The ZAR Exchange Rate Thread

MirageF1

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Jun 29, 2018
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6,532
Hoping it dips below 20 to the Stirling by early next year.
I stopped playing the waiting game.
See my post above.
I transfer funds whenever rate strengthens considerably, that way I bank at least along the way, instead of missing a good rate due to inaction and then it sky rockets again which it always has/will do over the medium long term.
 

McT

The Humble Scot!
Joined
May 19, 2009
Messages
38,357
Get a Shyft account.
You can transfer Rs to it and wait to see if rate goes in your favour.

If not, transfer it back into your SA bank account. Simple.

You can exchange/hold any of $,£, Aus$ or Euro currencies currently and use physical/virtual cards to make online purchases/ immediate bank payments internationally(£10 or equivalent flat fee)
I assume you are referring to this https://getshyft.co.za/

Any idea what the tax implications are? Or is this one of those I should talk to my financial adviser about?

I somehow think that there was a brief discussion about this in my last consultation. Just not 100% sure that this was the thing.
 

MirageF1

Executive Member
Joined
Jun 29, 2018
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6,532
No
I assume you are referring to this https://getshyft.co.za/

Any idea what the tax implications are? Or is this one of those I should talk to my financial adviser about?

I somehow think that there was a brief discussion about this in my last consultation. Just not 100% sure that this was the thing.
No tax implications. You already paid tax I assume on your money/capital.

The limit though is your yearly SARS discretionary allowance of R1 million. However, no need to do anything, it's all calculated for you and each transaction passed between SARS/your bank prior to any currency purchase.
Exactly same concept as SWIFT or any other international money purchase/ txfer.
 

johnjm

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Jul 26, 2005
Messages
1,888
I stopped playing the waiting game.
See my post above.
I transfer funds whenever rate strengthens considerably, that way I bank at least along the way, instead of missing a good rate due to inaction and then it sky rockets again which it always has/will do over the medium long term.

Exactly what I do, every time it takes a dip I send monies off. I did go a bit much on the last one but it’s the long term average that counts in my head.
 
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RVQ

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Apr 30, 2007
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1,914
I stopped playing the waiting game.
See my post above.
I transfer funds whenever rate strengthens considerably, that way I bank at least along the way, instead of missing a good rate due to inaction and then it sky rockets again which it always has/will do over the medium long term.

And then you get headlines like, Government considering reimposing several lockdown restrictions, and you know its time to move some ZAR!

Busy working on moving money from my investment accounts into my FX account...
 

agentrfr

Expert Member
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Jul 8, 2008
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4,849
Please translate for us noobs , what does this mean?
If chikoo breaks top of cloud and stays above price, then we are on the way up

which it did :\

usdzar20201112.PNG

Likely 15.85 until we will be able to turn around and go down again (maybe even 16.18)

or trump starts a (civil) war
 

Praemon

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Jan 11, 2007
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Surely it was priced in on Friday...

Seems like it. Generally when they say "it's priced in" it still wobbles big time on negative news. But it's also possible the main driving force at the moment is international sentiment with hopes on a COVID vaccine opening up economies overriding the state of things locally. Glad I'm not a currency trader - it's so unpredictable :p
 

RVQ

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Apr 30, 2007
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Seems like it. Generally when they say "it's priced in" it still wobbles big time on negative news. But it's also possible the main driving force at the moment is international sentiment with hopes on a COVID vaccine opening up economies overriding the state of things locally. Glad I'm not a currency trader - it's so unpredictable :p
Downgrades within the same grade is usually less traumatic. The last one was the major one as it pushed SA outside indexes which forced investors to dump SA Inc.
 
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