PRIVATE INDIVIDUALS

Cross-border payments

All your offshore investments and other FX payments will be done fast, efficiently and seamlessly through our partner bank and unique online payment and trading platform. All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner bank.

 

Other FX payments include emigration allowances in terms of the laid down limits for SA tax payers emigrating abroad and assistance with all your formalities regarding inheritances both into South Africa or out of South Africa.

Competitive Exchange Rates

Private individuals are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive. Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients. Private individuals often find themselves at the lower end of the importance and Foreign Exchange pricing scale.

 

Through our partner bank we can provide:

• Very competitive exchange rates

• Direct access to a dealing room

 

We will endeavour to establish a SPOT/FEC FX facility with our partner bank to enable Private Individuals to effectively manage any FX exposures that they may have because of timing differences that may be experienced from time to time.

Online FX trading, payment, risk management and administration platform

The FX system that we use is unique in South Africa as it allows private individuals to automate the trading, payment and administration of their cross border and investment transactions while also providing a tool to manage the risks associated with the management of exchange rate fluctuations.

Some of the features of the system are as follows:

•  Online FX trading (SPOT & FEC's) capability

•  Direct access to dealing room while trading, if required

•  Web based – accessible from anywhere

•  Ease of use (client system not bank system)

•  Pre-load future investments and exposures

•  Automated Balance of Payment (BOP) forms

•  FX risk management tool (unique)

•  Manage CFC balances and set-off

•  Access to full history of all trades & payments

•  Wide range of business reports

South African Reserve Bank Applications:

The Currency and Exchanges Manual for Authorised Dealers (Authorised Dealer Manual) contains the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulation.

In this regard we can facilitate any request for permission to receive or pay foreign exchange outside the laid down rules and regulations of the Financial Surveillance (Exchange Control) Division of the South African Reserve Bank.

 

Tax Clearance Certificates

We can facilitate the issuance of Tax Clearance certificates with regards to foreign investment allowances in excess of the laid down limits within 2-5 day.

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Herman Bezuidenhout, Founder & CEO of BeztForex shares his knowledge and experience on Foreign Exchange and Investments.
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