Foreign Currency Account SHYFT vs FNB

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RandomRando

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Hi All.

I am looking for a bit of advice/information please.

I should be immigrating (maybe emigrating for the short term but the long term goal is to make is permanent) to the UK in about a years time, if all goes well.

What I would like to do in the mean time, is set up a foreign currency account. Basically, what I want is an account that I can buy Euros/Pounds/USD and store them - like a SA savings account but for foreign currency. If possible, I'd like to be able to buy multiple currencies based on their strengths etc(play the markets a bit) but I'm not too concerned about this or interest rates etc.

My main concern is the Runt. (Rand.) With it taking a beating along with other EM currencies like the Lira, I want to start buying pounds/euros now while i can get better value for my runt. - you may say I'm hedging my bets. I worry that waiting until the last minute next year will ensure that I have less buying power with my runt. So what I want to achieve is to be able to buy and store the currency of my choice so that when I land in the other country, I can access my funds (either through withdrawal or by card.) without hassle or exorbitant service costs etc. I know that I will not be able to open a bank account immediately in the other country so I intend on saving currency now, to be used to float me later.

I bank with NEDBANK and after being at a branch and on the phone for nearly an hour, I was eventually and essentially told that they cannot help me. I have been told that the FNB global account or the Standard Banks SHYFT account are good options to look into.

Can anybody give advice on either or better yet, personal experiences with each account? Before I decide which will suit me best, I'd like to hear some feedback from people who have used the service.

TIA.
 
Once you land in UK, just download monzo app and you have an account. Just need uk phone number.
 
Shyft will work nicely. Order a physical card and you can use that in the UK while you get settled
 
Pho3nix said:
Shyft will work nicely. Order a physical card and you can use that in the UK while you get settled
Click to expand...

i take it you have used the service before?

what charges are there surrounding the depositing/withdrawing of money into the account - i could not get a solid answer from STDBank yesterday. spent 45mins standing on the phone to NEDBANK to see what they could offer (just in case), and was quite impressed at FNB's offering, except that they couldnt tell me if i got a physical card like STDBANK.

are the charges reasonable when transfering/ buying forex? last thing i want is for there to be exhorbitant 'middleman' fees...

"
How much does it cost to buy foreign currency?
Standard Bank 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."
 
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1. Buying currency = Doesnt have an applicable fee except for the spread (around 7c on the Dollar) you pay.
2. International Transfer: $14 flat rate for USD, irrespective of the amount you transfer.
3. Withdrawals with the card has a fee (can't remember the amount) + the applicable ATM fee.

My wife and I use Shyft exclusively now because a % based fee quickly becomes a large amount if you transfer large amounts.

My only warning to you: If you do a transfer in YOUR name to an account NOT in YOUR name you will have issues with respect to banking regulations unless the account is a joint account.
 
please explain the circumstance you use shyft in? ive been jumping through hoops and std bank reckon that shyft is probably not the best thing for me. Nobody at FNB branches ive been to can give me the information im looking for regarding their channel islands accounts etc so i still dont know much about them. Sable International need me to invest like $4k (lol) before they are even willing to assist.

was thinking of using my paypal account but it will only help by allowing me to buy back before i go and then do the transfer to forex, after FNB rigmaral of the 30day holding thing. i cant store money there and then access it while in the UK.

there must be some way i can start transferring money into forex to protect it. if you could give me more info, that would be really helpful.

//EDIT: i should mention that i have done some reading online about SHYFT - from what I understand, it should do what i need it to do regarding saving money(in multiple currencies if needed), ordering the card for 120runts so i can use it internationally. From what i understand, card swipes are free, its only cash withdrawals from the account that have charges attached? The STD Bank rep though didnt think it was a good idea though and said i should rather speak to my F.A(who is looking into things for me now as well)
 
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Revive a old thread,

can Shyft users transfer USD purchased back to ZAR
 
Well so much for Shyft (Shyt)
Thought I'd give it a bash as an alternative to ABSA Swift payments I regularly make and see what all the hoo ha was about but not impressed either with the app or support so far....

Just sent an email to shyft support:
Hi I recently signed up for Shyft, but app is crashing every time I try to log in with either password or fingerprint option... very annoying start!
I notice many others complaining about this too, what is the fix???

My phone is a Huawei P10 with latest Android 9.1

I tweeted StandardBankSA on Friday morning but have had no response so far.
 
Particularly (edit) IRRITATING is fact that you must eft / deposit funds from outside app instead of just linking shyft to an account or card or eft within app.
 
adielk said:
Particularly (edit) IRRITATING is fact that you must eft / deposit funds from outside app instead of just linking shyft to an account or card or eft within app.
Click to expand...
Indeed and there's a delay and cost involved, so unless you with Std Bank don't see why this is the amazing answer to world peace so far.

Absa Swift transfer to my UK account takes place within 3-4 days and max cost is about £20, irrespective of transfer amount.
 
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