The South African Rand is considered the world’s most volatile major currency. Unfortunately, this looks set to continue. The Government has spent months trying to work out what to do with debt-stricken state-owned enterprises like Eskom and time is running out.
On the 30th of October Finance Minister Tito Mboweni will address the nation in his mid-term budget statement and it’s highly expected he’ll outline exactly how the government plans to bail these businesses out. Either way, its unlikely to sit well with investors or the Rand.
For South African businesses, sudden and unpredictable shifts in the Rand can have a major impact on their budgets and overall profitability. A good way to stay on top of the market is to set up rate alerts with our dealing desk.
How FX rate alerts work
Rate alerts are free and easy to setup. Simply call our dealing desk and tell us the rate you’re interested in and we’ll automatically monitor the markets for you. If the rate you have specified becomes available, we’ll contact you. Rate alerts are designed for customers who don’t have the time or tools to monitor the market themselves.
Exchange rates move constantly. At least this way, you can take comfort in the knowledge – we are watching the market for you.
request a free info packGet great fixed rates on business payments with fx paymaster
Transferring money through a bank can be expensive. The exchange rate you get from your bank will usually be determined by the amount being transferred. This is why SME’s struggle to get better pricing, their transactions are generally not big enough to justify better pricing. Banks typically add between 15-20 cents (1-2%) on to the exchange rate.
We’re not structured like a bank; we don’t have the same overheads or operational expenses so we can afford to be a lot more competitive with our pricing. When you transfer funds with fx paymaster, the transaction is made using a fixed margin of 6 cents from market and you’ll only pay R 250 for the transfer. If you’re paying more than this to transfer funds, then its time to join fx paymaster.
