Easy Equities USD Account Warning

LucasEasyEquities said:
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.
Click to expand...
Can't we use Easy FX to transfer it back to ZAR?
 
Why would anyone want to bring money BACK to SA?
 
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.
 
Oldfut said:
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.
Click to expand...
FNB do not quote for individuals at only only corporates...
 
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
 
GISDude said:
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
Click to expand...

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.
 
GISDude said:
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
Click to expand...
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%
 
LucasEasyEquities said:
At this time, unfortunately not. We do have plans to include this functionality in the near future.
Click to expand...
Hi @LucasEasyEquities,

If you are still with EasyEquities, is there a timeline for this feature (or is it already in place)? If not, is it still part of the road-map?

I did some movement from $-account to Standard-bank recently and the fees were steep (It was a test, using a small amount). It will be scary if this is the norm. I also couldn't find any document detailing the fees from Standard-bank side. If there is anyone with information on how they bill for such transactions, please enlighten me.
 
Does anyone know if you can withdraw from your EE USD account to your Shyft account? Keeping it in USD
 
wonduhboy said:
Does anyone know if you can withdraw from your EE USD account to your Shyft account? Keeping it in USD
Click to expand...
I don't think this is possible. From what I can see, Shyft is all about Loading ZAR, buying foreign currencies, and using those for payments / international transfers.

Doesn't seem like Shyft allows you to transfer foreign currencies to them.
 
wonduhboy said:
So you open a Wise account and transfer to that?
Assuming you can transfer from Wise to TDA?
Click to expand...

Yes, you can transfer from Wise to TDA. I have added TDA to my Wise account. I simply enter my TDA account number in the reference field and funds arrive in TDA within 1 business day.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X