03

How long will it take for my funds to arrive in Canada?

Most international transfers to Canada are completed within a day. For major currencies, we can also make same day delivery payments providing your deal is settled before 12:00 midday. As soon as your Canadian Dollars have been sent, we’ll send you a SWIFT confirmation for the transfer.

04

What banking details do I need to send money to Canada?

The Canadian Branch Code is often referred to as a routing number, and contains 8 digits, the first 3 numbers identify the bank or financial institution and the last 5 digits are used to identify the location of the bank in Canada. When sending money to Canada, you will need to provide the following bank account details:

• Canadian Branch Code (also known as a routing number)
• Account Number
• BIC / SWIFT code

05

How to transfer money to Canada online?

Transferring money from South Africa to Canada is quick and easy online. All you need to do is follow these steps:

1. Register online and we’ll open a free account for you in your name…
2. Login, select the currency and amount you want to send and secure a great rate…
3. Next, you’ll need to fund your account in order to pay for your currency…
4. Finally, complete the online payment instructions for the account you want to pay…
5. That’s it! Sit back, relax, and wait for your currency to arrive.

06

How much money can I transfer out of South Africa per year?

As a South African resident, you can transfer a total of R11 million out of the country each year using your allowances. Taxpayers over the age of 18 who are South African residents are eligible for the following allowances:

• R1 million single discretionary allowance (no tax clearance required from SARS)
• R10 million foreign investment allowance (FIA tax clearance is required from SARS)

07

How do I know my funds are safe?

FX Paymaster is an authorised and regulated Foreign Exchange Intermediary in South Africa. All deals are executed in the clients name directly with an Authorised Dealer Bank. We are here to help you get the best exchange rates and to ensure your payments go off quickly and smoothly. You will always transfer funds into your own account, we never handle your money directly.

08

Can I secure the exchange rate now while the Canadian Dollar looks good ?

Yes, in a recent change to the South African Exchange Control Regulations, South African residents can now use Forward Exchange Contracts to secure currency for future dated payments. This is great news for anyone looking to move abroad. Forward contracts are an ideal tool to use if you have a transfer to make in the future and want to remove the risk of the exchange rate going against you.