Save Money on Your Forex Transfers

Interested in saving money on your forex transfers in or out of South Africa?  Incompass is here to help.

With forex transfers no longer restricted to the high street banks that most individuals and companies have traditionally used, specialist companies such as Incompass are now offering a host of benefits in addition to saving you money by getting you better exchange rates.

How it works

Banks and many other institutions tend to levy fees when instructed to transfer money for you.  These can range greatly but typically are between R300 and R500 in South Africa, £25 – £45 in the UK and €30 – €50 in Europe.

  • Incompass levies no fees on your transaction

Save money by accessing better Exchange Rates

In reality transferring money is not any different to buying any other product or service. The quoted exchange rate being the equivalent of an offer or  selling price for a product or service.  The question you must ask, as with any purchase is “Why should I, or indeed why would I, spend more for the same (or in most cases a lesser) product or service than I need to?

Here’s an example

  • If you were to transfer ZAR 1 million to GB Pounds at an exchange rate of 11 you would receive £90,909.
  • If you were to transfer ZAR 1 million to GB Pounds at an exchange rate of 10.8 you would receive £92,592.

A difference of just 0.2 may not seem like much but the result is in excess of £1,500 more in your bank account.

  • With Incompass we offer highly competitive exchange rates that beat the banks rates 99% of the time.

Save Money through better service

Watching the currency rates is a time consuming and complex process and is something rarely done with success.  Even when rates are watched, by the time you pick up a phone and try to trade, the rate has already changed.  This can lead to an acceptance of a quoted rate just to remove the time challenges and hassle factor involved.

  • With Incompass we will watch the rate for you and when it reaches the level you wish to trade at we will contact you.

Save Money by shopping around

Transferring money means following the basic principles of making any major purchase – shop around for the best deal.
With Incompass registration is free of charge and once you are registered it is a phone call away to ascertain what rate we can obtain for you.

Save money by saving time and reducing additional costs

This is particularly pertinent to individuals and businesses wishing to transfer money out of South Africa.  Foreign exchange regulations have created an environment where the transfer of money out of South Africa can be complex and is always a ‘paperwork exercise’.  Tax clearances and permissions must be obtained meaning time spent by you, the transferrer or costs incurred by enlisting the assistance of an accountant or professional to obtain these clearances.

  • Incompass obtain the tax clearance and Reserve Bank approval for your transfer out of South Africa – saving you time and money.

Saving money by following Exchange Control regulations

Unique to just a few countries, South Africa being one of them, Exchange Control regulations governing the flow of money in and out of South Africa have a profound impact on your ability to move money.  Contrary to many people’s beliefs how you transfer your money into South Africa does matter, if done incorrectly it could result in you paying a ‘fee’ of 10% should you wish to repatriate these funds at a later date.

  • Incompass is able to ensure that any money transfers into South Africa comply with South African Exchange Control regulations.  We are able to facilitate both transfers into and out of South Africa.  Make sure your currency provider is able to provide you with transfers into and out of South Africa and has a full understanding of South Africa’s Exchange Control regulations.

Summary

Registration is free and non obligatory, full knowledge of South African Exchange Control regulations are freely available, the best rates and no fees are only a ‘phone call away.

Contact our local agent Christopher Stokes on + 27 (0) 82 400 5859 or e-mail him here to ensure your forex transfer into South Africa is executed in the most efficient and cost effective way.