The currency in South Africa is the Rand (R) and the currency’s official code is ZAR, which is how you will see it displayed at Moneycorp.

One Rand is divided into 100 cents. Banknotes are available in denomination of R10, R20, R50, R100, and R200, while coins are available in denominations of 10c, 20c, 50c, R1, R2, and R5. The Rand is a floating currency, so its value against other currencies fluctuates continually. This is one of the reasons British expats can enjoy a relatively low cost of living in South Africa. £1 is worth R21.06 at 1.40pm on 5 February 2023.

Where to live in South Africa

South Africa has many distinctly different regions, each of which offers a unique experience of life in this country. From bustling landlocked metropolises such as Johannesburg and Pretoria, to more laid-back coastal cities such as Cape Town and Durban, and smaller towns and villages, there are many locations to consider if you want to take advantage of the relatively low average cost of living in South Africa.

According to Mercer’s 2023 Cost of Living Survey, Johannesburg and Cape Town are the world’s 193rd and 194th most expensive cities to live in, while Durban is the 216th most expensive city to live in.

How much does accommodation cost in South Africa?

Generally speaking, the cost of rent and property prices in South Africa are much lower than in the UK, especially in London. You may find that your money will go much further on property in South Africa than in the UK and many other countries. The tables below offer a good idea of property prices and rental costs in various locations. 

(All figures taken from Numbeo.com and exchange rates calculated on 5th February 2023 at 2:00pm).

Cape Town

Johannesburg

Knysna

Stellenbosch

How much does transport cost in South Africa?

Compared to the UK, transport in South Africa is relatively inexpensive. Some cities offer public transport in the form of bus and rail, while most cities and towns have privately owned cabs as well as ride-sharing services. Owning your own car is the most convenient and reliable form of transport for expats.

The cost of living in South Africa for international students

While the cost of living in South Africa for international students is much lower than in North American, European, and some Asian countries, your budget depends largely on your lifestyle and spending habits. You need between £300 and £750 to cover your monthly expenses.

The two main types of accommodation available for students include university dormitories for approximately £150 - £250 per month, and flats rented for between £300 and £715 per month. You can reduce accommodation costs by sharing a flat with other students. You will need between £70 and £150 per month for utilities, and between £100 and £150 per month for food and groceries. You will need between £30 and £70 per month for entertainment. You should also consider private health insurance, and you need to take the visa application fee of approximately £20 into account.

What is the cost of living in South Africa compared to the UK?

For many expats, the significantly lower cost of living in South Africa compared to the UK is one of the most appealing things about living in this beautiful country. The differences in living costs are particularly evident when visiting supermarkets, cafes, pubs, and restaurants. The table below offers an overview of the cost of some food items, amenities, and miscellaneous items.

Sign up for a personal account with Moneycorp

Between the weather, the cultural melting pot, the laidback lifestyle, and the low cost of living in South Africa, there are many good reasons to consider moving to South Africa. Whether you’re planning to study, work, or retire at the southern tip of the African continent, a Moneycorp personal account will make it easier for you to send money for payments and more. Sign up for an account with Moneycorp.