The Reserve Bank of South Africa (SARB) controls foreign exchange by means of the Exchange Control regulations.These Foreign exchange regulations impact on all money transferred in our out of South Africa.
Divesting of Powers
The South African Reserve Bank appoints authorised dealers (mainly banks) who in the main oversee the rules and regulations on their behalf. On occasion the authorised dealer will seek approval or advice from the South African Reserve Bank for an authoritative opinion or decision.
The role of companies like Incompass
The Reserve Bank of South Africa, together with the Financial Services Board regulates and approves currency companies such as Incompass.
The currency company basically acts as an intermediary between the Authorised Dealer and the client (individual or business) that is seeking to transfer money.
Importantly the client can be assured that in dealing with a currency company such as Incompass that they are dealing with a regulated and approved company. In addition at no time will the currency company have receipt of your funds in their account as all transactions are via client accounts at the authorised dealer.
Why use a Incompass
- All transfers of money out of South Africa require The South African Reserve Bank‘s approval and as part of its service, Incompass Forex is able to assist you in obtaining this.
- Due to the fact Incompass focus purely on money transfer we have particular expertise and knowledge with regards to the required permissions.
- Our role as the intermediary means we are able to negotiate better rates with the authorised dealer (bank) than an individual or business normally would.
- Clients benefit from an added layer of service – in our case proven by ISO 9001 and 27001 accreditation.
- Tax clearance and other approvals are absorbed by Incompass so free to the client unless special permissions are required that involve 3rd party fees.
- There are no service fees or hidden extra costs.
Whether you are an individual or business, Incompass can probably offer you better rates and increased service levels. Find out more about us by contacting us on + (27) 21 424 2936 or emailing us here.