USD to ZAR | Convert US Dollars to South African Rands April 3, 2022

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ZAR to USD – Convert South African Rands to US Dollars

Dollar-Rand exchange rate – Here is the current rate of the US dollar against the South African rand today. See the South African Reserve Bank and the dollar to rand exchange rate. 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?

Which banks trade in currencies? 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 offer currency exchange services. The institutions listed below are some of the best 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 SA Ltd
  • FirstRand Bank Ltd
  • Merchant Bank Limited
  • Nedbank Group Limited
  • Bidvest Bank Limited
  • Bank Capitec SA

What is the maximum storage period for foreign currencies such as US Dollars (USD) in South Africa?

In South Africa, it is illegal to hold your Forex, including US dollars, for more than 30 days. Business travelers who undertake a business trip within 90 days of returning to South Africa from a previous business trip, on the other hand, can keep the foreign money for their next business trip. However, if a person travels abroad and has a foreign bank account, they cannot deposit unused funds into that account and use them for investment purposes.

How many foreign currencies can I exchange in South Africa?

The maximum you can spend is R1 million. According to the Currency and Exchanges Manual for Authorized 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 main export destination for South African products. Therefore, 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 global markets can cause currency prices to fluctuate frequently. Here are some examples of world events that have impacted the Rand over the past decade.

Commodity prices
South Africa is a major exporter of raw materials. It is the largest exporter of platinum in the world. For the year 2019, its GDP is $351.4 billion, with a GDP per capita of $6,001.4.

Interest rate

Interest rates are another tool to watch. If interest rates on bank loans rise, it will hurt the economy, causing it to decline and, therefore, the value of the rand to fall.

Government debt

Public debt can affect investor confidence and therefore the amount of money that enters the economy. The rand exchange rate will rise in favor of the South African rand if inflows are high.

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

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