Author Topic: Transferring money overseas, any tips?  (Read 9329 times)

Whichofsuch

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Re: Transferring money overseas, any tips?
« Reply #15 on: December 21, 2016, 06:21:31 am »
Was that just for ZAR to CAD or do they do other currencies too?
[/quote]

Canadian Forex seems to deal with mostly American and European monies. Oz Forex is bigger and may delve into Asia and a few emerging markets..

conradl

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Re: Transferring money overseas, any tips?
« Reply #16 on: December 21, 2016, 08:11:13 am »
Anyone tried this: https://www.clickfx.co.za/

An article in the Moneyweb Investor Monthly on this website. They're main business is doing foreign exchange transfers for companies but have recently started doing transfers for the public. I'm curious about the fees but the houses arent forthcoming in this regard...

Patrick

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Re: Transferring money overseas, any tips?
« Reply #17 on: December 21, 2016, 08:43:46 am »
Anyone tried this: https://www.clickfx.co.za/

An article in the Moneyweb Investor Monthly on this website. They're main business is doing foreign exchange transfers for companies but have recently started doing transfers for the public. I'm curious about the fees but the houses arent forthcoming in this regard...
Not yet, I'm planning on it for next years discretionary allowance. Had quite a few email back and forths with them. Basically they do mid-market + 0.5% + R350 per transfer. I generally transfer R100k at a time, so with them the total fees will be R850 while with exchange4free it will be R1000 (they do midmarket + 1%).

andre

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Re: Transferring money overseas, any tips?
« Reply #18 on: October 09, 2017, 06:22:17 pm »
Anyone tried this: https://www.clickfx.co.za/

An article in the Moneyweb Investor Monthly on this website. They're main business is doing foreign exchange transfers for companies but have recently started doing transfers for the public. I'm curious about the fees but the houses arent forthcoming in this regard...
Not yet, I'm planning on it for next years discretionary allowance. Had quite a few email back and forths with them. Basically they do mid-market + 0.5% + R350 per transfer. I generally transfer R100k at a time, so with them the total fees will be R850 while with exchange4free it will be R1000 (they do midmarket + 1%).

It's now possible to "Request an Indication Rate" ClickFX.co.za which according to my checks sits around 0.7% (ish)
That beats most banks by at least 1.5-2.0 %

Any feedback on their service?



andre

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Re: Transferring money overseas, any tips?
« Reply #19 on: October 10, 2017, 08:54:20 am »
I ran a quick comparison between my banks Swift option vs ClickFX vs Exchange4Free
Minimum amount 100k as this is where Exchange4Free waives fees - the assumption is they offer 1% on midrate (as based on Patricks feedback but it's not verified).
On avg ClickFX offers around 0.75% on midmarket rate  with a fixed fee of R350









« Last Edit: October 10, 2017, 10:42:23 am by andre »

andre

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Re: Transferring money overseas, any tips?
« Reply #20 on: October 18, 2017, 09:53:31 am »
Thought you guys would be interested in some feedback.
Made a 300k transfer this week with ClickFX and this is how it stacked up as compared to SWIFT and Exchange4Free:


Patrick

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Re: Transferring money overseas, any tips?
« Reply #21 on: October 18, 2017, 09:56:11 am »
That's a really good deal. I've switched to using clickfx for all my transfers all the time now too. Nikita is also really easy to deal with. Maybe I should do a blog post called "Only idiots transfer money overseas using their banks"!

andre

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Re: Transferring money overseas, any tips?
« Reply #22 on: October 18, 2017, 09:58:18 am »
That's a really good deal. I've switched to using clickfx for all my transfers all the time now too. Nikita is also really easy to deal with. Maybe I should do a blog post called "Only idiots transfer money overseas using their banks"!

 :TU:
There's not a lot of info out there and it would be a great resource for anyone looking at the same.

Patrick

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Re: Transferring money overseas, any tips?
« Reply #23 on: October 30, 2017, 02:35:54 pm »
Andre, I've just checked my most recent transfer with clickfx for +-$9400 and saw that $15 less than indicated is what I have in my US bank account. I checked the previous times and it was the same except for one time I transferred $14000 and the missing amount was $20.

This never happened with E4F, each time I got the full amount. I'm still waiting for them to respond as it might make a difference in who is the cheapest.

Were your calculations above taking into account what was on the swift document or what hit your foreign bank account?

Patrick

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Re: Transferring money overseas, any tips?
« Reply #24 on: October 30, 2017, 02:48:53 pm »
Okay, here's the response from clickfx
Quote
That would be the correspondent (intermediary) bank fees.

Mercantile has come up with a fairly new agreement, apart from the R325.00 flat bank fee – you may fund the account with an additional R250.00 and we could then send the funds off as “OUR”. So, this would then take care of that USD20/15 charge.
That would meant the total fee for clickfx is actually R575, not R325 (previously R350).

Snapcase

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Re: Transferring money overseas, any tips?
« Reply #25 on: October 30, 2017, 06:17:43 pm »
Patrick, have you done a post on what you do with your cash once converted?

andre

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Re: Transferring money overseas, any tips?
« Reply #26 on: October 31, 2017, 10:32:11 am »
Okay, here's the response from clickfx
Quote
That would be the correspondent (intermediary) bank fees.

Mercantile has come up with a fairly new agreement, apart from the R325.00 flat bank fee – you may fund the account with an additional R250.00 and we could then send the funds off as “OUR”. So, this would then take care of that USD20/15 charge.
That would meant the total fee for clickfx is actually R575, not R325 (previously R350).

There was indeed a discrepancy of about 18 Euros in my last transfer.
Adding it to the flat fee and with the quoted FX rate it's still marginally beneficial compared to E4F.
The ratio stays constant but depending on the transaction value the benefit shrinks for smaller amounts.




Side note - Patrick perhaps you can consider installing the Postimages add-on to simplify embedding images?
https://postimages.org/smf




« Last Edit: October 31, 2017, 11:49:28 am by andre »

Patrick

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Re: Transferring money overseas, any tips?
« Reply #27 on: October 31, 2017, 11:52:42 am »
Patrick, have you done a post on what you do with your cash once converted?
Not yet, the bottleneck is still the foreign bank account. If you have ties to Europe N26 is the bank to go for, but for people without that it's still an issue.

If you're a private client or something very important like that you'll get help from your SA bank, but for someone with no ties to Europe and just a regular bank client it's a challenge.

Once the money is offshore things get easier. Interactive Brokers and Degiro will both offer trading accounts to South Africans. I have both but predominantly use Interactive Brokers for now as I get my offshore money in dollars not euros, but both are good. All I buy in those are the Vanguard all world index, VWRD.

RichB

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Re: Transferring money overseas, any tips?
« Reply #28 on: January 08, 2018, 03:23:13 pm »
Hi - I am with clickFX and I just wanted to let everyone know that we are talking to Mercantile about how we can ensure that the full amount of FX you buy in SA actually hits your offshore account. It is typically the correspondent (routing) banks that are hooking the extra USD15-20 fee.

I will post something here when I have a solution, otherwise, thanks to those of you who are already using us. Any suggestions as to how we can improve our platform/process would be welcome.

Cheers

Patrick

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Re: Transferring money overseas, any tips?
« Reply #29 on: January 23, 2018, 10:38:29 am »
Hey Rich, thanks for joining and letting us know about the potential fee cut. I've always been happy with the service, Nikita is also great to work with, I'll be giving her a shout again next month to do another transfer.

You hit my only recommendation for improvement, find any ways to cut costs!