CURRENCY & BANKS

The currency of South Africa is the rand (R), divided into 100 cents. Notes are issued in R10, R20, R50, R100 and R200 denominations and carry images of 'Big Five' wildlife. Coins are issued in R1, R2, R5 and in 1, 2, 5, 10, 20 and 50 cent denominations.
As of June 30th, 2006, the exchange rate was R 7.30 to the US dollar, R 9.14 to the Euro, R 13.26 to the pound sterling and R 5.32 to the Australian dollar.
Current Exchange Rate: link to Currency Convertor for today's exchange rate.

Banks and exchanging money

South African banking hours are Monday to Friday 9am until 3:30pm and Saturdays 9am until 11am. Bureaux de change at some city banks stay open until 7pm. American Express and Rennies Travel also provide money changing services.
The larger cities have some ATMs that exchange foreign currency exclusively, something to remember if you need cash after banking hours.
When changing money it is highly advisable to stick to the legal methods.

Credit and Debit Cards

Visa and MasterCard are the most acceptable. Contact your bank before travelling to find out the required overseas PIN and best account options to use. Credit cards are essential for car hire. Petrol cannot be purchased with credit cards.

ATMs

Automatic teller machines are open 24 hours a day and most international cards can be used. Using cards is definitely the easiest way to access your funds in South Africa unless you are venturing into the sticks, where you’ll need cash.
Be cautious when drawing money from deserted ATM’s after hours and be wary of people observing you whilst entering your pin or anyone offering assistance.

Travellers Cheques

Thomas Cook, American Express and Visa cheques are the most well known. Pounds sterling and US dollar cheques are accepted and the fee for sales is generally 1-2 percent. It’s advisable to have a selection of denominations and keep a copy of serial numbers in a separate place to the cheques. Travellers’ cheques may be cashed at any banks.  
Rennies Travel is the agent for Thomas Cook. There are a few American Express branches in some cities; Nedbank is the agent for American Express and First National Bank for Visa.

Directory

• VISA International:  0800 99 0475  National free-call, 24-hrs
• MasterCard:  0800 99 0418  National free-call, 24-hrs
• American Express:  0800 11 0929  24-hrs
• Diners Club:  (011) 358 8400  8am-4:45pm, Mon-Fri
• Rennies Foreign Exchange Bureaux (Thomas Cook):  0800 99 8175  National free-call, 24-hrs
• ABSA/Barclays Bank/Maestro:  0800 11 1155  National free-call, 24-hrs
• First National Bank:  0800 11 0132  National free-call, 24-hrs
• Nedbank:  0800 11 0929  National free-call, 24-hrs
• Standard Bank/MasterCard:  0800 02 0600  National free-call, 24-hrs

TAX

South Africa has a levy of 14% Value Added Tax (VAT). Overseas visitors taking purchases out of South Africa are entitled to reclaim the VAT paid on these items if the value of goods exceeds R250.
Reclaiming VAT is applicable for purchases to the value of R250 or more and items must be available for inspection at the airport along with relevant invoices. When shopping request a tax invoice and make sure your name and the shop’s VAT number appear on it. On departing from South Africa and checking in at the airport, contact the customs official who will assess your purchases and invoices. This can be a lengthy procedure so make allowance for this. After the official has approved and stamped the paperwork, the VAT Reclaim Office will refund you. There are VAT Reclaim Offices at Cape Town, Johannesburg and Durban International Airports.
Link to more info on Tax Refunds.
VAT Refund Administrator (011) 394-1117.