Yes you can save money on your money transfers to South Africa and out of South Africa!
The options for transferring money in and out of South Africa are no longer restricted to the high street banks that most individuals and companies have traditionally used and this increased competition and the relatively new licensing of specialist currency companies means good news for those transferring money to South Africa.
Save money on Money Transfer Fees
Banks and many other institutions tend to levy fees when instructed to transfer money for you. These can range greatly but typically are between R300 and R500 in South Africa, £25 – £45 in the UK and €30 – €50 in Europe.
- Incompass levies no fees on your transaction
Save money by accessing better Exchange Rates
Transferring money is no different to buying any other product or service, the quoted exchange rate is nothing other than a sale price. Why pay more for exactly the same product or service than you need to?
As an example:
- If you were to transfer ZAR 1 million to Pounds at an exchange rate of 11 you would receive £90,909.
- If you were to transfer ZAR 1 million to Pounds at an exchange rate of 10.9 you would receive £91,743.
- A difference of just 0.1 may not seem much but the result is nearly £1,000 more in your bank account. With Incompass we offer highly competitive exchange rates that better the banks rates 99% of the time.
Save Money through better service
Watching the currency rates is a time consuming and complex process and is something rarely done. Even when rates are watched, by the time you pick up a phone and try to trade, the rate has already changed. This can lead to an acceptance of a quoted rate to remove the time constraints and hassle factor.
- With Incompass we will watch the rate for you and when it reaches the level you wish to trade at we will contact you.
Save Money by shopping around
Transferring money means following the basic principles of making any major purchase – shop around for the best deal.
- With Incompass registration is free of charge and once registered it is a phone call away to ascertain what rate we can obtain for you.
Save money by saving time and additional costs
This is particularly pertinent to individuals and businesses wishing to transfer money out of South Africa. Foreign exchange regulations have created an environment where the transfer of money out of South Africa can be complex and is always a ‘paperwork exercise’. Tax clearances and permissions must be obtained meaning time spent by the transferrer or costs incurred by enlisting the assistance of an accountant or professional to obtain these clearances.
- Incompass obtain the tax clearance and Reserve Bank approval for your transfer out of South Africa – saving you time and money.
Saving money by following exchange control regulations
Unique to just a few countries, South Africa being one of them, exchange control regulations governing the flow of money in and out of South Africa have a profound impact on your ability to move money. Contrary to many people’s beliefs how you transfer your money into South Africa does matter, if done incorrectly it could result in you paying a ‘fee’ of 10% should you wish to repatriate these funds at a later date.
- Incompass is able to ensure that any money transfers into South Africa comply with South African exchange control regulations. We are able to facilitate both transfers into and out of South Africa. Make sure your currency provider is able to provide you with transfers into and out of South Africa and has a full understanding of South Africa’s exchange control regulations.
Summary
Registration is free and non obligatory, full knowledge of South African exchange control regulations freely available, the best rates and no fees a phone call away.
Contact Incompass today and see just how much money you can save on your money transfers in and out of South Africa.
To find out more about how we can help you with your money transfer to South Africa call us on any of the numbers below or send us an e-mail.
Ph: Cape Town +27 (0) 21 424 2936
Ph: Johannesburg +27 (0) 11 234 4275