SFX Money Transfers has cut their fees and their exchange rates to virtually zero amid the COVID-19 pandemic. In efforts to boost the local remittance market and assist South Africans and foreign nationals living in South Africa to send money to their loved ones. Cross-border remittances or money sent as a gift originating from South Africa are vital in the global remittance industry. Nearly R3 billion is sent every month from South Africa to Southern African Development Community (SADC) countries, making it the largest inter-Africa remittance market. SFX Money Transfers have cut their cost per transmission to zero to provide relief during the nationwide lockdown. Meaning it won’t cost anything to send remittances from South Africa. For transfers, up to R50 000 to 154 countries around the world, customers will not be able to get better value anywhere.
“We feel this is the right thing to do at this moment and we know that those sending money will have peace of mind that it’s not only quick but secure,” says Sean Maloney, CEO of SFX Money Transfers.
There is an estimate of 5 million migrants from SADC countries in South Africa – of which 2,5 million are from Zimbabwe. Many of these workers send between R500 – R25000 per month to their loved ones and friends in neighboring countries. On the recipient end, whole communities and countries in Africa depend on this money to support their daily living expenses. A OECD 2019 report suggested that remittances
to Africa is actually larger than the GDPs of many African countries. Sending remittances from South Africa is traditionally expensive, with an average cost per transmission (or “send”) of 18 percent of the total remittance along formal channels, compared with a global average of approximately 10 percent. The sacrifice of their fees will result in SFX Money Transfer helping their customers save between R2 – 5 million. Customers can send money by registering on the SFX Money Transfers website or via the app available on the IOS and Google Play stores. In conjunction with international partner RIA, SFX Money Transfers joins others in the banking industry that have recently offered payment holidays and debt relief packages
to their customers.