SA Banks have been over-charging SMEs for years.
For years, South African businesses have been overpaying to transfer funds abroad due to unfavourable exchange rates. Unaware of the real margins being charged and unable to compare theses costs with other providers has resulted in hundreds of thousands of SMEs losing out. This needs to change.
Sending money overseas shouldn’t be expensive or complicated. International money transfer fees and foreign exchange margins should be 100% transparent. In fact, Banks should be required to illustrate the full cost of their service before the customer makes a transfer.
Putting an end to excessive margins and sneaky fees.
It’s no secret, Banks make considerable profits on charges applied within exchange rates. (the difference between the mid-market exchange rate at the time of transaction and the rate offered to the customer.)
When transferring money, banks add a hefty margin on to the exchange rate and it’s not always disclosed or explained how this mark-up is calculated. The reality is, most consumers simply don’t know that they are being charged.
What is your bank charging you?
Most consumers underestimate or are unaware of the full costs of sending money abroad through their bank. Only a small % are fully aware of what they are being charged.
Whenever you send money abroad, it’s so important to compare both the fees and the exchange rates. If you regularly transfer funds abroad then you may want to look at using an authorised foreign exchange specialist like fx paymaster. They process thousands of payments each month and use the economy of scale to negotiate better rates & fees, which they then pass on to their clients.
Get great fixed rates for your business.
When you become an fx paymaster client, you’ll automatically get treated like a big corporate, and with that comes perks, like cheaper rates, lower fees, better service, faster payments, direct access to support & admin teams etc.
So, what would you expect to pay to potentially save tens of thousands on your foreign payments each year? You’ll be surprised to learn the simple answer is nothing. Signing up with fx paymaster is completely free! They make their money by adding a small margin of 6 cents on to the exchange rate. Compared to the banks usual 15-20 cents, it’s a small price to pay. Plus, the margin is fixed for total transparency.
Did you know, you can now pay foreign suppliers online.
fx paymasters online platform was designed with a single purpose in mind, to allow business 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. We give you direct access to the market, there are no payment delays and our system takes care of all the admin.
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 always know exactly what you are paying every time you make a payment.
