Need assistance to transfer your hard-earned money abroad – here are some guidelines where WBForex can help:
Opening a transfer account and your first transfer:
- The first step is to open a bank transfer account in SA with Mercantile Bank. The account is opened in your personal name, and currently, at the time of writing, there are no admin fees associated with maintaining the account*
- Once our admin team has opened the account, deposit funds via EFT into your transfer account.
- Funds will typically clear the next working day into your transfer account, and once the funds clear, we will inform you and quote an exchange rate for your consideration. You decide to either proceed or hold until a later time or date. If delayed, a new rate will be quoted when you are ready to proceed with your transfer.
- The process will go ahead once you issue the instruction to proceed, and the exchange is then processed.
- The foreign currency generally is paid the next working day into your nominated bank account abroad.
- We will keep you informed at every step of the process and will even notify you that the funds have been paid into your offshore account.
After your first successful transfer, your transfer account remains open so you can continue to make use of your transfer account as often as you require.
- 100% SAFE & SECURE with actual Bank to Bank transfers. *
- Highly competitive exchange rates.
- Transfer up to R1 Million per person per year using the individual annual allowance
- A further R10 Million per person per year can be transferred using the Foreign Investment Allowance. Clearance is required for this allowance for which we are able to assist in applying to make use of this allowance.
Always happy to help & assist.
* Please note no funds flow into 3rd party accounts, this is a true bank to bank service, with the flow of funds going directly from your transfer account to your nominated bank account abroad. We facilitate in negotiating better exchange rates than the banks typically offer.