Best Forex Rates

Messugga

Honorary Master
Joined
Sep 4, 2007
Messages
10,423
I'm looking to move some funds offshore. I can do this via my bank but due to the amount involved, I'm keen on trying to get a better exchange rate.
Exchange4free has been recommended to me but I'm looking for other options as well.

Any recommendations?
 

MirageF1

Expert Member
Joined
Jun 29, 2018
Messages
2,681
I've always found my banks spot rates fairly reasonable...both in UK and here locally.
You never going to find exact parity with XE rates...that's how banks make their mooooney :)

I would work on between 1-2% inclusive of xchange rate diff and "processing" charges.
 

MirageF1

Expert Member
Joined
Jun 29, 2018
Messages
2,681
IIRC I brought in about £20,000 3 years ago and paid a total of +- R700-800 for local processing and £20 to send from UK.
 

Zukat

Senior Member
Joined
Oct 11, 2010
Messages
796
Just be mindful that SARB withdrawn Exchange4free ADLA license recently, see circular 11/2018
 

Slingshot

Expert Member
Joined
Aug 17, 2009
Messages
1,036
Have a look at currencypartners.co.za - our financial advisor recommended them for giving better rates than the banks.
 

Archer

Honorary Master
Joined
Jan 7, 2010
Messages
21,152
Just be mindful that SARB withdrawn Exchange4free ADLA license recently, see circular 11/2018
Is that truly an issue? Most of these services are not authorised dealers in foreign exchange, but make use of a third party who is. For example Incompass (not authorised) used Investec (who is fully authorised) as far as I'm aware.

It also doesn't help that the reserve Bank last updated the list of authorised dealers in September 2017, and the circular you mention doesn't give a date on which Exchange4free falls away, unless it is assumed to be immediate

Even more useless that the FSB website is down without any indication of when they'll be back, so one can't even check if any of these people are registered financial service providers
 

Zukat

Senior Member
Joined
Oct 11, 2010
Messages
796
Is that truly an issue? Most of these services are not authorised dealers in foreign exchange, but make use of a third party who is. For example Incompass (not authorised) used Investec (who is fully authorised) as far as I'm aware.

It also doesn't help that the reserve Bank last updated the list of authorised dealers in September 2017, and the circular you mention doesn't give a date on which Exchange4free falls away, unless it is assumed to be immediate

Even more useless that the FSB website is down without any indication of when they'll be back, so one can't even check if any of these people are registered financial service providers
Yes, they probably are acting as intermediary party and using AD for the execution of the international transfer, however you are depositing money to their account, meaning you don't have any any legal backing if they just decide not to execute your request as they are not regulated.

There is not assumption in the circular I made reference to, it is stated "cancelled with immediate effect".
 

JayM

Expert Member
Joined
Oct 30, 2005
Messages
2,077
What does this mean in terms of using them to buy forex?
I'll reply to my own post: it means nothing. Shoprite has taken over the license and will be doing the small transfers. E4F will carry on what they've been doing for the larger transactions.
 
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