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Author Topic: Good time to take R out to $ ?  (Read 12710 times)

jonb

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Good time to take R out to $ ?
« on: December 06, 2016, 12:14:13 pm »
Just wanted to get a feel from you guys on shifting some cash out of SA offshore

I did a good majority of portfolio 2 years back however leaving a portion here in SA and to be honest its been extremely flat vs. returns in US

Also, rand seems strong at moment so not a bad time to shift ?

Be great to see a current view on this

No brainer OR rather wait till after xmas rush as everything quite down at the moment!?
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MoneyChief

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Re: Good time to take R out to $ ?
« Reply #1 on: December 06, 2016, 02:19:05 pm »
It is impossible to time the market.
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Patrick

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Re: Good time to take R out to $ ?
« Reply #2 on: December 06, 2016, 02:37:26 pm »
I agree with MC, but I'd like to add that I was quite happy taking my money out at R14.30...
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Orca

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Re: Good time to take R out to $ ?
« Reply #3 on: December 06, 2016, 04:13:26 pm »
ZAR will probably not go lower than 13.5 for some time.
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gcr

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Re: Good time to take R out to $ ?
« Reply #4 on: December 06, 2016, 05:11:36 pm »
There are a few things which could alter the exchange rate quite a bit:- Zuma getting recalled due to his 783 charges being instituted, the Con Court making a ruling on the PP's State of Capture report. Zuma being replaced by another next December at the ANC convention and very dependent on who it is, the ratings agencies seeing no improvement in the political situation by next year and then downgrading the country
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jonb

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Re: Good time to take R out to $ ?
« Reply #5 on: December 06, 2016, 06:43:24 pm »
@GCR

fully agree on your points which could sway currency for sure

but still hard to see ZAR going under 13.5 ?

I just found for my TFSA, for example, this year has just been so PAP!!!!!

not a bad time to shift some more offshore and sit in $$ for 2017
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yozzi

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Re: Good time to take R out to $ ?
« Reply #6 on: December 07, 2016, 02:11:37 pm »
Like Patrick I bought a large amount of $ at R14.50 so wish I'd waited a bit till it reached the levels of now but I expected it to go the other way not get stronger!
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conradl

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Re: Good time to take R out to $ ?
« Reply #7 on: January 13, 2017, 08:41:52 am »
Thought I'd give some feedback here. I've opened an account with ClickFX, painless except for the FICA always having issues. Account was opened within 1 day after submitting the documents.

How does it work:
1. You have to first transfer your Rands (including the R350 fee) to an account held by Mercantile Bank
2. Send the proof of payment and bank details you want to transfer to (as per their instructions)
3. They will then load this onto the ClickFX website (I haven't gotten to this step yet)
4. You can then execute the trade with the indicated rate.

Rate (8:40am):
Spot = R13.53
Indication Rate: 13.6497 (so about at 10c spread)
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Patrick

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Re: Good time to take R out to $ ?
« Reply #8 on: January 13, 2017, 08:55:50 am »
Thanks for the feedback Conrad. That's a 12c spread or 0.89%.

With the R350 fee you'd need to transfer a very large amount to make it cheaper that exchange4free's 1% with no fee for R100k+. I'll have to do the calculation and see where that crossover point is.
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conradl

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Re: Good time to take R out to $ ?
« Reply #9 on: January 13, 2017, 09:19:11 am »
Quote from: Patrick on January 13, 2017, 08:55:50 am
Thanks for the feedback Conrad. That's a 12c spread or 0.89%.

With the R350 fee you'd need to transfer a very large amount to make it cheaper that exchange4free's 1% with no fee for R100k+. I'll have to do the calculation and see where that crossover point is.

Have you used Exchange4Free before Patrick? Where did you get the 1% from as I dont see it on the site?
« Last Edit: January 13, 2017, 09:44:24 am by conradl »
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Patrick

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Re: Good time to take R out to $ ?
« Reply #10 on: January 13, 2017, 10:46:17 am »
Yes, I used them three times last year. Sent almost all my money offshore. I spent a good few days quizzing them on the phone, and they eventually opened up about the 1% spread. Now I'm busy seeing if I can do a deal with them for members here to drop it to 0.8%.
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conradl

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Re: Good time to take R out to $ ?
« Reply #11 on: January 13, 2017, 12:39:09 pm »
Yoh! Now that would be great!
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Orca

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Re: Good time to take R out to $ ?
« Reply #12 on: January 13, 2017, 10:32:03 pm »
ZAR at 13.5 and cannot break below it despite attempts to do so by mere blips. Some months back I said it would get to 13.5 and not go lower as it has reached its resistance. This happened and if Zuma keeps falling asleep at Parliament sittings or sleep ins at parliament the ZAR will be safe to go to 13.4 or if Zuma keeps sleeping   
It may well get to 13. 2 or lower.
Now is the time to chuck your money at the TRUMPED UP DOLLAR but it might not be a good move. Time will tell. I just don't know.
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