Though we have the scale and resources of a large partner, we prioritise personal service. Experience the benefits of both worlds with FX Paymaster – where every client matters and efficient, attentive service is our commitment.

Do you want to save time, effort and money on your foreign payments?

Our services aren’t for everyone. If it’s not in your interest or we don’t think we’re right for your business, we’ll tell you. Small to medium-sized businesses can find dealing with banks for foreign payments time-consuming and costly. That’s where FX Paymaster can help.

Easy to Use

Our platform makes buying currency, managing payments, and uploading documents simple and secure. 

Saves Time

We remove the paperwork, we prepare and check everything for you and manage the entire process. 

Saves Money

Banks often charge high fees for international transactions. With FX Paymaster, you get better rates and lower transfer fees.

Transparent and Trustworthy

We’re open about all our fees and give you real-time tracking for your transactions. No hidden surprises, just peace of mind.

FX Paymaster makes international payments easy. We save you time, money, and make it simpler for small to medium-sized businesses to work globally.

Yes, we are 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.

Always remember, all transactions are made in your name and we never directly handle your money. We’re here simply to assist and make the process easier for you.

Since 2015, we’ve been partnered with Capitec Bank, formerly known as Mercantile Bank. We’ve built a strong bond over the years, proving our reliability and top-notch service in foreign exchange.

We handle international payments for over 800 businesses, big and small, making us one of Capitec Bank’s largest foreign exchange partners.

By working with us, you get the benefits of our strong relationship with the bank, such as smooth transactions, good rates, and great service. We aim to make your foreign exchange dealings as easy, cheap, and quick as possible.

With FX Paymaster, you’re not just picking a service; you’re picking a trusted partner dedicated to helping your business succeed globally.

Switching Banks to Use FX Paymaster? Not Necessary!

With FX Paymaster, there’s absolutely no need for you to switch banks. We understand the hassle involved in changing your primary bank, and we’ve designed our services to avoid this entirely.

Instead, we can help you open a new account at Capitec Bank purely for your forex payments. This account will be completely separate from your existing banking arrangements and will be registered in your name.

This way, you can continue your existing banking relationships while enjoying the benefits of FX Paymaster’s pricing and services. 

Our online registration process is designed to be as quick and efficient as possible. As long as you have all the required documents readily available, it should not take more than 10 minutes to complete.

During this process, you’ll be asked to provide some basic personal or business information, and upload your documents for verification. We’ve optimised our online platform to make this process simple, intuitive, and quick, so you can start using our services with minimal delay.

Remember, our customer support team is ready to assist you if you have any issues during the registration process.

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 between 24-48 hrs to open your business account, but it may take a bit longer if we’re experiencing high demand.

We’ll email you a confirmation letter and your new account details once your account is open.

Banks can be pricey and unclear with international transfers, often adding a 2 – 3% margin on the rate without telling you, which can leave you unsure of what you’re really paying.

At FX Paymaster, we operate differently. We handle thousands of payments each month, adding up to over R 6 billion each year. This high volume gives us access to special exchange rates, which we pass on to you.

Clear, Low Fees

For our business clients, we offer a fixed 0.5% margin and a low fee of just R 250 for international transfers. For small to medium sized businesses, this can lead to substantial savings compared to typical bank rates.

For personal transfers, we still offer competitive rates, with a fixed 0.75% margin and a standard R 250 transfer fee.

Understanding Our Dealing Margin

Our large trading book gives us access to preferential rates. Here’s how it works:

We pre-negotiate the margin with our banking partner Capitec Bank and include this directly in the exchange rate we offer you. There are no additional charges or hidden fees – meaning you’ll always know exactly what you’re being charged. 

Fixed, Included Margin

This pre-negotiated 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.

This means no unexpected costs or fees will be added afterwards, providing clarity and predictability for your financial planning.

Banks Vs. FX Paymaster

In contrast, when banks transfer money, they usually take the interbank rate, or the rate at which banks lend to each other, and add a markup to it before quoting the customer. This margin is often undisclosed and can be as much as 2 – 3%.

Monitoring Exchange Rates with FX Paymaster

Staying informed about exchange rates is crucial when dealing with international payments. Here’s how you can monitor the rates with FX Paymaster:

1. Online Dashboard:

Once you log into your FX Paymaster account, you will have access to your personalised dashboard. Here, you can view real-time exchange rates for various currency pairs. This allows you to monitor fluctuations and trends directly from your account.

2. Rate Alerts:

FX Paymaster also offers a Rate Alert service. You can set up alerts for specific currency pairs, and when the exchange rate hits your target level, our team will contact you. This way, you never miss an opportunity for a beneficial exchange.

3. Customer Support:

If you’re planning a significant transaction and would like expert insight, our customer support team is on hand to assist. They can provide guidance on current market trends and expected fluctuations.

Remember, exchange rates can fluctuate rapidly due to a variety of factors. Regularly monitoring them can help you make more informed decisions about when to make your international transfers.

Booking deals with FX Paymaster is quick and easy. Here are the steps you would typically follow:

1. Log In

Once you have an account, log in to access your dashboard. Here you will find various features including the option to book a deal.

2. Select Currency and Amount

Next, select the currencies you wish to exchange and the amount. Our platform will display the current exchange rate and the total cost for your review.

3. Book the Deal

If you’re happy with the rates, go ahead and book the deal. This locks in the rate and you will receive a deal confirmation with all the details.

4. Make Payment

You will then need to transfer the funds to your new Capitec account to settle your currency deal. Instructions for this will be included in your welcome letter.

5. Provide Beneficiary Details

Lastly, provide the details of the beneficiary who will receive the funds. Once the funds are received by FX Paymaster, they will be transferred to the specified beneficiary.

Remember, our customer support team is always on hand to guide you through the process, should you need any help along the way. Please don’t hesitate to contact us with any questions or concerns you might have.

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

Adding Onward Payment Instructions with FX Paymaster is quick and easy. 

Onward payment instructions refer to the details of the beneficiary who will receive the funds from your transfer. Here’s how you can add this information in FX Paymaster online:

1. Log In to Your Account:

Sign into your FX Paymaster online account to access your dashboard.

2. Navigate to the Beneficiary Section:

Once logged in, locate the ‘Beneficiary’ or ‘Payment Instructions’ section. This is located in the main menu.

3. Add New Beneficiary:

In this section, you will have the option to add a new beneficiary. Click on this option to start adding your onward payment instructions.

4. Enter Beneficiary Details:

You will need to provide the beneficiary’s details, including their name, bank details, and any other necessary information. Ensure all details are correct to avoid any delays or issues with the transfer.

5. Save and Review:

Once you have entered all the details, save the information. It’s also recommended to review the details for accuracy.

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 absolutely! The complexity of exchange control regulations and reporting requirements in South Africa can make international money transfers a challenging task. However, at FX Paymaster, we are well-versed in these procedures and are here to simplify this process for our clients.

Reserve Bank Applications Support: In certain circumstances, businesses may be required to obtain permission from the South African Reserve Bank (SARB) before transferring funds internationally. Our team has a deep understanding of these regulations and can provide valuable assistance in guiding and preparing Reserve Bank applications.

We work closely with our clients, advising them on the necessary documents, and helping them navigate through the process to ensure all compliance requirements are met. By doing this, we strive to minimize the administrative burden for our clients, allowing them to focus more on their core business activities.

At FX Paymaster, we believe every client is unique, with distinct foreign exchange needs and objectives. We aim to provide personalised guidance to each of our clients to ensure that their international transactions are as seamless, efficient and profitable as possible.

Our team of experienced currency market experts are available to provide advice and guidance tailored to your business’s specific circumstances. We can help you understand the market dynamics and identify potential trading opportunities and risks.

In terms of support, our customer service team is dedicated to assisting our clients at every step of the way. Whether you have questions about our services, need help with a transaction, or are looking for advice on managing currency risk, our team is always ready to assist. 

If you’re not entirely satisfied with our services, you can close your account at any point. To close your account please follow these steps:

1. Contact Customer Support: Reach out to our customer support team via email, phone, or our online contact form. Our team is ready to assist with your request and guide you through the process.

2. Verification: For security purposes, we will need to verify your identity before proceeding with the account closure.

3. Confirm Account Closure: Once your identity is verified, we will confirm your request and proceed with closing the account.

4. Finalisation: You’ll receive a confirmation email once the account closure is complete.

Please note that if there are any outstanding transactions or balances in your account, these will need to be resolved before the account can be closed. If you have any questions or concerns, don’t hesitate to contact our customer support team. We’re here to help.