03

How long will it take for my money to arrive in the UK?

Most international transfers to the UK are completed within a day. For major currencies, we can also make same day delivery payments providing your deal is settled before 12:00 midday. As soon as your payment has been sent to the UK, we’ll send you a SWIFT confirmation for the transfer.

04

What bank details do I need to send money to the UK?

When sending money to a bank account in the UK, you will need to provide the following bank account details:

• Full name of account holder
• Account number
• IBAN
• BIC SWIFT code

05

Can I transfer money from South Africa to the UK online?

Yes, you can send money directly to the UK online with FX Paymaster. We’ve made it really easy to send money to the United Kingdom. When you open a free account online, we’ll give you access to our easy to use online platform where you can buy and transfer funds to the UK at the click of a button.

06

How much money can I transfer out of South Africa per year?

As a South African resident, you can transfer a total of R11 million out of the country each year using your allowances. Taxpayers over the age of 18 who are South African residents are eligible for the following allowances:

• R1 million single discretionary allowance (no tax clearance required from SARS)
• R10 million foreign investment allowance (FIA tax clearance is required from SARS)

07

How do I know my funds are safe?

Rest assured your funds are safe and secure. All deals are executed in the clients name directly with an Authorised Dealer Bank. We are here to help you get the best GBP/ZAR exchange rates and to ensure your payments go off quickly and smoothly.

FX Paymaster is authorised as a Financial Services Provider and regulated by the Financial Services Conduct Authority. FSP: 46213. We are authorised to conduct the business of a Foreign Exchange Intermediary in South Africa under the Categories 1.13, 1.17 & 1.18.

08

Can I open a bank account in the UK from South Africa?

You can only open a traditional bank account in the UK if you have a proof of address in the UK. This makes it difficult for foreigners to open UK bank accounts. Fortunately, the market has changed a fair bit in recent years, digital banks like Monzo and Revolut have now made it possible for South Africans to open UK bank accounts without a UK physical address.

09

I’m heading to the UK in a few months time, can I secure the exchange rate now while the Pound looks good?

Yes, in a recent change to the South African Exchange Control Regulations, Private individuals (South African residents) can now take out forward cover. This is great news for anyone looking to move overseas. Forward contracts are an ideal tool to use if you have a transfer to make in the future and want to remove the risk of the exchange rate going against you.