Cheap funds transfer from UK wanted | Fin24
 
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Cheap funds transfer from UK wanted

Jan 31 2014 11:59
A Fin24 user is looking for a cheap way to transfer his savings from the UK to SA. He writes:

What I need to know, and have not been able to resolve, is finding a cheap way to move money to SA from my UK bank account.

I love 18:1, but by the time I have done it and after bank charges and commissions, I may lose 5% or more of my £200 000.

Oanda used to be fantastic and gave keen rates, charging a flat fee. But they withdrew from transfers to SA.

I had a problem with FNB as the receiving bank when I used the usual banking system last time.

I was obliged to send all 100% of my money, so I got only the currency price that prevailed at the time.

I was unable to transfer a part then and a part later. It cost me a lot.

You might ask FNB if they still have that policy and mention the amount I am thinking of.

And if you can find another Oanda type money transfer model on the internet, I would be so happy.

Chantal Robertson, head of specialist sales at FNB Forex, responds.

With the rand being so weak at the moment, the exchange is definitely in favour of funds coming into South Africa.

From the pricing side a customer will receive a competitive exchange rate for the conversion of their funds.

On transactions of this size, the exchange rate will be negotiated and booked by the dealing desk.

They are very experienced and will ensure that the customer receives an appropriate rate for the transaction.

The charges on transactions vary by customer segment and product used.

For a wealth customer, the charges on inward swifts received in foreign currency are as follows:

Commission percentage             0.475%
Commission minimum                   R125
Commission maximum                  R660

This means a maximum charge of R660 on a foreign currency inward swift will apply.

For example, if the customer receives £200 000 at an exchange rate of R18.20 for example, the equivalent ZAR amount will be R3 640 000.

The commission maximum of R660 will apply in this case.

Craig MacFarlane of Bidvest responds:

You will need to find a bank which will give you an indication of the rate - which will obviously vary given the current rand weakness - but right now that is working in his favour.

Then the other big factor is what fees and commissions they will charge.

- Fin24

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Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

banking  |  money  |  money clinic
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