Banking & Currency
CURRENCY South Africa’s unit of currency is the Rand, known informally as the “randela”. The currency code is ZAR and there are 100 cents in each rand. Banknotes are issued in denominations of R200, R100, R50, R20 and R10. Coins come in R5, R2, R1, 50c, 20c, 10c and 5c units.
BANKING South Africa has a modern and sophisticated banking system. Foreign currency can be exchanged at most retail banks and bureaux de change. Retail bank outlets can be found in all major shopping centres, and ATMs are available in malls, some supermarkets and at petrol stations. Major credit and debit cards (Visa and Mastercard are the most widely accepted) can be used at most retail and hospitality establishments and to withdraw cash at ATMs.
Read on about Value Added Tax (VAT)
VAT Value Added Tax (VAT) is an indirect tax of 14% levied on all consumer goods and services, except some basic foodstuffs. Price tags generally include VAT unless this amount is separately stated. Non-resident foreign passport holders visiting South Africa can claim a VAT refund – two refund offices are located in the international departures hall of O.R. Tambo International Airport. Present your purchases and tax invoices for inspection. See www.taxrefunds.co.za for more details.