OUR MOST POPULAR – FAQ
Is FX Paymaster right for your business?
If you’re interested in fair and transparent pricing, then FX Paymaster is for you. We’re not interested in chasing the big corporates. Our service is designed for SME’s who aren’t big enough to negotiate better pricing with the bank. That’s where we come in. We deal with thousands of clients and use the combined volume from all of these trades to negotiate better rates, which we then pass on to YOU.rEAD mORE
banks are average, we are awesome!
How does FX Paymaster compare to banks? If you’re dealing directly with a bank to transfer money, then chances are you’re overpaying. Most banks add around 1 – 1.5% onto the exchange rate and charge between R500 – R1,000 in transfer fees.
Our rates are significantly better than this. Check out our Fees & Charges below.
OUR fees and charges
At FX Paymaster, there are no hidden fees or surprises! Our fees are completely transparent.
We’re outperforming local banks because we’re the only FX provider to offer fixed dealing margins at such a competitive level. For business clients we’ve fixed our dealing margin at 0.5% from market and only charge R250 per payment to transfer your funds abroad. That’s better than all the big banks. If you’re paying more than this to transfer funds, then It’s time to join FX Paymaster.OPEN A FREE ACCOUNT
100% safe & secure
We have safeguards in place to protect your money, every step of the way. Our process is 100% safe and secure. We’ll open a bank account in your name at our partner bank. You will always fund your own account; we will never handle your money directly.
Our foreign exchange transactions are processed through an Authorised Dealer Bank in South Africa in strict accordance with South African Reserve Bank (SARB) Exchange Control Rules and Regulations.
HOW DOES FX PAYMASTER COMPARE TO LEADING BANKS?
US$ 15,000 would cost you:
We regularly check all the South African banks to ensure our exchange rates are better. These exchange rates were obtained online at 11:30 on Friday 26th of April 2019.
GENERAL – FAQ
Do I need to switch banks in order to use FX Paymaster?
No, you do not need to switch banks in order to use us. When you register online, 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.
Unlike banks, our rates and fees are fixed upfront for total transparency so there are no hidden fees, no bad exchange rates and no surprises. Click here to get started.
FX Paymaster is an authorised Financial Services Provider (FSP – 46213) regulated by the Financial Services Board (FSB) and a Primary Accountable Institution registered with the Financial Intelligence Centre Act, under reference number AI/151126/00009. We comply fully with the FSCA regulations and South African Reserve bank exchange controls.
You can only transfer currency through FX Paymaster if you are a registered customer. Once your account is up and running, you can secure currency over the phone by calling through to our dealing room or online using our easy to use online dealing system.
FX Paymaster is an Authorised & Regulated Intermediary service provider, we sit between the client and the bank. We are never primary to any transactions which means that our clients never pay us directly. When settling your foreign exchange contracts, you will only ever transfer funds into your own account at one of dedicated partner banks. (Mercantile Bank or Investec Bank)
OPENING AN ACCOUNT – FAQ
FX Paymaster is the easiest way to transfer money abroad. It’s safe, it’s secure, it’s easy and it doesn’t cost a lot of money. Our fees & charges are 100% transparent, so you always know how much you’re paying.
OPEN A BUSINESS ACCOUNT AND SAVE MONEY ON INTERNATIONAL PAYMENTS WITH FX PAYMASTER
Are there any fees or charges to open an account? No, the bank account we open for you is 100% free of charge. There are no setup fees or ongoing monthly management fees. You can create an account online today and get started in just a few simple steps. The account is entirely free and can be operated online, so you can now manage all your foreign payments while you’re on the go.TRANSFER MONEY ONLINE
If you want to open an account, you can do it quickly and easily online. The process takes about 5 minutes. Once you submit the info our team will get to work with the bank and notify you once your account is up and running – the process usually takes around 24hrs from start to finish.open a free business account
We can have your account up and running within 24 hours. In some cases, we may require further documentation such as photocopies of the director’s/owner’s ID or passport and proof of address. We will inform you of these requirements if they are necessary.
FX Paymaster is committed to maintaining the highest standards of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Due to the nature of the service we provide; it is necessary for us to verify the company and director’s/owner’s information. For speed and convenience, we use 3rd party data verification services to authenticate client information.
PAYMENTS – FAQ
To pay for your currency you’ll need to make a local bank transfer to the new bank account we open for you. You will always fund your own account; we will never handle your money directly.
Your settlement date depends on how your deal was booked. Spot deals need to be settled within two working days. If you need to make a payment faster, we can arrange a same day or next day value payment. In either case, the bank will not release your payment until the deal has been settled. To make a same day payment, you will need to have your cleared funds with us by 12:00
Your payment should arrive within 24 hrs. Your beneficiary might not be able to access the money right away as their bank might take some time to clear the funds for them.
We will send you the SWIFT confirmation for the payment.
It doesn’t happen often, but if your funds don’t arrive within the expected timescale, then let us know as soon as possible so that we can set up an investigation with the bank. We will continue to liaise with the bank until the issue has been resolved and the beneficiary has received the funds, and we promise to keep you informed every step of the way.
TRANSFER MONEY ONLINE – FAQ
Can I make international payments online?
Yes, you can. Once registered, we’ll give you access to our easy to use online platform where you can view live rates, book deals, manage beneficiaries and make payments all in one place. Your margin and transaction costs are fixed upfront, so you know exactly what you are paying every time you make a payment.
How easy is it to make payments online?
We don’t do complicated systems. Our online platform was designed with a single purpose in mind, to allow our clients to make overseas payments faster, cheaper & easier than ever before! Banking systems are complicated and expensive, when you throw in exchange control regulations and the banks complicated payment forms – it’s easy see why our system is so much better.
Can I manage my beneficiaries online?
Yes, enter the beneficiary details online for the person or company you want to pay, upload your supporting docs and we’ll handle the rest. Our system will automatically save your beneficiary details so you can make repeat payments quickly and easily in the future.rEAD mORE