The ZAR – South African Rand originates from the Dutch Zuid-Afrikaanse Rand. It’s name is taken from the area that had the most gold deposits in South Africa – Witwatersrand, the ridge upon which Johannesburg is build.
As with all countries the currency is abbreviated as a code and in the Rands case it is ZAR.
The ZAR comprises of 100 cents and denominations include coins (5 cents, 10 cents, 25 cents, 50 cents, 1 rand, 2 rand and 5 rand) and notes (R10, R20, R50, R100 and R200).
The ZAR is one of a handful of countries that still has exchange control regulations in terms of transferring money into a foreign currency. These exchange controls effect both the transfer in and transfer out of money. although it is when transferring South African Rand to another currency most people become aware of these regulations.
Permission to transfer ZAR must be first obtained, whether it is an individual or company effecting the transfer. This can involve submission of items such as tax clearance certificates, invoices and orders.
All transactions to transfer ZAR out of South Africa must be via an authorised dealer – which in the main are banks.
Incompass Forex, offers a full service to it’s client that helps with obtaining the required permissions, involved no administration fees from Incompass and provides you with access to the very best exchange rates.
When you next need to transfer ZAR (South African Rand) give Incompass Forex a call and experience a superior service, expert knowledge and better rates.
Ring us now on +27 (0) 21 4242936 during office hours or request call back here.