South Africa Money and Currency
The currency in South Africa is South African Rand (ZAR) and R1 is easily divided into 100 cents. Coins are available in 1c, 2c, 5c, 10c, 20c, 50c, R1, R2 and R5. While all of these coins still hold value, the 1c and 2c coins are falling out of use and items costs are usually rounded off to the nearest 5c. Notes are available in R10, R20, R50, R100, R200 and R500 groupings - all of which are accepted forms of currency.
The currency is widely accepted throughout the country and it is usually preferable for foreigners to exchange their money before attempting to purchase anything. Money can be easily exchanged at a Foreign Exchange Bureau and there is usually at least one Bureau in each city. You will find a Foreign Exchange Bureau at all major airports as well as in most shopping malls. For those who wish to keep their cash to a minimum, several shops and restaurants will accept Travels Checks, Master Cards and Visa Cards. The country is well stocked with ATMs for easy withdrawals.
There are also a number of rare South African coins which hold considerable value but which are not generally considered to be common currency. The best known example is the Kruger Rand - a gold coin which comes in varying sizes and can be exchanged for cash at virtually any bank in the world. The value of the Kruger Rand changes according to the current Gold Price and people all over the world invest in this form of currency. Another example of a rare coin is the Mandela R5 proof coin - the first and only coin to feature a smiling statesman on it. The value of these coins is continually increasing as they are incredibly rare. A number of other rare South African coins exist and, as their value is continually increasing, they are seen as a good financial investment by many.