncertainty in the global markets can cause currency prices to fluctuate often. Here are a few examples of worldwide events that have had an impact on the Rand in the recent decade.

Prices of commodities
South Africa is a large exporter of raw materials. It is the world’s largest platinum exporter. For the year 2019, its GDP is $351.4 billion dollars, with a GDP per capita of $6,001.4.

Interest Rates

Interest rates are another tool to keep an eye on. If interest rates on bank loans rise, it will hurt the economy, causing it to decline and, as a result, the value of the Rand to fall.

Government debt

Government debt can affect investor confidence and, as a result, the amount of money flowing into the economy. The Rand exchange rate will rise in favour of the South African Rand if inflows are high.

Speculators: The USD/Rand exchange rate is frequently influenced by speculators. They hoard money in the hopes of making a profit, forcing the Rand to fall even further.