Send Money to South Africa with Peanut — Coming Soon
Peanut is expanding to South Africa. Soon you'll be able to send money and have recipients access funds via PayShap — South Africa's real-time payment system.
Send Money to South Africa with Peanut — Coming Soon
South Africa has a significant diaspora — approximately 500,000 people in the UK alone, plus communities in Australia and the US — driving steady demand for cross-border transfers. The UK-South Africa corridor is one of Africa's most active. Traditional services charge high fees and use exchange rates that reduce the rand the recipient receives. With the South African rand's moderate volatility, influenced by commodity prices and global risk appetite, exchange rate quality matters on every transfer.
Peanut is building a better way. Soon you will be able to send money to South Africa and have the recipient access funds instantly through PayShap — the South African Reserve Bank's real-time payment system that enables instant transfers using just a phone number, email, or ID number. No fees, no local ID required.
Why Peanut Will Be the Best Way to Send Money to South Africa
Better Exchange Rate
The rand is a freely floating currency with moderate volatility. Exchange rate markups on ZAR pairs are wider than major currencies, which means traditional services have more room to add hidden markups. Wise charges a variable fee plus a rate markup. PayPal takes 3-4%. Peanut converts digital dollars directly to local currency at a competitive market rate, cutting through the layered costs.
No Fees
Peanut charges nothing on deposits, sending, or local access. No transfer fees, no receiving fees, no hidden conversion charges. PayShap itself was designed with low fees (capped at a few rand), and Peanut adds nothing on top. Compare that to Western Union's flat fees plus marked-up rates, or the bank transfer fees that erode the amount arriving in South Africa.
Instant via PayShap
PayShap launched in 2023 as South Africa's first real-time low-cost payment system. Built on the South African Reserve Bank's Rapid Payments Programme, it enables instant transfers between participating banks — Absa, FNB, Nedbank, Standard Bank, Capitec — using a ShapID (phone number, email, or SA ID number). When Peanut launches, recipients will access funds through PayShap in seconds, 24/7.
No Local ID Needed
South Africa is relatively accessible for foreigners — non-residents can open bank accounts with a passport and proof of address. Peanut simplifies this further: recipients will verify with any passport, no South African ID required.
How It Will Work
- 1
Sign up and verify
Create a Peanut account and complete identity verification with your passport. Takes under 2 minutes for most users.
- 2
Deposit funds
Fund your Peanut account via bank transfer (SEPA from Europe, ACH from the US) or send digital dollars from any major exchange.
- 3
Send to your recipient
Your recipient creates a Peanut account or receives funds to an existing one. Peanut-to-Peanut transfers arrive instantly.
- 4
Recipient accesses funds via PayShap
The recipient transfers funds to any participating South African bank using a ShapID (phone number, email, or ID number). Instant settlement, 24/7.
What the Recipient Will Be Able to Do
Instant Transfers via PayShap
PayShap connects major South African banks — Absa, FNB, Nedbank, Standard Bank, Capitec — for real-time transfers using ShapID proxy identifiers. Recipients will move funds to any participating bank account in seconds, using just a phone number or email. No full bank details needed.
Person-to-Person Payments
PayShap's phone-number-based transfers make it easy to send to friends, split bills, or share funds. The low-cost, instant nature of PayShap makes it ideal for everyday payments.
Bank Withdrawal
Direct withdrawal to a South African bank account, converting digital dollars to rand at the point of transfer. PayShap's real-time settlement means seconds instead of days.
Who This Is For
South African Diaspora in the UK
With approximately 500,000 South Africans in the UK, the demand for affordable, fast transfers is significant. Traditional bank transfers charge 1-3% in fees and take multiple days. Peanut will let you send more rand home instantly, with the recipient accessing funds through PayShap in seconds.
Business Payments
South Africa is the largest economy in Africa and a hub for continental business. Cross-border business payments often involve slow SWIFT transfers and intermediary fees. Peanut's PayShap integration will enable instant settlement for business-related transfers.
Tourists and Visitors
South Africa attracts millions of tourists annually to Cape Town, Kruger National Park, the Garden Route, and wine country. PayShap's growing adoption means visitors who receive funds via Peanut will be able to participate in the local payment ecosystem without needing to open a local bank account or carry large amounts of cash.
How Much Will It Cost?
Peanut charges no fees on any operation. The exchange rate converts digital dollars directly to ZAR at a competitive market rate.
| Service | Fee | Exchange Rate | Recipient Gets |
|---|---|---|---|
| Peanut (planned) | $0 | Market rate | More rand |
| Wise | ~$4-7 | Mid-market with markup | Less |
| PayPal | ~$5 + 3-4% | Below mid-market | Significantly less |
| Western Union | $5-15 | Worst rate | Least |
Sending from Specific Countries
Send Money from the United Kingdom to South Africa
The UK-South Africa corridor is one of Africa's most active, driven by approximately 500,000 South Africans in the UK. UK senders will deposit via SEPA (free, 90% arrive in under 20 minutes) and send to South Africa. The recipient accesses funds through PayShap instantly — no multi-day bank transfer, no percentage-based fees.
Send Money from the United States to South Africa
The US-South Africa corridor serves both personal remittances and business transfers. US senders will deposit via ACH (free, 1-3 business days) or digital dollars from an exchange (arrives in minutes). The recipient accesses funds through PayShap in real time.
