Author Topic: EasyFX - EasyEquities' way to transfer money  (Read 6592 times)

czc

  • Full Member
  • ***
  • Posts: 118
  • Karma: +3/-0
    • View Profile
EasyFX - EasyEquities' way to transfer money
« on: June 08, 2018, 10:26:59 am »
I see that EasyEquities has launched a currency transfer to their USD accounts from your local account.

Has anyone checked out how the fees compare to other methods?

https://support.easyequities.co.za/support/solutions/articles/13000049297-what-value-of-usd-should-i-transfer-to-optimise-on-fees-

Quote
The fees you are charged for this transfer are calculated as follows:

A Currency Transfer Fee of the greater of 0.20% (20bps) of the value of your transfer or a flat $4

VAT at 15% on the value of the Currency Transfer fee explained above

That is their fees they also have a comparison table.

Patrick

  • Administrator
  • Hero Member
  • *****
  • Posts: 2550
  • Karma: +47/-2
    • View Profile
Re: EasyFX - EasyEquities' way to transfer money
« Reply #1 on: June 08, 2018, 11:33:22 am »
I had some twitter conversations with the CEO a while ago:
https://twitter.com/CharlesHSavage/status/1001893251396329473

The info in the link and table doesn't include the spread of 3% which adds quite a bit to the fees. They're still cheaper than a bank of course, and might not be a bad deal for someone transferring around R25k or so. For over R100k I'll still go to clickfx/randswiss where it's around 0.75% plus R350 or so.

There is one huge benefit to the easy equities scheme though. You can cancel the transfer up to 15 minutes before it goes through. This means you can place 'bets' before major events like a trump/brexit vote, and simply cancel them if they go against you! Of course the move would have to be greater than 2.1% (3%+0.2%-1.1%) for you to end up on top, but it can definitely be done!

czc

  • Full Member
  • ***
  • Posts: 118
  • Karma: +3/-0
    • View Profile
Re: EasyFX - EasyEquities' way to transfer money
« Reply #2 on: June 08, 2018, 11:55:29 am »
Thanks for that I missed this news somehow when it was announced, I gave you a follow on twitter.