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

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

Yes, FX Paymaster is an authorised Financial Services Provider (FSP – 46213) regulated by the Financial Sector Conduct Authority (FSCA) and is an 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 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 payment platform.

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 transactions, you will only ever transfer funds into your own account at one of dedicated partner banks. (Mercantile Bank or Investec Bank)

Yes we offer a free demo style 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 see how competitive our rates are. You can only book deals online once you have registered and we have open a settlement account for you at the bank.

No, opening an account is completely free and there’s no obligation to make a transfer. Once you have completed the online application form and we have verified your information, 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. 

Yes, we use live exchange rates in the platform. The rates published are actual dealing prices, available to all registered customers.

We have relationships in the market with particular banks and use these relationships to negotiate preferential rates for our customers. 

Our business customers enjoy a fixed margin of 0.5% and only pay R 250 to transfer funds abroad. 

Our personal customers enjoy a fixed margin of 0.75%  and only pay R 250 in transfer fees to send funds abroad. 

You can open an account online. For convenience we have built the account opening process into our online platform. 

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.

When you open a bank account, you usually need to provide documents to verify details about yourself and your business. This is no different. We are opening a physical settlement account for you or your business with one of our partner banks. 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.

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.

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 3^rd party data verification services to authenticate client information.

When banks transfer money, they often add a margin of 2 – 3% on top of the rate (sometimes more). Banks rarely disclose their margins to customers, so you have no idea how much they are charging you. 

Our model is different, we have relationships in the market with particular banks and use these relationships to negotiate preferential rates for our customers. 

Our business customers enjoy a fixed margin of 0.5% and only pay R 250 to transfer funds abroad.

When it comes to making personal transfers we can offer you a fixed margin of 0.75% and R 250 in transfer fees. 

The margin is pre-negotiated with our banking partners based on the volume of currency we move. This margin is fixed at 0.5% for business payments and 0.75% for personal transfers. Whenever we show you a rate, this margin is already included. 

When banks transfer money they take the interbank rate and add a mark up to it before quoting the customer. (This margin can be as much as 2 – 3%) 

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.

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.

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 and easier than ever before!

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.