Easy Equities USD Account Warning

Joined
Jan 29, 2018
Messages
472
I have just had a friend contact me.

He opened an Easy Equities ZAR account 2 years ago. He was KYC'd and bank account verified and trading on the platform.

Last year he applied for the USD account.

He bought shares of a couple thousand US dollars only to find that you need to enter your bank account in the USD account when you want to withdraw funds.

He added the exact same bank account and Easy Equities informed him that they are unable to verify certain South African bank accounts held at Standard Bank, FNB and Absa.

He was informed to go and open a Global Forex account with any of the large banks. If he does not do this, Easy Equities will not be able to refund him any of his money put into the USD account.

This will cost him thousands of Rands just to open such account at any of the banks.

This is just a heads-up for anyone thinking trading cheaply will pay off.
 
Joined
Jan 29, 2018
Messages
472
Global Account with FNB will cost you niks

Only if you hold a cheque account with them which is in good order. So, due to this I closed my EE account and will now be trading with a proper company. Pay more, yes, but I have learnt a valuable lesson. You get what you pay for. Cheap will cost you a lot more at the end of the day.

Easy Equities is a very bad option for any person. In my opinion, rather pay more with proper established brokers and get a proper service.
 

SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
40,216
I have just had a friend contact me.

He opened an Easy Equities ZAR account 2 years ago. He was KYC'd and bank account verified and trading on the platform.

Last year he applied for the USD account.

He bought shares of a couple thousand US dollars only to find that you need to enter your bank account in the USD account when you want to withdraw funds.

He added the exact same bank account and Easy Equities informed him that they are unable to verify certain South African bank accounts held at Standard Bank, FNB and Absa.

He was informed to go and open a Global Forex account with any of the large banks. If he does not do this, Easy Equities will not be able to refund him any of his money put into the USD account.

This will cost him thousands of Rands just to open such account at any of the banks.

This is just a heads-up for anyone thinking trading cheaply will pay off.

These two things don't correspond...so what is the real problem here?
 

SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
40,216
Only if you hold a cheque account with them which is in good order. So, due to this I closed my EE account and will now be trading with a proper company. Pay more, yes, but I have learnt a valuable lesson. You get what you pay for. Cheap will cost you a lot more at the end of the day.

Easy Equities is a very bad option for any person. In my opinion, rather pay more with proper established brokers and get a proper service.

Your complaint above was that you needed to pay more to make something happen.

So you solution is to pay more...and do it somewhere else.

I'm sorry but your posts come across as nothing but anti-EE bashing to push an agenda.

All of this stuff is made known up front in their conditions...if your "friend" failed to read how is that EE's fault?
 
Joined
Jan 29, 2018
Messages
472
Your complaint above was that you needed to pay more to make something happen.

So you solution is to pay more...and do it somewhere else.

I'm sorry but your posts come across as nothing but anti-EE bashing to push an agenda.

All of this stuff is made known up front in their conditions...if your "friend" failed to read how is that EE's fault?

Ha ha ha :D Whatever shill.... Good luck to anyone who applied for a USD account and have not yet tried to withdraw their funds. Just don't say you have not been warned.
 

TheShadow

Well-Known Member
Joined
Dec 20, 2008
Messages
180
Hi,

I also queried this with EE and they state they can only pay out funds to offshore accounts because there is no way to repatriate your USD funds back into ZAR on their platform.

The global account from FNB is not a true offshore account.

If there is a way to do this via the local banks, I would really like to know. It's the only reason I'm not buying US shares on EE.

Thanks
 
Joined
Jan 29, 2018
Messages
472
Payoneer?

Don't know. It must be a physical bank account - and then you need to get stamped statements from the bank as well.

I just left EE. No use in fighting them over a few thousand Rands. They can keep the money, but I have started trading in shares elsewhere in the UK.
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
42,342
Do you mind sending me your friend's details then I will see if I can take this up with them for you?

EasyEquities has made a big difference to the South African investing landscape, they are flawed and riddled with bugs, but their future is bright and that is good news for the new generation South Africans, I am sure your friend's dilema can be solved in a cost effective manner.
 

InTheWild

Senior Member
Joined
Sep 4, 2012
Messages
577
Hi,

I also queried this with EE and they state they can only pay out funds to offshore accounts because there is no way to repatriate your USD funds back into ZAR on their platform.

The global account from FNB is not a true offshore account.

If there is a way to do this via the local banks, I would really like to know. It's the only reason I'm not buying US shares on EE.

Thanks

My FNB global account works fine with my offshore broker - have brought back USD into the account from my broker account,a nd have received money in it from where my salary is paid.

FNB is prob the easiest to do if you have a gold account. +-R100pm for unlimited banking and a USD account (you can now get a Visa card linked to it) is a no brainer.

Also tbh, not EE's fault if you want to invest in $, and do not have a $ account to bring back any funds. EE can not repatriate funds on our behalf - you as an individual need to do that as there are rules and regulations of repatriating offshore currency back to ZAR. Etc.

As you were :)
 

newby_investor

Expert Member
Joined
Aug 8, 2018
Messages
3,810
My FNB global account works fine with my offshore broker - have brought back USD into the account from my broker account,a nd have received money in it from where my salary is paid.

Quick question - is your offshore broker Easy Equities? I was just about to take the plunge and send some money offshore, but coming across this thread makes me think twice.
 

mr_norris

Expert Member
Joined
Jun 12, 2007
Messages
3,446
I don't get OP at all. The friend had trouble, and was told to open a global account at one of the major banks here, and this costs thousands? No man.

At most it's the odd R105 per month for a gold account with FNB, then you can open an global account with them. That is not expensive, nor is it difficult. It's just as simple to sell offshore investments and to transfer the money back to the global account which doesn't cost thousands of rands to get up and running. I am guessing that it's just as easy to do the same with any other bank here, I just haven't checked.

Sounds like OP either isn't telling us something, or he just doesn't understand what he's on about, or he just has it in for EE for some arb personal reason. Good luck to whichever victim he picks to be his next broker. I don't get leaving EE because your friend had trouble (unnecessary trouble IMO, but that's just me). To each their own I guess.

Quick question - is your offshore broker Easy Equities? I was just about to take the plunge and send some money offshore, but coming across this thread makes me think twice.

Unlike OP and his friend, I am competent enough to answer you. I use EE and I have offshore investments with them, I also have an FNB account, and I understand the process of getting my money back. I don't think you have anything to worry about. They have a great support team, as well as detailed blogs. What exactly made you think twice? Not sure how I can help here.
 

newby_investor

Expert Member
Joined
Aug 8, 2018
Messages
3,810
Unlike OP and his friend, I am competent enough to answer you. I use EE and I have offshore investments with them, I also have an FNB account, and I understand the process of getting my money back. I don't think you have anything to worry about. They have a great support team, as well as detailed blogs. What exactly made you think twice? Not sure how I can help here.

What made me think twice was OP's assertion that it's difficult to withdraw the money. I didn't know whether there was something to it or whether he's just incompetent. I have a global account in USD with FNB that I've used for other piecemeal things, but haven't put money into EE's USD account yet so I haven't tried withdrawing to it.

If that's as simple as it is, then I'm good to go, I think!
 

LucasEasyEquities

New Member
Joined
Jun 5, 2019
Messages
4
I current work at EE and can definitely confirm to you that you can withdraw your funds to any bank account worldwide that can accept an international payment, or we can make the payment to any account located in the US. We have some exciting things that we're working on that will make it even easier to withdraw your US Dollars from EasyEquities but for now withdrawing to your bank account is not any issue from our side. If your bank requests some more info , get in touch with us and we'll happily help you out.

I know that this is an old thread but we have had some users direct us to here recently so i'd like to clear things up on the thread.
 

hjst45

Senior Member
Joined
Mar 23, 2013
Messages
555
I current work at EE and can definitely confirm to you that you can withdraw your funds to any bank account worldwide that can accept an international payment, or we can make the payment to any account located in the US. We have some exciting things that we're working on that will make it even easier to withdraw your US Dollars from EasyEquities but for now withdrawing to your bank account is not any issue from our side. If your bank requests some more info , get in touch with us and we'll happily help you out.

I know that this is an old thread but we have had some users direct us to here recently so i'd like to clear things up on the thread.

Can someone confirm?
 
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