We’re causing some much-needed commotion in the South African financial services community by redefining the way foreign exchange payments are processed.
We got tired of banks overcharging customers each year just to transfer funds abroad. Seeing a gap in the market for a simple, transparent money transfer solution, we established fx paymaster.
Launched in 2015, fx paymaster has established itself in the local market as a challenger brand. We’re on a mission to bring fair and transparent pricing to the foreign exchange market by disclosing our margins and fees.
Most South African banks have heavy cost structures and operate use clunky legacy systems. This makes banks slow, expensive and frustrating to deal with. When using a bank to transfer funds overseas, you could easily expect to pay as much as 3% for the transaction. These fees typically include the banks transaction fee, dealing margin (difference between the spot exchange rate and the rate offered by the bank) and any commissions applied to the payment.
Since these fees and charges are almost never disclosed to the customer, how do you know if you’re getting a fair deal?
click here to Request a free info pack >>NEW – We’ve introduced fixed pricing for businesses
We’re disrupting this space by offering business clients fixed margins and transparent transfer fees on their foreign payments.
At 6 cents and R250 per payment, this works out to approximately 0.5%, which is a fraction of what most people pay through a bank.
Transfer money online >>WE UNDERSTAND THE MARKETS FRUSTRATIONS
The secret to our success has been twofold:
- We bring honesty, integrity and transparency to the SA forex market, our customers respect and appreciate that.
- We’re adding real value to our customers.
Today’s customer expects simple products, better rates, lower costs & increased transparency, not to mention reasonable customer service. Basically, everything banks struggle to provide. Everything we have done or built has been designed for scale. This allows us to process payments faster, easier and cheaper than anyone else.
IMPRESSIVE CUSTOMER GROWTH
MIKE STEENKAMP – DIRECTOR
We’ve seen significant growth this year both in terms of customer acquisitions and transaction volumes. Since introducing online registrations, fixed pricing and our new online payment platform, we’ve seen our monthly business account applications increase by more than 18%. Looking ahead we expect this positive momentum to continue. We’ve invested heavily in tech to streamline everything from client on boarding right through to dealing and payment processing.
We’re one of the only independent money transfer businesses who have gone digital. This strategy seems to be working well for us, it’s exactly why we’re attracting new business customers faster than any of our competitors.
PLANNING FOR THE FUTURE
We are at the very start of a journey and still have long way to go. Despite our recent successes, there are still hundreds of thousands of customers out there who are not even aware of our existence. We aim to change that.
Our biggest goal for 2020 is driving consumer awareness. To help spread the word, we’ve enlisted the help of one of South Africa’s most respected digital marketing agencies Vetro Media.
