Does Capitec Bank accept international transfers? Yes, Capitec Bank does accept international transfers. However, it’s best if the sender first converts the money into South African Rands before sending it.
How does it work?
It really depends on the sender; the sender can send the money directly to your Capitec account or use a payment gateway. I am a content creator and get paid by different ad networks every month, some pay directly into my accounts and others use a payment gateway.
With a payment gateway; the money is sent in dollars, euros etc then the payment gateway converts the money into Rands. It can only be withdrawn after it has been converted into Rands, the conversion is usually done using the current conversion rate between the two currencies.
Payment gateways usually take a percentage of the money being transferred as charges. PayPal can take as much as 4%, it’s important to note that you can’t withdraw funds from PayPal using Capitec; you need FNB for that.
I generally recommend using Payoneer, it’s a very good platform for making international payments and it only charges 1%, which is way less than what PayPal charges. Other platforms include Skrill and Stripe.
Sending money abroad is even easier, all you need is a payment gateway and all is good. Some companies just want your credit card information and are able to withdraw the money directly from your account on their own.
Conclusion
It’s very possible to make international transfers using Capitec Bank. Although you will need the help of a payment gateway on some occasions. Do you have any thoughts or questions? Comment below.
