The unit of currency in South Africa is the South African Rand (ZAR). There are one hundred cents in one rand. The conventional local form of writing the currency is “R”, for example R100.
South African money is issued in notes and coins. The notes are in denominations of R200, R100, R50, R20 and R10, and the coins are R5, R2, R1, 50c, 20c, 10c and 5c. You may still see 2c and 1c coins but they are not minted any more and they are not commonly used in transactions, so if someone tries to give them to you in your change you should refuse them.
Money in South Africa is minted and printed by the South African Reserve Bank (SARB), and this is why the signature of the SARB governor appears on all notes. The SARB also has other roles, such as implementing government monetary policy, which is typically done by changing the repo (repurchase) rate. The repo rate is the interest rate at which the SARB lends money to the commercial banks. The repo rate is important since it is the basis of the prime lending rate.
South Africa has a world-class financial services sector, incorporating cutting-edge security and administrative technology and legislation. The commercial banking sector in the country is dominated by five banks, who all offer roughly the same services and products at roughly the same fees structures. In addition to the banks there are investment institutions, home loan (mortgage) companies, and smaller investment companies. Banking in South Africa can be done in person, or using your cellphone (mobile) or the internet.
The sector is regulated by the Financial Services Board (FSB), and so anyone offering financial services or products must be able, by law, to provide you with proof of their registration with the Board.