With the South African unit of currency, the rand, offering favourable rates of exchange against the world’s hard currencies, your money and budget when in South Africa will go surprisingly far.
You’ll find your purchasing power on the up with your pounds, dollars and Euros, and those items you think twice about back home will seem extremely inexpensive here. Five-star luxury, for example, is very affordable on the South African holiday budget.
Don’t forget to include money for tips, curios, and meals outside of your hotel, tollgates if you’re driving, as well as mobile phone hire and airtime in your budget.
Extras to budget for
- Budget 10% of total cost for tips
- Anything from R100 to R500 for individual curios
- R50-R80 for a single takeaway meal
- R100-R200 per person for a restaurant meal
- R75-R100 for a bottle of wine
- R30-R60 for a cocktail and R15-R25 for a beer at restaurants.
- Tollgate fees vary from around R7 to as much as R40 depending on the route you’re on.
Rands and cents
- The rand is divided into 100 cents:
- Coins come in denominations of 5c, 10c, 20c, 50c, R1, R2 and R5
- Notes come in denominations of R10, R20, R50, R100 and R200
- Travellers’ cheques can be exchanged in banks, bureaux de changes and some hotels. It is suggested you bring them in hard currencies.
- Money can also be withdrawn at automated teller machines (ATM) of which there are many countrywide.
Banks & Banking Hours
- South Africa’s main banks are Absa Bank, First National Bank, Nedbank, Standard Bank and Capitec.
- Banking hours are generally 09h00-15h30 on weekdays and 08h30 – 11h00 on Saturdays.
- All major credit cards are accepted in the country, particularly MasterCard, Visa, American Express and Diners Club.
Most retail purchases carry a VAT levy of 14%, which is refunded to foreign tourists at departure points, subject to stipulated amounts spent, completion of the necessary forms, and presentation of original tax invoices.