The Rand is collapsing !

DJK said:
I disagree.

Whilst I doubt the US govt is behind it all, the chinese walls have been broken according to my contacts in the US and this was in fact orchestrated. An orchestrated move like this is very common, and in no way a conspiracy though...
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True, it might be orchestrated, just meant its not a governmental conspiracy or anything.
 
Lucky I decided not to go anywhere this year for holiday!
 
Gained some ground - currently at R10.42 to the $.

Someone is going to come out of this a couple of million$ richer. Orchestrated it is indeed.
 
DJK said:
Any trader knows that greed will be their downfall - this is a stupid argument. Do you trade the market at all? If you do, then for your family's sake, I hope you do not follow this warped investment principle. Looking for that extra buck will always be to your detriment - ALWAYS (trading 101 says, always leave something for someone else).
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Exactly. Well said. That is why I transfer all I have now, and invest in high SA interest rates. Period.
 
Best is to invest in pharma companies, those marketing anti-depressants especially, seriously. One thing is constant, ppl will always get sick and in times like these more
will get depressed.
 
R14.45

You will get not R14.45 for a Euro, it is normally limited
to 12500.00 Euro to transfer outside the EU, also the time
the money arrives here is a few days, so since the rate
is going up and down you'll never know what will the rate
be if it is in your account here. Above 12500.00 Euro you
have to apply for it. It is all time consuming. No fast buck.
 
I think that its silly for someone who is moving back to SA to live here to enjoy the bad Rand. Someone who is coming here temporarily - its great for them but for a permanent resident returning with a pot of Euro or Dollars, its not dandy because the money you converted stays as lowly worthless Rands.
 
Arko2 said:
it is normally limited
to 12500.00 Euro to transfer outside the EU, also the time
the money arrives here is a few days, so since the rate
is going up and down you'll never know what will the rate
be if it is in your account here. Above 12500.00 Euro you
have to apply for it. It is all time consuming. No fast buck.
Click to expand...

1) You are right, it takes a few days but with any transfer you can specify that the foreign (SA) bank phones the beneficiary for confirmation and asks if the money should be converted to Rands. They can then tell you the rate and you can decide if it's good enough or if you want to wait a little longer (and then phone them back). So yes there is a manner of control in terms of which rate you want when the money is to be converted.

2) Application for > €12500 is easy, you just phone a number and explain the reason, and they give you an approval number. Never had any problem.
 
Skinner said:
1) You are right, it takes a few days but with any transfer you can specify that the foreign (SA) bank phones the beneficiary for confirmation and asks if the money should be converted to Rands. They can then tell you the rate and you can decide if it's good enough or if you want to wait a little longer (and then phone them back). So yes there is a manner of control in terms of which rate you want when the money is to be converted.
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The time limit is 30 days AFAIK. Then the SA banks return the Wire to the EU if it's not converted. However the beneficiary needs to be incountry and a current account holder for this to apply as the beneficary needs to sign the conversion order at the bank.
 
Hosehead said:
The time limit is 30 days AFAIK. Then the SA banks return the Wire to the EU if it's not converted. However the beneficiary needs to be incountry and a current account holder for this to apply as the beneficary needs to sign the conversion order at the bank.
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Correct.
As for the 30 days, you obviously transfer your money in a time period of a few days when the exchange rate is in your favour, and when the money arrives in the foreign country, you can still tweak it a little bit and ask that it be converted the next day if the rate is better, etc. Obviously it would be pointless to wait 30 days - then you should not have transacted the money in the first place.
 
Signature for the conversion?

I'm transfering money from the EU but never had to
sign a conversion, so maybe at another Bank?
 
Arko2 said:
I'm transfering money from the EU but never had to
sign a conversion, so maybe at another Bank?
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Me neither. SA bank always just phones the beneficiary I specify, in SA, the person says "Okay" and they do the conversion, and BAM! the money is in the account (minus some small transaction charges).
 
I dont understand what you guys are saying here? You mean it takes you 30 days to transfer money from rands into a euro account? It takes me 2-3 days to transfer rands into my nz account with the exchange rate being the time of transfer. Same goes for visa versa. Although i have never transfered money from nz into a euro account i am guessing but think it would take 1 to 2 days.
 
MacNabs said:
I dont understand what you guys are saying here? You mean it takes you 30 days to transfer money from rands into a euro account? It takes me 2-3 days to transfer rands into my nz account with the exchange rate being the time of transfer. Same goes for visa versa. Although i have never transfered money from nz into a euro account i am guessing but think it would take 1 to 2 days.
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No, what he meant was that once the money lands in the target bank, it can lay there for a maximum of 30 days before it will be reversed. So in that 30 days you have to let the bank know that they can convert it into local currency and therefor put in in the account. Normally the bank would phone you and ask this.
 
Skinner said:
Me neither. SA bank always just phones the beneficiary I specify, in SA, the person says "Okay" and they do the conversion, and BAM! the money is in the account (minus some small transaction charges).
Click to expand...


Anti money laundering legislation/Financial intelligence act. Govt via Banks want to know where the money came from.
 
PeterCH said:
Best is to invest in pharma companies, those marketing anti-depressants especially, seriously. One thing is constant, ppl will always get sick and in times like these more
will get depressed.
Click to expand...

Healthcare held up the best in the US yesterday. Its all relative because they were still down 5.5%, but this is a far cry from energy for example that closed down more than 10% in the red. Pharma seems a good bet looking at some of the fundamentals, PEs and EPS forecasts as well.
 
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