The smart, easy way to convert and transfer money globally

Try our online platform

Our Demo to Live account is a free trial account which allows you to explore our platform without the commitment  of signing up. It’s a great way for new customers to learn about online payments and compare our pricing to the bank. You can upgrade to a live account at any stage. 

A better way to send money internationally

Read about a real success story

This was our 1st real payment with FX Paymaster and it saved us 21k vs bank – that’s decent money by anybody’s standard. Hugely impressed ! We see these things in buckets, a saving like this pays a salary, or the printers or a new welding machine etc. that we did not have before. You line up a couple of these buckets in a year and before you notice it you’ve saved R5m/R10m a year (<< True story).

 ANDRÉ C, CGMA – FINANCIAL MANAGER

How to send & receive money with FX Paymaster online

Demo Account FAQ’s  

Is FX Paymaster right for me?

FX Paymaster’s online payment platform lets you make and receive foreign payments as easily as you do locally. Our rates and fees are 100% fair & transparent – which means you’ll never pay more than you should to transfer funds. You can use it to pay invoices, buy stock, pay employees or make foreign investments.

You can also use our online payment platform to make personal foreign exchange transfers, however you’ll need to create a separate personal account to do so.

What is a Demo to Live Account?

A Demo to Live account is a free trial account which allows you to explore our platform without the commitment or obligation of signing up.

It’s a great way for new customers to learn about online payments and compare our pricing against the bank. 

You can create your Demo to Live account online in less than 20 seconds, its completely free and there’s no obligation to go any further.   

Is a Demo Account limited in any way?

Much of the functionality of the live platform features in the Demo Account, there are a few differences to be aware of.

  • Your free Demo Account will give you access to our platform where you can “view” and explore the functionality available to account holders.

  • You will be able to request exchange rates in order to compare our pricing with your bank however you will not be able to transact until you have upgraded to a Live Payment Account.

Will I have to pay anything to open a Demo or Live Payment Account?

No, opening an account is completely free and there’s no obligation to make a transfer. The Demo Account is a great way to explore our platform and compare our pricing to your bank. When you are ready, you can convert your Demo Account into a Live Payment Account by completing your online profile.

When we activate your Live Payment Account, we’ll open a free bank account in your name at our partner bank. You’ll use this account to settle any transactions you book online.    

How does FX Paymaster's pricing compare to banks?

When banks transfer money, they take the mid-market rate, and apply a margin of 2 – 3% on top of the rate (sometimes more). Banks pretty much never disclose their margins to customers, so you have no idea how much they’re over charging you by. By hiding their charges in the exchange rate offered, most providers make huge profits at your expense, and you’re none the wiser.

Unlike banks we’ve adopted fixed pricing business payments and always disclose our margin and transfer fees to customers. Our business customers enjoy a fixed spread of 0.5% and only pay R 250 to transfer funds abroad.

Now that you understand how things work, you know what to look for.

Are the FX Rates the same for both Demo and Live Accounts?

Yes, we use live exchange rates in the platform. The rates published are actual dealing prices, available to all FX Paymaster Business clients. Our business customers enjoy a fixed margin of 0.5% and only pay R 250 to transfer funds abroad. 

How do I convert to a Live Payment Account?

You can convert your Demo Account to a Live Payment Account at any stage by clicking on the ‘Profile’ icon on the dashboard and following the steps required to complete the sign-up process.

Completing your online profile is really straightforward and only takes about 10 minutes. To activate your account, we will need to verify your identity and may need to confirm some additional details with you.

What information is required to open a Live Payment Account?

When you open a bank account, you usually need to provide documents to verify details about yourself and your business. FX Paymaster is no different. Your Live Payment Account is linked to a physical settlement account for your business. Here’s what we need to verify your business & activate your Live account:

  • Tell us about your business – You’ll need to share details like your business registration, where you’re located, the industry you’re in, any online presence, and the name, date of birth, and country of residence for all legal business owners and directors.

  • Tell us about the Directors & Shareholders of the company – As the admin of this account, we need your personal details and your role in the business. If you’re not the director or owner of the company, you may need to include additional information.

  • ID Copies for all Directors and Shareholders (over 10% shareholding)

  • Proof of address (not older than 3 months) for 1 Director and all shareholders (over 10% shareholding)

  • A Selfie – for the 1 Director that has given us Proof of Address

  • Proof of address for the company

Verification is how we keep your business’s money safe and comply with financial regulations. We do everything we can to make it quick, painless, and completely online.

What happens once I have completed my online profile?

Once you’ve completed your profile and uploaded your FICA, our team will review your application. We then run the information through online verification software and submit everything to the bank for processing.

It usually takes around 24hrs to open your business account, but it may take a bit longer if we’re experiencing high demand.

Can I open more than one Demo Account?

No, your Demo Account is linked to a company profile using your business registration number. Therefore, we can only register one Demo Account per entity. If you have created a Demo Account in error or would like to amend any of the Business information or User Profile details, please contact us on info@fxpaymaster.com.

Currencies Available Online:

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