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Scooby_Doo

Scooby_Doo

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Howdy,

I want to move a large sum into USD for transfer into my Interactive Brokers account, what would be the best/easiest/cheapest method to get this done.

The investment challenge rates RandSwiss.

Thoughts?
 
Scooby_Doo said:
Howdy,

I want to move a large sum into USD for transfer into my Interactive Brokers account, what would be the best/easiest/cheapest method to get this done.

The investment challenge rates RandSwiss.

Thoughts?
Click to expand...
I used exchange4free in December. Their spread between spot & their rate was 17c. Not sure how this compares though, but I thought it was reasonable so used them to buy some $ for my IBKR account.
I had also used them prior to this.

Was pretty easy once I had concluded the initial paperwork. They open a mercantile bank account for you, and anytime you want to transfer, you deposit money into that account. You then give them a call & decide if you like their rate or not. From there it's hassle free to transfer to IBKR as the recipient is also already configured.

Would be interesting to hear from others what they are getting.
 
We have been using InCompass for our business, and has worked well for us so far
 
Is it not possible to fund IBKR account with ZAR , then currency convert within IBKR ?
 
Lukcydog said:
Good question. I'd love to hear if someone has done this...
Click to expand...

Any transfers of a capital nature must be converted to another currency if it leaves SA. You can use your R1M SDA to send ZAR out of the country, but sending it for uses which are capital in nature (e.g. funding your brokerage account) would be illegal under SARB rules.

FNB, Standard Bank and E4F have confirmed the above. See section B.2 in the official SARB currency dealer document:

 
JayM said:
Any transfers of a capital nature must be converted to another currency if it leaves SA. You can use your R1M SDA to send ZAR out of the country, but sending it for uses which are capital in nature (e.g. funding your brokerage account) would be illegal under SARB rules.

FNB, Standard Bank and E4F have confirmed the above. See section B.2 in the official SARB currency dealer document:

Click to expand...
Cool thank you!
 
Correct - did my transfer with Investec. Needed to covert to another currency ( they had a long list ).

Would have been nice to transfer in ZAR, because sounds like currency conversion is cheaper from Interactive Brokers.
 
Jose88 said:
Correct - did my transfer with Investec. Needed to covert to another currency ( they had a long list ).

Would have been nice to transfer in ZAR, because sounds like currency conversion is cheaper from Interactive Brokers.
Click to expand...
Spread R0.07. Bank charges R890
 
JayM said:
Any transfers of a capital nature must be converted to another currency if it leaves SA. You can use your R1M SDA to send ZAR out of the country, but sending it for uses which are capital in nature (e.g. funding your brokerage account) would be illegal under SARB rules.
Click to expand...

I assume you mean it's illegal to use your SDA for capital transfers if you don't convert it into foreign currency first through an authorised dealer. As far as I can see there's nothing in the handbook that prevents you using your SDA for any legal purpose including capital transfers as long as it's converted first.
 
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