At FX Paymaster, we know the coming months will be tough for many people and businesses. We’re putting plans in place to ensure our clients can continue to move money without any real disruption.
Here are 5 tips to help you save money on your international transfers.
1.
Watch out for high transfer fees and hidden commissions. Most banks charge between R 750 – R1,500 to transfer funds abroad and its often not disclosed how these fees are calculated. At FX Paymaster we charge a flat fee of R250 per payment.
2.
Look for the best exchange rates, don’t deal directly with a bank. Banks have large overheads which means wider margins & higher fees. By comparison, FX Paymaster rates are about 10 – 15 cents better than most local banks, which on a $ 50,000 payment, equates to a difference of around R 7,500.
3.
Pay attention to what the Rand is doing and speak to a currency expert who can offer you solid advice and guidance. Its not uncommon for the Rand to move 20-30 cents a day in conditions like this which makes it crucial to get your timing right. Sign up to our Daily Traders view and get the latest foreign exchange news & insights delivered directly to your inbox.
4.
Set up FX Rate Alerts. Exchange Rate alerts are free and easy to setup. Simply call our dealing desk and tell us the rate you’re interested in and we’ll monitor the markets for you. If the rate you have specified becomes available, we’ll contact you.
5.
Deal with a currency expert like FX Paymaster. We have the tools, market knowledge and product experience to help clients navigate their way through nasty, unpredictable market conditions exactly like this. We are a leading provider of corporate and personal foreign exchange, offering insight and guidance to help clients more effectively manage their international transfers.
Try FX Paymaster. Sign up in minutes, cancel anytime.
For more information about our services and how we can help maximise the value of your international payments, call us on 011 888 0125 or email us at info@simplytest.co.za.
HOW IT WORKS
- You don’t need to switch banks in order to take advantage of our rates.
- We’ll open a new account in your name at our partner Bank.
- The account is completely free and there’s no obligation to use it.
- When transferring money, you will always fund your own account, we will never handle your funds directly.
- We’ll fix your rates and fees upfront, so you start saving on transfers right away.
- Oh, and we’ll add you to our daily traders view so you have all the information you need to stay in control and make the best decisions.
