EasyEquities EasyFX vs SWIFT

SupaMonkey

SupaMonkey

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Hey Guys,
Just curious if anyone has tried both and which comes out on top in terms of best ZAR to USD ratio?

I'm with Nedbank and I'm wondering if I should just use their online 'international payment' option or go with EasyFX

Thanks!
 
SupaMonkey said:
Hey Guys,
Just curious if anyone has tried both and which comes out on top in terms of best ZAR to USD ratio?

I'm with Nedbank and I'm wondering if I should just use their online 'international payment' option or go with EasyFX

Thanks!
Click to expand...
Everything will go via swift.

The rest is basically who is your intermediary.

@Speedster would recommend Wiz(s)e
 
Thanks for the reply @Snyper564 - but I think you misunderstood my question. Let me try again:
Say you have R100,000 to invest in US stocks and you want to maximise the USD you receive in your EE USD account. Would you use EasyFX or Nedbank to do your conversion? Below is my understanding of the fees but I am not sure if there are any other fees (especially with the bank)?

EASYFX:
1 USD = 18.1471 ZAR
Input: 100,000 ZAR
Gross USD: 5510.52 USD
Less Fee: 27.55 USD
Value Added Tax on costs (VAT) on fees: 4.13 USD
Final/Nett Amount I receive using EasyFX: 5478.84 USD

Nedbank SWIFT:
Outward international payments via digital channels (source <- Could only find the forex rates on the 'private wealth' price list, so dont know if its the same for a normal joe like me. probably not.)
Commission: 0.59% (R590)
Communication fee (Swift fee): R140
Bank Sell Rate: 18.2845 (source)
(R100,000-590-140)/18.2845
Final/Nett Amount I receive using Nedbank: 5429.19 USD

So EasyFX is the cheaper / better option because one would end up with more USD ?
 
Shyft is easily the best forex option in SA at the moment. Quickest setup/verification, easiest use and best rates. If you're doing under R1m a year it's a total no brainer.
 
Thanks @Speedster - but that doesnt answer my original question.

Also, tried to look up fees for Shyft and their is no transparency on their web site about their fees. Only relevant fee I could find was on Standard Bank's pricing guide for 2023 which was 14$ for a 'transfer to international bank account'. Nothing on their site or the pricing guide in terms of platform fee's / transaction fees / etc

Really poor web site, all such information should be easily found and disclosed.
 
SupaMonkey said:
Thanks @Speedster - but that doesnt answer my original question.

Also, tried to look up fees for Shyft and their is no transparency on their web site about their fees. Only relevant fee I could find was on Standard Bank's pricing guide for 2023 which was 14$ for a 'transfer to international bank account'. Nothing on their site or the pricing guide in terms of platform fee's / transaction fees / etc

Really poor web site, all such information should be easily found and disclosed.
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There aren't any fees mentioned because, well, there aren't any fees apart from the fixed transfer fee you mention.

Which is the original unanswered question?

Edit: the answer to your question about whether you should go with EasyFX or Nedbank is neither. Go with Shyft.
 
As Speedster mentioned, Shyft is the best to transfer from ZAR to something else.

Wise to convert from anything else to ZAR
 
Thanks @Speedster, I'll give Shyft a shot.
However, their site does allude to 'other fees' even though there is no clarity on them (so either you're mistaken, or their web site is wrong. Either way, their web site could be more transparent on their fee structure as a whole):

How much does it cost to buy foreign currency?

Standard Bank/Stanbic charges a fee on all foreign exchange transactions. This is included as part of the live rate that you are quoted in the process of purchasing foreign currency. The price you see is the price you pay and there are no additional costs for purchasing foreign exchange through Shyft.
Click to expand...
 
SupaMonkey said:
Thanks @Speedster, I'll give Shyft a shot.
However, their site does allude to 'other fees' even though there is no clarity on them (so either you're mistaken, or their web site is wrong. Either way, their web site could be more transparent on their fee structure as a whole):
Click to expand...
They're referring to what is commonly known as the spread, i.e. the profit margin charged by the forex provider above the current exchange rate. This is included in the quoted exchange rate. Most banks charge in the region of 1.5%-2% for this. Shyft is under 0.5%.
 
I can recommend shyft as well. I've used it plenty times. Between FNB forex fees, shyft, and EasyFX, shyft has always come out better for me.

There was a period a while ago when easy FX ran a promotion and heavily discounted sending money to the US account I think. It was very brief though. Easy FX is convenient but nothing special.
 
If you can get a better rate then shfyt from any of those other places before end of March please let us know so we can all ask shfyt for our free $100
 
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