South African Currency, Exchange Rates, Banks:
You can check the exchange rate at Yahoo Finance or Currency Converter or any one of many Exchange Rate converters.
There are bills for 10, 20, 50, 100, and 200 Rand. Each bill is a different color and a different length, with pictures of the big five.
There are also coins for 1 Rand, 2 Rand, 5 Rand, 50 cents, 20 cents, 10 cents, and 5 cents.
Major banks that you will likely use in South Africa are First National Bank (FNB), ABSA, and Nedbank.
Steps to Take Prior to Departure From the United States:
1. Set up your internet banking: Internet banking is by far the best way to maintain your bank account while abroad. If you use People’s Bank through Uconn you are able to set this up for free.
2. Determine if your bank charges international transaction fees: If you wish to set up a new checking account before going to Cape Town so you can use internet banking, look for a bank that does not charge international ATM fees. Liberty Bank does not charge transaction fees for international ATM withdrawals. Bank of America, for example, charges a $5.00 transaction fee for each withdrawal from an ATM, which can add up to a significant amount of fees. Many credit cards also charge a premium of between 3-5% on international transactions, so be aware of those fees as well. HSBC is also a bank that does not charge international ATM fees and have internet banking. You can set up an account online with HSBC and link to another existing account relatively easily. Be certain to activate your debit card before leaving the country.
3. Notify your bank that you will be traveling to South Africa: An absolute must is to contact your bank and tell them that you will be traveling abroad. Tell your bank that you are traveling to South Africa and the dates you will be there. It is also a good idea to tell your bank where in South Africa you will be traveling, specifically Cape Town, Durban, the Western Cape Province, and Kwa-Zulu Natal. If possible, request written confirmation that your bank has added a note to your account that you will be traveling in South Africa and you have notified them to that effect.
4. Make copies of your financial information: Write down your credit, debit, bank account, PIN, and the security numbers located on the back of your credit and debit cards. Have these numbers on your person as you travel to South Africa and then store them in a safe place once in Cape Town. Also leave a copy at home with someone you can trust. This is important information to have should you lose your cards or have them stolen. Although not financial documents, it is also very useful to keep photocopies of your license, student IDs, South African visa, and the identification pages of your passport. These photocopies can prove very helpful if you need to replace any one of those documents.
5. Add a family member to your account: If possible through your bank, add someone you trust absolutely onto your account. This proved to be very helpful in situations where credit and/or debit cards would not work in Cape Town. Your parents may be more able to act as an advocate back home to get your cards cleared to work in South Africa should you have any problems.
6. Only bring enough US Dollars to have some hard currency while traveling to Cape Town and upon your immediate return to the U.S. According to previous students, it really isn't a good idea to bring large amounts of American money with you. It is really expensive to convert money once you arrive and it is of no use in South Africa.
7. Avoid Traveler’s Checks: Students reported that they did not find Traveler’s Checks particularly useful. Although they have the convenience of being easily replaceable if lost or stolen, they can only be cashed at bank branches. This transaction is limited to the hours the bank branches are open and requires that you show your passport, which you should avoid carrying with you whenever possible.
Things to Know and do with Banking once you are in Cape Town:
1. Be aware of your safety at ATMs: South Africa has had problems recently with thefts at ATMs. While there can be a risk in using an ATM, if you take basic security precautions you should be fine. Try to only withdraw money from ATMs that are within shopping centers or that have a security guard present. There are relatively safe ATMs in the Woolworths plaza across Klipfontein Rd. from the Red Cross Hospital, as well as in the Pick and Pay and Checkers shopping centers off of Main Road in Rondebosch. Also, there are several safe ATMs in the Student Union at UCT.
It is also a good idea to withdraw money when there are other people with you, as there is increased security in numbers. Never let a stranger try to help you at an ATM and should anyone try, immediately cancel the transaction and leave. Be sure to cover your PIN when entering it on the keypad. Also, never use an ATM that has anything over the card slot or that appears to have been tampered with. Once you have withdrawn money, immediately put it in a safe place. It is advisable to not carry large amounts of Rand with you at any time, so try to find a safe place in your room to store money you don’t want to have to carry at all times. Many students simply used the ATM at the University of Cape Town, since always on campus at least once a week.
While it may seem that ATMs are more dangerous in South Africa, these are steps that you probably already take in the US but are not necessarily aware of; they are simply a part of your subconscious. It is important to remember to stay aware of the situation you are in and who is around you.
2. Protect your financial and personal information from identity theft: While in Cape Town, it is important to protect your personal information as you would in the United States. You can do this by not checking your bank account from a public computer at an internet café, nor through a wireless internet connection at the house in Rondebosch. Both of these can allow others to gain access to your account or personal information, so try to only check your account balance at an ATM while making a withdrawal or through a hardwire internet connection in the house.
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