Money

Money Exchange in Cape Town

26 November, 2023

Cape Town and the whole of South Africa have mostly moved onto the cashless payment methods but there are still some daily circumstances when having coins or banknotes is necessary for paying the car guards, tipping petrol station workers or simply helping someone in the street. If you are arriving in Cape Town with foreign money, the first thing you want is to find a currency exchange. In this comprehensive guide, we’ll explore how and where to change money in Cape Town, highlighting the best places and emphasizing essential safety rules.

Let’s first have a look at all the options:

Airport Currency Converter

Pros: If you need money to pay for your Uber to get to the hotel, Airport Currency Converter is the most convenient option.
Cons: The rates at the airport are usually higher than in the city.

Money Exchange in Cape Town
Photo: nytimes

Banks and Financial Institutions

Pros: Banks are generally considered reliable and secure places for currency exchange. They offer competitive rates and a variety of currencies.
Cons: The process at banks can sometimes be time-consuming, especially during peak hours. Also, some banks may have limited operating hours on weekends.

Money Exchange in Cape Town
Photo: vistaresidences

Currency Exchange Kiosks

Pros: Currency exchange kiosks, often found in malls and popular tourist areas, are conveniently located and have competitive rates. They are efficient for quick transactions.
Cons: Be cautious of hidden fees or worse rates at some kiosks. It’s advisable to compare rates before committing to an exchange.

Money Exchange in Cape Town
Photo: visitstrasbourg

Hotels and Guesthouses

Pros: Many hotels provide currency exchange services for guests’ convenience. It can be a hassle-free option if you’re in a hurry.
Cons: Rates at hotels might not be as favourable as those at dedicated currency exchange providers. Always inquire about fees and rates beforehand.

Money Exchange in Cape Town
Photo: cvent

Safety Rules for Currency Exchange

  1. Research Exchange Rates: before exchanging currency, research the current exchange rates to ensure a fair deal. Online currency converters can help you understand the approximate value of your money in the local currency.
  2. Use Reputable Services: stick to reputable banks, official currency exchange offices, or well-known platforms. Avoid exchanging money with individuals on the street to prevent the risk of scams.
  3. Watch Out for Hidden Fees: be aware of potential hidden fees or unfavourable rates. Always ask about any additional charges before proceeding with the exchange.
  4. Check Your Change: after completing a currency exchange, carefully count and inspect the money you receive. Report any errors immediately.
  5. Make sure the money is not fake: study what the money should look and feel like beforehand and check the serial numbers and watermarks.
  6. Secure Your Money: once you’ve exchanged your money, secure it in a safe place. Consider using a money belt or hidden pouch for added security, especially in crowded or touristy areas.
  7. Inform Your Bank: notify your bank about your travel dates and destination to avoid any issues with using your credit or debit card abroad. Some banks may have security measures in place that could block your card if they are unaware of your travel plans.

And finally here’s the list of the currency exchange places in Cape Town:

Travelex Green Market Square

Currencies Direct South Africa

Travelex Canal Walk

Imali Express – Bureau de Change

AnkerPay – Bitcoin ATM

Gold Rush

Whether you choose the convenience of a hotel, the reliability of a bank, or the ease of kiosks, understanding the options available will contribute to a more enjoyable and stress-free travel experience. We hope this article will be useful for your unforgettable Cape Town adventure!

Currency exchange

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