Home › Charge per unit of Commutation for Due south African Rand

The advent of the internet has seen access to rates of exchange become attainable to anybody with an net connection or cyberspace capable cell telephone. Only beware of the rate of exchange for South African Rand that is quoted online as it may be misleading and cause you to make a determination to event a money transfer without having the full picture.

Enquire here about Money Transfers to and from South Africa

What you need to know virtually virtually the quoted rate of exchange for South African rand on websites

There are some very important factors (Golden RULES) that need to exist taken into business relationship when making any money transfer decision based on a website quoted rate of commutation for South African Rand:

  1. Currencies are traded around the clock – 24 hours per day. Even though morning in Tokyo occurs during U.South. rates of exchange for south african randnight time, trade and cyberbanking continue around the world. Therefore, as banks around the world buy and sell currencies, the value of currencies remain in fluctuation. Interest rate adjustments in unlike countries have the biggest effect on the value of currencies because investors typically await for condom investments with the highest yields. If an investor can earn 8.5% interest on deposits in England, but can pay 1% interest for the use of coin in Japan, then the investor would pay to borrow the Japanese yen in order to buy the British pound. Such trades take place all the time and in very large numbers. In laymans terms the rates change past the second but the rate on the website you are viewing may non – it may be an indicative charge per unit not an actual i. It is the charge per unit you trade at non the rate you encounter that volition dictate what ends up in your bank account.
  2. What rate are y'all seeing? Money transfer specialists (forex traders, banks etc) brand all or some of their income (profit) from the difference between what they buy at and what they sell at. In other words in that location is a commercial charge per unit and retail rate – if you are viewing the commercial rate do not expect this to be the rate y'all trade at.
  3. It is the full picture?  An exchange rate in itself does non requite you the full picture – are there whatever commissions, charges or fees, will the receiving bank charge you and are there any hidden costs. Equally an example imagine buying a new laptop advertised at R v, 000 and on paying are presented with a bill for R 6, 000. The difference you lot are told on querying the amount, is the transaction charge. So what looked practiced on the shelf is not so good at the till. The rate of exchange seen on a website may also have such charges and non look so skillful when your money ends up in your bank account.
  4. Service – of course information technology still matters and y'all should always balance the service with the price (exchange rate + whatsoever fees). It is not satisfactory for money to take an age to announced in your account, paperwork not to exist provided and queries not promptly answered. Don't be shy to enquire questions about the regulator and for references.
  5. Noesis – of particular importance when transferring money in or out of South Africa. We have exchange command regulations in S Africa (very few countries do). ENSURE whoever you lot are dealing with for your money transfer needs is able to advise you lot, and help you, with strange substitution issues such as tax clearances, repatriation of funds and complaints.

Summary

Of course the exchange charge per unit is important, but its not everything! As with every major conclusion we make y'all have to accept all factors into account and the exchange charge per unit is only one. The question is does your money transfer provider save you lot money.

How-do-you-do Fiona / Stacey,

I received the proceeds into my UAE depository financial institution account earlier today, and I am very pleased with the charge per unit which you secured for me. May I simply say how professional person, friendly and efficient your service has been. And if yous are ever in Dubai permit me know and I'll shout you a drink!!! Thank you lot both very much.

Brgds,

Gareth.

Clients benefit from:

  • NO administration fees on your currency transfers.
  • The VERY BEST foreign exchange rates.
  • ALL tax clearance and Reserve Banking company clearances that are required for transferring money.
  • Skillful advice and guidance for all foreign exchange and currency transfers.
  • DISCERNING currency exchange service.
  • Safety AND SECURE currency trading.
  • FULLY SARS and Reserve Banking concern compliant money transfer process and procedures.
  • Correct declaration of funds transferred into South Africa.

Incompass has been providing financial solutions since 2003 with a focus on the international individual or company. Our commitment to providing both innovative and comprehensive currency transfer solutions, has resulted in us becoming one of Due south Africa's foremost experts in the field of foreign commutation.

All of our transactions are processed through local banks, that are canonical authorised dealers by the South African Reserve Banking concern. In addition nosotros are an FSCA (Financial Sector Conduct Authority) registered visitor belongings all appropriate licences. Our currency transfers, in and out of Due south Africa, are done in strict accord with money laundering regulations and exchange command regulations; and all our transactions are audited in terms of our licence and banking requirements.

To experience better rates, save money and feel a beginning class service contact Incompass Forex today for all your money transfers, currency substitution and foreign substitution services and advice.

Contact Incompass Forex now on + 27 (0) 21 424 2936 during office hours or request call back here.