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Why don’t I just use my bank?
Private individuals transact their foreign exchange through their bank branches who do not have access to the interbank market. These bank branches are only in a position to offer their clients retail rates which are extremely uncompetitive and usually on a huge spread which is then passed onto unsuspecting clients. In addition to the huge spreads being offered by these banks, they will also charge their clients a transfer fee as well as commission. Clients may also then have to pay a deposit fee at the bank receiving their money abroad.
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What are the benefits of using Exchange4free as opposed to my bank?
- Great exchange rates (guaranteed to be better than those offered by your bank branch)
- Free international transfers (you can be charged up to R650 in transfer fees alone)
- No commissions
- No hidden costs
- No standing in long queues
- Assistance and advice through the entire process
- Full SARS, SARB and exchange control compliance
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Do Exchange4free comply with exchange control regulations?
Yes. Exchange4free operates in strict accordance with exchange control and anti-money laundering regulations, and all payments are made via an authorised dealer in South Africa ensuring your funds are safe and secure at all times.
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Is my money transfer guaranteed to arrive at my beneficiary account?
Yes. Given that all your beneficiary account details are provided to Exchange4free correctly then your money is guaranteed to arrive safely in your chosen beneficiary account. It is important for clients to provide Exchang4free with accurate beneficiary bank account details.
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What happens if I give you the incorrect beneficiary account number?
It is the clients responsibility to provide Exchange4free with the correct beneficiary bank account details. In the event that funds are sent to an account that doesn't exist then the funds will bounce back. If the funds are sent and settle into the wrong account, then Exchange4free will try our best to retrieve them for you. It is thus important for you to ensure that you provide Exchange4free with the correct beneficiary details before submitting a transaction.
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When will I know the funds have cleared into my beneficiary account?
The easiest way is to check with your beneficiary that the funds have cleared into the specific account given to Exchange4free. We will also send you a confirmation once your funds have left our account and been paid into your beneficiaries account.
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Are E4F authorised to take money directly from my account?
No. Once we have received authorisation to transfer your funds out of South Africa you will be required to deposit the relevant ZAR into a South African account owned and controlled by our authorised dealer banks from where it will be converted into foreign currency and transferred offshore.
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What amount of funds can I transfer out of South Africa using Exchange4free?
Exchange control limits the amount that can be held offshore by a private individual on their foreign investment allowance to R4 Million.
Please note that the minimum amount that we can transfer out of South Africa is R30,000.
There is no maximum amount that we can transfer (subject to exchange control limitations). Please enquire with us.
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How long does the entire process take?
The most difficult part of the process of obtaining authorisation to move funds out of South Africa is obtaining your SARS tax clearance certificate which can take 3-4 weeks by post but just a few hours in person at your local SARS office. Exchange4free have tax partners who will get your tax clearance for our clients within 1-2 days and we will cover the cost of this on larger amounts.
The remainder of the process can be completed in a day or so once Exchange4free receive your SARS tax clearance certificate.
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When does Exchange4free fix my exchange rate?
Once your funds have been authorised to leave South Africa then you are able to either get a quote and fix an exchange rate over the phone (we will need you to transfer the funds immediately to us) or you can wait for your funds to clear into our bank account before your rate is fixed.
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Do I need both SARS and SARB clearance before I am able to transfer funds out of South Africa?
Yes. Exchange4free are unable to transfer funds out of SA unless the client has received their tax clearance certificate from SARS and SARB authorisation.
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Are my funds secure?
Yes. All transfers are done strictly in accordance with anti-money laundering and exchange control regulations via an authorised dealer bank in South Africa who are authorised by the FSB.
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