Transfer Forex into South Africa

Need to transfer forex into South Africa? For the best rates for buying South African Rand and an eviable service Incompass ticks all the boxes.

If you are transferring forex into South Africa it is imperative that you take into account the following:

  • Any set administration or service charges – YOU SHOULD NOT BEING PAYING THESE!
  • Rates – ensure you get a set rate not an indicative rate – BEWARE OF BANKS WITH 3% – 5% SPREADS (this is the real cost to you)
  • Service levels – buying or selling currency is a major financial purchase – ENSURE YOU ARE HAPPY WITH THE LEVEL OF SERVICE ON OFFER
    Knowledge of Exchange Control regulations – IT IS ESSENTIAL YOU DEAL WITH AN ORGANISATION WHO ARE FAMILIAR WITH AND CAN EFFECT YOUR FOREX TRADE WITHIN SOUTH AFRICA’S REGULATORY CONTROLS

Your choices for transferring your forex into South Africa

1. The high street bank – for a long time the high street bank enjoyed a virtual monopoly on forex transfers. Of course they are well known to us all and the perception, now largely dispelled with recent events, was one of a stable and safe environment. Their charges tend to include administration fees and a ‘buy – sell’ spread of up to 5%. The result means substantially fewer Rands purchased with your money.

2. Currency companies – the favoured choice by those in the know, but beware:

1. Based outside South Africa – whilst rates should be better than the banks and you will generally benefit from no administration charges for your forex transfer, there is the issue of Exchange Control. Exchange Control regulates the flow of money in and out of South Africa and put simply if your currency-transfer into South Africa is not handled correctly you may well have a challenge if ever you choose to repatriate those funds back out of South Africa. It is most likely that a foreign based currency company will have little, if any, knowledge of Exchange Control as it is a rarity throughout the world.

2. Based inside South Africa – really the best option as they should be able to provide you with the necessary information to make an informed decision with regard to your forex transfer into South Africa within the Exchange Control environment. In addition they will be regulated by the Financial Services Board and trade through the required authorised dealers. You should also enjoy no administration or service fees and a much reduced ‘buy – sell’ spread. The result – Expertise, Better Service and more Rand for your money.

Incompass is regarded as one of the industry leaders when it comes to our knowledge of Forex transfers and the Exchange Control environment.

In using our services you can look forward to:

  • NO administration fees on your currency transfers
  • The VERY BEST foreign exchange rates
  • ALL tax clearance and Reserve Bank clearances that are required for transferring money
  • EXPERT advice and guidance for all foreign exchange and currency transfers
  • DISCERNING currency exchange service
  • SAFE AND SECURE currency trading
  • FULLY SARS and Reserve Bank compliant money transfer process and procedures
  • CORRECT declaration of funds transferred into South Africa

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.