South Africa has a very favorable exchange rate for most international currencies, so you will find South Africa very inexpensive. South Africa’s currency is the Rand which is divided into 100 cents with coin denominations of 5c, 10c, 20c, 50c, R1, R2, and R5. You will also find bills in denominations of R10, R20, R50, R100 and R200.

South Africa is a very convenient destination. You will notice many banks, bureaux de change and automatic tellers all over the country. The banks are generally open from 9am to 3.30pm Mondays through Fridays, and 8.30am to 11am on Saturdays, but those at the airports adjust their hours to accommodate international flights.

The major banks have branches as well as automated teller machines (ATMs) in most large towns – and all over the cities. International banks have branches in the major cities. You should check with your specific bank to verify if they have a branch in South Africa.

All major credit cards can be used in South Africa, with American Express and Diners Club enjoying less universal acceptance than MasterCard and Visa. In some small towns, you may find you'll need to use cash. When it comes to paying for fuel, you may also have to pay cash, though effective July 2009, South African gas stations are required to accept credit cards. However, many stations (or garages) may take a while to adjust, or may choose not to.

Road tolls, on the major routes between cities, can be paid using MasterCard or Visa.

Currency

With the South African unit of currency, the rand, offering favourable rates of exchange against the world's hard currencies, your South African holiday budget, even if modest, will go surprisingly far. You'll find your purchasing power on the up with your pounds, dollars and euros, and those items you think about twice back home will seem extremely inexpensive here. Five-star luxury is suddenly much more affordable. Check out the Big Mac Index when planning your holiday budget for South Africa.

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 change and some hotels. It is suggested you bring them in hard currencies.
•  Money can also be withdrawn at automated tell machines (ATM) of which there are many countrywide.
•  South Africa's ‘big 4' banks are Absa Bank, First National Bank, Nedbank and Standard Bank.
•  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. Be aware, however, that you can't purchase fuel on a credit card.

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.

Banking hours in South Africa
08h30/09h00 - 15h30/16h00 Mon-Fri
08h30/09h00 - 11h00/11h30/12h00 Sat