Buying Bitcoin Overseas from South Africa
Its a well known fact that a Bitcoin Arbitrage opportunity exist in South Africa.
What is Bitcoin Arbitrage, how does it work and is it really worth the risk?
Understanding Bitcoin Arbitrage
You can buy Bitcoin overseas for less and then sell it in South Africa for a higher price, it’s called Bitcoin Arbitrage. In fact the price difference on Bitcoin in South Africa is often as much as 10% higher than international markets, which means a shrewd investor can yield a handsome profit if they’re able to move fast enough.
Arbitrage opportunities don’t usually last that long, this one is a little different though. The gap in price does change depending on market conditions however it rarely closes.
That doesn’t mean there isn’t any risk. The Bitcoin price moves extremely quickly and if you’re really unlucky you could find yourself on the wrong side of a downward swing and if you don’t get out fast enough enough – you could be looking at some nasty losses.
In order to maximise the arbitrage opportunity on Bitcoin in SA:
You’ll need a Bitcoin account with a well known Crypto Exchange to buy Bitcoin overseas.
You’ll need a local Bitcoin account with a South African exchange to sell the Bitcoin.
And lastly you’ll need a currency partner to help you get decent exchange rates as you’ll need to pay for the Bitcoin in US Dollars, Euro’s or Pounds.
Transfer money overseas in 3 easy steps
STEP 1 – Register online with FX Paymaster to avoid the poor bank rates and high transfer fees. We’ll setup a free account for you in less than 24hrs..
STEP2 – Log in to your online account to secure a great exchange rate for your overseas money transfer.
STEP 3 – Settle your deal by transferring funds into your new Global Payment Account and upload your payment instructions to complete your foreign payment.
We’ve streamlined our entire payment process to ensure you never pay more for your currency than you have to.
Most people still use the bank to transfer currency because its convenient and they aren’t aware of the alternatives. Unfortunately, what they don’t know is that banks charge a hefty margin of up to 3% to make an international payment.
On top of this you can expect to pay in the region of R 1,000 in transfer fees. At FX Paymaster we charge a flat fee of R250 per payment.
Get a Great Exchange Rate with FX Paymaster
When you transfer money with FX Paymaster you get the full benefit of our buying power. Our pricing with our banking partners is based on the sheer volume of currency we move every year. This buying power gives us access to preferential exchange rates which we pass on to our clients.
A quick online registration with us, will give you access to some of the best exchange rates available in the market. On top of this, we charge a flat fee of R 250 to make an international payment irrespective of how much you are moving or where it is going.
Always deal with a recognised FSP.
Rest assured when it comes to transferring funds abroad with FX Paymaster, you’re in safe hands. We are an Authorised Financial Services Provider: 46213. Our experienced FX team have been involved in global payments for over 20 years. We can assist with discretionary transfers, foreign investment allowances and obtaining tax clearance certificates. Whatever your currency requirements, our professional and friendly team will be on hand to guide you through the entire process.
