Easy Equities good or bad?

BlockingThePass said:
Doesn't this seem like bullshit? View attachment 766052
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I don't think you are getting ripped off. I think you need to find the sweet spot for transferring though. The more you send the less impact the fees have.

I can't give you great examples because I'm on my phone right now, but a few months ago I did a lot of maths and worked out that EE's method of sending is marginally more expensive than doing a Forex transfer via fnb after taking ebucks into account. So EE pricing isn't bad.
 
mr_norris said:
I don't think you are getting ripped off. I think you need to find the sweet spot for transferring though. The more you send the less impact the fees have.

I can't give you great examples because I'm on my phone right now, but a few months ago I did a lot of maths and worked out that EE's method of sending is marginally more expensive than doing a Forex transfer via fnb after taking ebucks into account. So EE pricing isn't bad.
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According to EEs own FAQs, the sweetspot for transferring from ZA to USD via their platform is about R25000.
 
Bincx said:
According to EEs own FAQs, the sweetspot for transferring from ZA to USD via their platform is about R25000.
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Doesn't exactly fit in with their vision of investing small amounts.
 
Im a bit miffed - transferred ZAR to USD and its still pending - since Tuesday. Now, I understand a small delay, but surely that is complete BS considering its within the same company?
If my bank can do international transfers immediately, how can EE not?

Add to that the turn around time for a support ticket to be answered is 36 hours MINIMUM... making me regret ever getting involved with these guys!
 
Louby1234 said:
Im a bit miffed - transferred ZAR to USD and its still pending - since Tuesday. Now, I understand a small delay, but surely that is complete BS considering its within the same company?
If my bank can do international transfers immediately, how can EE not?

Add to that the turn around time for a support ticket to be answered is 36 hours MINIMUM... making me regret ever getting involved with these guys!
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Contact them on facebook and ask them what's up. They seem to respond better there.
 
So I'm thinking about opening an account on Easy Equities, but since I'm with Capitec I'm wondering how much of a hassle withdrawing from the USD account will be... Has anyone had any experience doing this, and will other options, like Transferwise, work to withdraw from the USD account?
 
LJS18 said:
So I'm thinking about opening an account on Easy Equities, but since I'm with Capitec I'm wondering how much of a hassle withdrawing from the USD account will be... Has anyone had any experience doing this, and will other options, like Transferwise, work to withdraw from the USD account?
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In my view one should only invest money offshore that you won't need until retirement. The transaction costs to move money to and from an offshore account is expensive. If you can't take a long term view on it, perhaps you would be better off investing that money into one of the JSE listed exchange traded funds that invest the money into offshore funds, e.g. Satrix 500 or Nasdaq etc.

I have used a money transfer service before (Incompass) and they facilitated the transfer through Investec bank. Basically they opened a cash account in your name at Investec bank and then handled the outbound and inbound transfers on your behalf. I suspect that EE won't have any problems transferring the money into a local account, as long as it is in your name.
 
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Question to those who have a monthly debit order with EasyEquities:

My debit order is set to go off on the 1st - EE debits my FNB account. In practice, the money is deducted from my FNB account anywhere between the 1st and the 4th.

However, the funds to invest show up in my TFSA at EasyEquities on the 31st/1st, even if the money hasn't left my account. I can use the money to make instructions to buy, and sometimes I'll get the confirmation of transaction, and the funds appear allocated to an ETF, even though the money hasn't left my FNB account.

Do they just assume I'm good for it? What if the debit order were to bounce?

Also, if they only take the money on 1 March, but let's say they let me spend it on 29 February, will it count for the 2019/2020 tax year or the 2020/2021 tax year?
 
3WA said:
Question to those who have a monthly debit order with EasyEquities:

My debit order is set to go off on the 1st - EE debits my FNB account. In practice, the money is deducted from my FNB account anywhere between the 1st and the 4th.

However, the funds to invest show up in my TFSA at EasyEquities on the 31st/1st, even if the money hasn't left my account. I can use the money to make instructions to buy, and sometimes I'll get the confirmation of transaction, and the funds appear allocated to an ETF, even though the money hasn't left my FNB account.

Do they just assume I'm good for it? What if the debit order were to bounce?

Also, if they only take the money on 1 March, but let's say they let me spend it on 29 February, will it count for the 2019/2020 tax year or the 2020/2021 tax year?
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I've had this happen by accident with Allan Gray. I'm not sure how Easy Equities do it, but AG wrote to me and said, "hey, there's this problem. Either we're going to have to sell your units, or you can give us an instruction to re-debit your account once you make sure there are funds."

I went with the latter. I guess there may be similar mechanisms in place with EE?
 
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newby_investor said:
I've had this happen by accident with Allan Gray. I'm not sure how Easy Equities do it, but AG wrote to me and said, "hey, there's this problem. Either we're going to have to sell your units, or you can give us an instruction to re-debit your account once you make sure there are funds."

I went with the latter. I guess there may be similar mechanisms in place with EE?
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Interesting, but my issue with EasyEquities is that it happens monthly, and they don't detect it as a problem. Over time, everything averages out fine; I guess I'm just being paranoid with the end of the tax year coming up, and not wanting to go over my TFSA limit.
 
3WA said:
Interesting, but my issue with EasyEquities is that it happens monthly, and they don't detect it as a problem. Over time, everything averages out fine; I guess I'm just being paranoid with the end of the tax year coming up, and not wanting to go over my TFSA limit.
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Makes sense. My debit orders aren't large enough for that to be a problem just yet.
 
Maybe someone here might know.
If there an easy way for me to see how much I can still contribute to my tfsa on EE ?
 
When you go to the deposit tab, enter the amount and a message will appear below if you exceed.

Mine shows "You have reached your TFSA deposit allowance" as I made a single R33k deposit
 
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