Switch to online payments.
Everything you need to know about transferring online.
How does the online payment platform work ?
FX Paymaster’s international payment platform allows individuals and businesses to transfer money across borders quickly and securely. Users can create an account online, select the currencies they want to exchange, and specify the amount to be sent. FX Paymaster will then provide a quote with the exchange rate and any associated fees. Once the user agrees to the quote, they can fund the transaction via bank transfer. The recipient will receive the transferred funds in their local currency, usually within one to two business days.
Can I try the online platform without opening an account ?
Yes, we offer a Demo style account which will give you access to our online platform so you can “view” and explore the online functionality and compare our live rates with your bank however you will not be able to physically transact until you have registered and we have verified all your details.
What are the fees ?
Opening a bank account with our partner bank is completely free. You can do it online, it takes about 10 minutes.
As a foreign exchange intermediary, we get paid by the bank which means that it costs you nothing to use our services.
Through our partner bank, business clients can exchange currency at a fixed margin of 0.5% from market and only pay R 250 in transfer fees.
Likewise, private individuals enjoy a fixed margin of 0.75% and only pay R 250 in transfer fees. There are no hidden fees or commission.
That’s a lot better than I’m getting now, how do I open my account ?
You can register online to open your free account.
Simply login and update your profile. For convenience, we have built the account opening process into the platform.
Once you have submitted all the relevant information and uploaded your supporting documents, we will open a settlement account for you at our partner bank and activate your online profile.
Is the online platform only for business payments ?
No, our easy to use online platform is designed for both private individuals and businesses.
If you’re in the process of emigrating or need to transfer funds personally, you can do it all online.
When registering, simply select the account you would like to open and follow the sign up process.
How do I know my funds are safe ?
All deals are executed in the clients name directly with an Authorised Dealer Bank. When settling deals you will always fund your own account, we never handle your money directly.