The South African rand
The rand is the currency of legal tender in South Africa since 1961, year when it replaced the South African pound. It is divided into 100 cents.
The rand was introduced in South Africa in 1961, when the country became a Republic. From that moment on, and until 1982, the South African currency had a value higher than the dollar, but it started to decrease as a consequence of international pressure, along with the sanctions against the country provoked by the South African policy of the apartheid.
Since that moment, the rand has suffered several fluctuations in the exchange rate according to political and economic movements occurred in the country.
In 2012 the South African Reserve Bank created one series of banknotes with the face of Nelson Mandela in order to honour the importance of the role of the Nobel laureate for peace in the country.
On the other hand, regarding financial institutions, the first bank established in the country was the Lombaard, in Cape Town, inaugurated on the 23rd April 1793.
Later in that time, on the 30th June 1921, the South African Reserve Bank started operations and the country could have a national bank. The first banknotes were issued by this bank on the 19th April 1922.
Currently, we have coins of 1, 2, 5, 10, 20 and 50 cents and 1, 2, and 5 rands in circulation.
Also, there are banknotes of 10, 20, 50, 100, 200 and 1,000 ZAR.
Date of creation:
South African Reserve Bank
|Global Exchange||Your high-street bank|
|Variety of currencies||We have 47 currecies. We are specialists.||Only major currencies. Travel money is just a secondary business for banks.|
|Availability of currencies||Immediate availability of currencies in our branches. Click and collect or walk in to our stores.||If they can actually get your exotic currency, prepare for a couple of visits to your bank before you can have the money on your hands.|
|Expenses||Only the exchange rate, without commissions, and if you book online you guarantee the best price.||The bank sets its own margin plus a commission.|
|Different denominations available||At Global Exchange, you’ll get a variety of banknotes with different values, adapted to all your payment needs.||No. Prepare for refusals and complaints in foreign languages when paying with «big» banknotes.|
|Delivery options||Order online to benefit from a price reduction and collect at the branch of your choice.||You’ll have to go first to your bank to order the currency you need, then wait for it to come and go back again to collect it.|