General Category > Off topic
Transferring money overseas, any tips?
Patrick:
Looking to take my 1 bar discretionary allowance to my offshore brokerage. FNB wants more in fees than I'm happy with, has anyone got any good tips on the most cost effective way to do that?
Moneypenny:
Don’t know TBH, pro’s handling ours – if nobody can't help you here, you can always try deep web for ideas. :-X
Fawkes85:
Tried Skrill?
Patrick:
Ok so I've spent the day on google, and run a few currency conversion comparison sites like this: https://www.fxcompared.com/money-transfer/South-Africa-USA?amount=100000&bType=1&aDir=0&ref=filter
CurrencyFair seems to keep coming up cheapest, but I'd still like to chat to someone in who's used them before deciding. The rates are reasonable, far better than the banks of course. A few people on the myBB forum also suggested exchange4free, but I haven't seen if they quote their rates online.
Patrick:
Ok so CurrencyFair looked good until I tried to make the deposit when I noticed that their Rand based account is listed in London (but in Rand). So I would need to get my bank to transfer there which I can't figure out. Under the regular transfer page I can't enter SWIFT codes etc, and under the forex page I can't pay in Rand. Also I'd have to pay nedbank a 0.4% fee because they act as an intermediary somehow???
So that lead to me looking into Exchange4Free and Currencies Direct. Both have offices in SA and both seem to charge 1% more than the mid market rates. BUT here's where things got interesting. Both would require me to open a no-fee trading account with Mercantile bank, where there are no fees for transactions over R50000...
Now what I'm wondering, is if I could cut out the middle man and open the account with Mercantile myself, and then use them to do the trade and then transfer to the USA. Anyone tried anything like this? I don't think anyone here has opened up to being a currency trader, so I'm not sure if this has been tried. Anyone?
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