Have concerns about money? Whether it’s guidance on banking, foreign exchange, financial services, or tipping, here are some helpful hints for all your financial problems in Cape Town.
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CURRENCY
In order to make purchases and pay for services while you are a visitor to South Africa, you will need to exchange your native money for South African Rand (ZAR). You can withdraw cash in local currency using an ATM or credit card, or you can exchange currencies through banks, forex bureaus, and other approved dealers. In order to receive the best value for your money, it is critical to be informed of the current exchange rate. Coins of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Rand, are also available, as are banknotes of 10, 20, 50, 100, and 200 Rand.
FINANCIAL SERVICES
There are numerous cash machines and a 24-hour foreign exchange service at Cape Town International Airport. In Cape Town, there are many places to exchange money and find ATMs, and the vast majority of shops and businesses that offer services accept credit cards. Most banks are open Monday through Friday from 9:00 am to 15:30 pm and on Saturday from 9:00 am to 11:00 am. On Sundays and federal holidays, banks are closed.
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VALUE-ADDED TAX
Value-added tax (VAT) is levied at a rate of 15% in South Africa on products and services. Tax refunds are available to foreign customers who spend more than R250. The VAT refund facilities at Cape Town International Airport can help with this. You will need your passport and the initial tax invoice(s) in order to reclaim VAT.
TIPPING FOR SERVICES
Even though there is no official tipping policy in South Africa, it is customary to leave a gift at restaurants and bars that are at least 10% of your total tab. In streets with open parking, you will see car guards monitoring if you are driving around. Although it is not required, it is customary to tip these car guards if they have taken care of your vehicle for more than 30 minutes. Although the quantity is entirely up to you, locals typically give an official car guard about R5.
Attendants distribute gasoline and diesel in South Africa. Most service station employees will offer to inspect your car’s oil and tire pressure as well as wash your windows. This is part of the service, and you are under no obligation to provide a tip unless you would like to. Social services in South Africa advise against giving money to street children and beggars.
