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Messages - Whichofsuch

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Off topic / Re: Transferring money overseas, any tips?
« on: December 21, 2016, 06:21:31 am »
Quote from: Patrick on December 20, 2016, 10:10:53 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..

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Off topic / Re: Transferring money overseas, any tips?
« on: December 20, 2016, 09:30:34 am »
OZ forex has a sister company called Canadian Forex which i have had the most success with. The best rates obviously come with the bigger transfers. best I have had @ 0.016%, then there is a small fee to accept the payment from your destination bank which seems to be consistently around R180-R250 in South Africa.

They also trade the currency before it arrives at your bank, saving you the cost that your bank would charge for the conversion.. I sure Recommend them and their professionalism, especially after the call you to approve the transaction!

I am looking for a good resource on the rules about foreign nationals and expats that work out of the country for more than half of the year( 180 days), mostly tax implications etc.

Any help is appreciated,

Thanks

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Off topic / Re: How can i build credit in SA with foreign income? Ideas??
« on: December 09, 2016, 08:39:14 am »
Yes, i have a residential address as well.

Gaining a negative asset yes, but i would not buy it unless it could at least pay more than half for itself.

Do you know which is the best site to check the credit rating? @MoneyChief.. Most of them require credit card details and we all know that can turn out.


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Off topic / Re: How can i build credit in SA with foreign income? Ideas??
« on: December 08, 2016, 08:18:06 am »
....Unfortunately being young and the older generations refuse to sell anything without a profit it drives prices up so much that we cannot afford things without debt. Nevermind starting off with a job that pays so little peanuts become expensive..
A good way that first worlds are dealing with this is to provide mentorship/apprentices. Education and experience is invaluable - the faster it is learned the better.

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Off topic / Re: How can i build credit in SA with foreign income? Ideas??
« on: December 08, 2016, 08:06:14 am »
Quote from: MoneyChief on December 07, 2016, 02:22:03 pm
Do you have a South African residential address? If not you will not be able to FICA.

Yes i do indeed have residential status.



Yes, i agree that building capital is is far more attractive to lending and i am headed that way.
Coming from ovreseas where interest rates are minimal my understanding of debt may be a little different. Almost to the point point where it is an asset (2.4% interest pa is free money). I have set aside a good amount of capital that is bringing cashflow enough to pay for items on credit.
Thus i cant see too many downsides in using that flow to fund much needed independence etc.
Also when buying something on credit that deposit would be as big as i could afford, understanding the effects of compounding especially in the first two years.
Banks, i agree are master manipulators and the products they offer are there to make them money- society is structured around it, after all it is how money is made and funds an economy. Interest is a hungry dog but it is sometimes necessary in gaining assets.
There are levels to which debt is manageable and having studied finance i should hope to know how to calculate that limit.
Maybe my view of debt being an investment is a little off but i am still learning and the hard way so far has been a good teacher.

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Off topic / How can i build credit in SA with foreign income? Ideas??
« on: December 07, 2016, 12:35:15 pm »
Hi all,

I guess i am super fortunate to have dual citizenship and thus earn Income in Canada, coming back to South Africa it is incredibly difficult to purchase anything big on higher purchase without a credit history.

Now i realize i could get an Edgars card and spend on there, but im not sure whether that is the fastest route. The aim is to take on a cell phone contract and in a year purchase a vehicle

Banks seem to have no interest in me having income overseas and as far as they are concerned i cannot get a credit card without income, even if it was just R200.

One idea i had was to contribute to a family trust that would then pay me a monthly salary, after 3 months i could apply etc etc.

Are there any other ideas out there, other than the obvious one of paying cash for everything?

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Off topic / Re: Live chat
« on: October 27, 2016, 11:06:12 pm »
Hi Everyone,, first post here, ooooh..
Im a South African in Canada coming to SA for a couple months, does anyone want some CAD currency? 
Please PM me if you know someone.

Many thanks

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