Currency Exchange

Our Process is outlined as follows:

For our clients to benefit from our excellent exchange rates and personalized “High Touch” services:

• Open an account – no costs and no obligations.

• Everything can be done remotely via our online Registration portal. (It’s super quick and easy)

• To complete the account activation and onboarding process we will require:  

• FICA documents – a copy of clients SA ID or ID Card (front and back) and a proof of address within the last 3 months (this can also be uploaded on the reg link).

• Recently the Financial Intelligence Centre made amendments to how we, as an accountable institution, are expected to adopt a risk based approach in identifying our clients.  We have to ensure that the identification documents we receive, are indeed provided by the same person applying for a trading account with us. 

This is the reason we have to ask a client for a photo or “selfie” of them holding their ID next to their face. It will allow us to see that they are in fact the same person as on the ID document. 

• Once client is loaded on our CRM system via reg link (immediate).

• A Registration pack will be sent to client digitally.

• Client then completes & signs (via DocuSign) partially completed registration form – client verifies all information is correct.

• A FATCA form confirming clients tax residency status is included in the registration pack.

• Client will be contacted telephonically once completed pack has been received to answer two security questions (this is to ensure client safety and security at all times).

Once we have the documents, give us approximately 24 – 48 hours and account will be ready to use. Partner banks used depending on client needs include, Mercantile Bank, Investec Bank & Bidvest Bank.

Recap of our process:

• Open a FREE trading account in South Africa through our authorised dealer, Mercantile Bank, Investec Bank & Bidvest Bank – no monthly maintenance fees or costs.

• This account is in clients name (South African Reserve Bank Regulation) providing 100% security of funds.

• No fees or commission charges for amounts above R100 000,

• All ZAR funds deposited into this account earn interest (better than most money markets).

• Free rate watch facility – We add an alert on the specific rate you wish to achieve, this allows you to be informed of the rate movement and get the most for your funds.

• BEST EXCHANGE RATES - The main benefit is getting a much better exchange rate. We can agree on a dedicated Rate for clients.  

• Personal service – we roll out the RED carpet, High Touch personalised service is what keeps clients & partners referring us.

• A personal dealer will be assigned to your account – clients will be dealing with this specific person with every transfer.

Next Step: Once client is ready to make a transfer, they will need to send the funds to the bank account (details will been emailed, System Auto generated) and email proof of transfer (POP) if you wish to convert urgently. Dedicated dealer will give your client or advisor (depending on authority granted on account) a call and quote you the exchange rate we can offer you at that time. Please be advised that we work off live rates, so they are constantly changing.

If client is happy to go ahead with the quoted rate, dealer will lock it in and a contract note will be sent to client/advisor detailing all aspects of the transfer.

The funds will then take around 2 working days to reflect in the beneficiary bank account. Please be advised that most banks will charge a receiving/intermediary fee but there is no transfer fee for transfers over R100 000.