Moving ZAR to CAD or USD

TechGirl04

TechGirl04

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We are immigrating to Canada. Our proof of funds money is currently sitting in a SA bank account in ZAR. We want to move it over to CAD asap to prevent further losses due to the weakening Rand, as such we want to buy CAD. We looked into an FNB Global One Account. Are there any other, secure options?
 
I investigated many options, at the end of the day the quickest and easiest was with FNB.

Maybe not quite the cheapest but it was quite effortless.

Of course, if it is more than R1m per person, you need SARS and SARB clearances.
 
TechGirl04 said:
We are immigrating to Canada. Our proof of funds money is currently sitting in a SA bank account in ZAR. We want to move it over to CAD asap to prevent further losses due to the weakening Rand, as such we want to buy CAD. We looked into an FNB Global One Account. Are there any other, secure options?
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It's pretty stable for the short term. When are you actually moving? Open a bank account when you arrive and then transfer.
 
johnjm said:
It's pretty stable for the short term. When are you actually moving? Open a bank account when you arrive and then transfer.
Click to expand...

That's the plan. We don't know when we can move due to COVID and we don't want to open a bank account until we know when we will be going over (you can't take money out of the Canadian bank account if you have not activated your PR yet). In the meantime, we want to secure our funds in CAD.
 
Check out Shyft from Standard Bank.

I found that their forex rates are better than FNB, but they only seem to have USD, GBP, EUR and AUD.

There's also options in the app to open international accounts, etc...

The option to do ACH transfers at a fixed $14 a pop is nice as well. This is a US payment network transfer, so I'm not sure if it'll apply to CAD.
 
Open an account at TransferWise. Use ABSA, Shyft or a dedicated forex merchant to make a payment in Eur to the TransferWise. Once you're in Canada make a transfer from TransferWise to your new CAD account.
 
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TechGirl04 said:
That's the plan. We don't know when we can move due to COVID and we don't want to open a bank account until we know when we will be going over (you can't take money out of the Canadian bank account if you have not activated your PR yet). In the meantime, we want to secure our funds in CAD.
Click to expand...
Phase it then, instead of moving it into a big chunk of forex, depending on how much it is.
 
r4nd0m said:
Check out Shyft from Standard Bank.
...
Click to expand...

+1 and approx. 1.1% loss when doing FX purchase.

£10 flat fee for internat, txfer. With SWIFT you pay charges on both sides (banks) which amount to min. £20

Fast too (1/2days max) compared to SWIFT (2-5 days) , sent £400 this am which had arrived at recipient UK bank by 4pm.

Gr8 mob app, fingerprint security, online help/chat system
 
MirageF1 said:
+1 and approx. 1.1% loss when doing FX purchase.

£10 flat fee for internat, txfer. With SWIFT you pay charges on both sides (banks) which amount to min. £20

Fast too (1/2days max) compared to SWIFT (2-5 days) , sent £400 this am which had arrived at recipient UK bank by 4pm.

Gr8 mob app, fingerprint security, online help/chat system
Click to expand...
Can you get statements to prove that you have that money?

And if everything goes tits-up, how do you access it?
 
MirageF1 said:
+1 and approx. 1.1% loss when doing FX purchase.

£10 flat fee for internat, txfer. With SWIFT you pay charges on both sides (banks) which amount to min. £20

Fast too (1/2days max) compared to SWIFT (2-5 days) , sent £400 this am which had arrived at recipient UK bank by 4pm.

Gr8 mob app, fingerprint security, online help/chat system
Click to expand...
I'm pretty sure shyft uses swift to transfer the funds.
 
Method said:
Buy Bitcoin :D

Just kidding!
Click to expand...

funny-money-meme-thought-i-had-some-money-and-its-gone-image.jpg
 
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