Transferring funds out of South Africa!!
Are you emigrating? Heres what you need to know when transferring funds abroad.
While moving to another country, transferring your funds abroad and starting a different life is a wonderful and exciting notion; it is a task that can be challenging.
Whatever your reasons for leaving South Africa, finding a secure, effective, efficient, and affordable foreign exchange option will help you save a lot of money rather than using the bank.
In the old days, those needing to transfer funds abroad used the banks due to the ease of using a bank account. However, foreign exchange companies, such as WB Forex, offer quicker, improved accessibility, better exchange rates, and cheaper transfer solutions. Many people think it’s a difficult and costly affair to transfer your funds abroad, and it is not.
Bank accounts: Keep your South African account and/or open a UK bank account?
You will need a bank account in your new adopted country. You will find most UK banks are located in the High Street (High street refers to the main street in every Town or City). If you still have funds in South Africa or expect more funds to be paid to you or released to you etc., you might want to have these funds transferred to you in your new country. Transferring your funds abroad can be complex. Working with exchange control regulations and knowing which amounts you can safely transfer out of your home country requires expert knowledge and understanding.
It is up to each person to decide if they want to keep their SA bank account or not. Each of our circumstances is different. E.g., having still to pay bills, access living or retirement annuities, or want to set up an offshore account to invest your savings and protect yourself against volatile or at-risk currencies.
Why use a Forex specialist to transfer your funds abroad?
The benefit of using a dedicated foreign exchange specialist is the surety that you will have a personalised financing solution formulated to your individual needs and requirements. Working with an expert can ease the stress of emigrating – as well as saving you more money in the long run.
In addition to managing all your forex transfers and cross-border payments, your consultant will be able to set up the foreign exchange process before arriving in the country you are moving to.
Exchange rates greatly affect how much money you will receive. Political, economic, social, and environmental developments can all affect a currency’s value. A forex broker can help you save money when locking in preferential exchange rates.
Having a reliable, money-saving way of managing currency payments can make a big difference. Moving abroad comes with a range of money transfer commitments, from simply moving savings or more complex transactions, such as buying foreign property. When exchanging your hard-earned
For additional information on the currency transfer market, contact WB Forex – with dedicated account managers in the UK and SA.
Head Office UK: +44 (0) 207 018 8552
Trading desk in Hartley Wintney (UK) & Pretoria (SA)
WhatsApp: +44 (0) 790 893 3594