Easy Equities USD Account Warning

Park@82

Honorary Master
Joined
Jun 6, 2008
Messages
11,847
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't we use Easy FX to transfer it back to ZAR?
 

Oldfut

Active Member
Joined
Jan 28, 2018
Messages
33
Just a side note - check forex bank costs, particularly in SA. Last I looked Std was cheapest based on the buy/sell rates with the Shyft (<3%), then FNB Global account (3 - 5%) which I have, and last Nedbank (>5%). You can do better if you get quotes from say, FNB I believe.

Input welcome though.
 

Snyper564

Expert Member
Joined
Oct 1, 2008
Messages
4,257
Just a side note - check forex bank costs, particularly in SA. Last I looked Std was cheapest based on the buy/sell rates with the Shyft (<3%), then FNB Global account (3 - 5%) which I have, and last Nedbank (>5%). You can do better if you get quotes from say, FNB I believe.

Input welcome though.
FNB do not quote for individuals at only only corporates...
 

GISDude

New Member
Joined
Oct 10, 2017
Messages
4
Hi all.
I have some funds in my FNB $ Global Account that was left unused after returning from the US recently.
I was wondering if I will be able to transfer these directly into EE as a "international account" and if any of you have tried this before. I know it was said previosly that this is not strictly accurate for the FNB $ Global Account but I thought it is worth a shot.

The other option would be EasyFX but I cannot accept that the transfer will attract 15% Vat??? Am I the only one that thinks this is insane?

Regads
 

bav

Member
Joined
Jan 5, 2016
Messages
15
Hi all.
I have some funds in my FNB $ Global Account that was left unused after returning from the US recently.
I was wondering if I will be able to transfer these directly into EE as a "international account" and if any of you have tried this before. I know it was said previosly that this is not strictly accurate for the FNB $ Global Account but I thought it is worth a shot.

The other option would be EasyFX but I cannot accept that the transfer will attract 15% Vat??? Am I the only one that thinks this is insane?

Regads
I tried asking Fnb forex and easy equities about this a while ago but haven't gone through with it. Apparently you can pay from your global account to the offshore details EE provide but you will be charged the global payment swift fee. I think it is 0.55% (min. R285, max R775) from the forex pricing guide. You could also receive up to 50% back on the fee in ebucks if you are level 5.
 

Snyper564

Expert Member
Joined
Oct 1, 2008
Messages
4,257
Hi all.
I have some funds in my FNB $ Global Account that was left unused after returning from the US recently.
I was wondering if I will be able to transfer these directly into EE as a "international account" and if any of you have tried this before. I know it was said previosly that this is not strictly accurate for the FNB $ Global Account but I thought it is worth a shot.

The other option would be EasyFX but I cannot accept that the transfer will attract 15% Vat??? Am I the only one that thinks this is insane?

Regads
You dont pay VAT on transfers (exchange)... I do loads of these and the structure is typically as follows:

R100 -> x amount of USD (at current rate)
+ swift fee.

The only VAT that is charged is on the service fees. I typically 0.7% percent above bloomberg rate no idea where you get 15% VAT from. maybe double check that you didnt. So in short if rate is 16 I Pay 16.11 plus swift fee thats all

Side note there may be VAT charged in the spread but USD X 0.7% X 15% then not USD rate X 15%
 
Top