Author Topic: Transferring money overseas, any tips?  (Read 14499 times)

Patrick

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Re: Transferring money overseas, any tips?
« Reply #30 on: March 12, 2018, 11:09:14 am »
I've been in touch with a provider who is willing to move R100k+ out at 0.7% + R450 all included. Should make them the cheapest of the bunch, will update you at month end when I do the transfer.

daniele

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Re: Transferring money overseas, any tips?
« Reply #31 on: April 25, 2018, 07:44:23 pm »
How did the experiment with the new provider turn out?

Patrick

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Re: Transferring money overseas, any tips?
« Reply #32 on: April 25, 2018, 08:24:26 pm »
Good, got my money faster than usual and the rate was fractionally cheaper than anyone else I've used. If you'd like to use the same guys send an email to [email protected] or call him on 011 781 4454.

daniele

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Re: Transferring money overseas, any tips?
« Reply #33 on: April 26, 2018, 05:17:53 pm »
Thanks Patrick. That is Gary Booysen's startup if I am not mistaken. Was the exchange rate offered on par with clickfx?

Patrick

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Re: Transferring money overseas, any tips?
« Reply #34 on: April 26, 2018, 10:57:59 pm »
Yeah, I went to visit their offices to do some due diligence and ended up chatting to Gary for a good couple of hours. Decent guy.

The rate offered was the best I've had up to now so I'll use them again once I save up another R100k.

JP

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Re: Transferring money overseas, any tips?
« Reply #35 on: May 03, 2018, 07:23:14 am »
Anyone figured out how to create a foreign bank account yet?  :)

gcr

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Re: Transferring money overseas, any tips?
« Reply #36 on: May 23, 2018, 03:47:01 pm »
you can use western union, moneygram, or payoneer..!!!
Interesting comment - as an ex banker how did you manage to open an account in a foreign domicile without completing that territories required documentation. Was this bank willing to accept address details as an SA domiciled citizen, and did they waive any documentary submissions. Also interested to hear how those who have in fact funded overseas accounts - what was the description of your remittance of funds to the overseas bank

Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

gcr

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Re: Transferring money overseas, any tips?
« Reply #37 on: May 24, 2018, 09:38:54 am »
Moneyweb has an article on investing offshore - it also cover (though scantily) the issue of estate duty in countries where your funds are invested
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Patrick

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Re: Transferring money overseas, any tips?
« Reply #38 on: May 24, 2018, 10:19:39 am »
Anyone figured out how to create a foreign bank account yet?  :)
Not yet, but if you've got $10 000 you can open an interactive brokers account which doesn't need an offshore bank account. That's my latest advice to all.

andre

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Re: Transferring money overseas, any tips?
« Reply #39 on: June 21, 2018, 10:08:45 pm »
If you have a postal address in any EU country then you should be able to create an N26 account using your SA details. You don't need to be a resident and they will use your SA tax details and SA passport for verification. But you must have an EU address available to receive the associated Mastercard.
The basic account has no fees and I have funded my N26 multiple times with discretionary allowance from SA. From there I fund my DeGiro trading account and have set up the same for my wife.
If you want to give it a go send me your email address and I will send you an invite link.
« Last Edit: July 13, 2018, 01:48:42 pm by andre »

bw

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Re: Transferring money overseas, any tips?
« Reply #40 on: July 13, 2018, 11:00:08 am »
Andre, thanks for the tips!
Having a buddy (for an address) in the UK,  i tried to sign up on N26.. no go...it said Join the waiting list.N26 is coming to the United Kingdom.


Bloodburner9000

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Re: Transferring money overseas, any tips?
« Reply #41 on: October 22, 2018, 08:11:16 am »
So how would I go about funding my IB account (which I have not yet opened) without using a foreign bank account? Is it as simple as R100k from RSA bank account -> fund exchange4free/randswiss account (is it possible to have a balance?) -> interactive brokers account with correct reference/codes? Has anyone done exactly this?