Technology unlocks forex transfers for South Africans

forex

An increased personal foreign investment allowance for South Africans; a volatile global economy; a see-sawing rand; South Africans’ growing comfort in transacting online – from booking hotel rooms, to ordering taxis, to banking transactions. These have created a perfect storm for the launch of a technology-powered, online foreign exchange (forex) transfer service, simple enough for anyone to use. A service specifically designed for South Africans wanting to transfer some wealth into foreign currency.

One of South Africa’s largest forex intermediaries, ForexPeople, has introduced ClickFX, a first in the country, to give South Africans a simple and cost effective way to transfer forex online via desktop or mobile device. ClickFX offers an intuitive, reliable and secure way to get a competitive rate when buying or selling forex, with set, transparent costs. Thanks to being part of the ForexPeople family, ClickFX customers benefit from the huge volumes traded every day.

“We noticed more and more of our ForexPeople clients booking forex trades using email, SMS and even apps like WhatsApp and Skype. This showed us that certain clients were not only comfortable with using these channels to book high value transactions, but that they were sometimes looking for a quick non-personal interaction to get a trade booked,” said Richard Beddow, CEO of ForexPeople and ClickFX.

“In addition, there’s a perception that only rich people with millions can take advantage of their annual investment allowances. ClickFX now enables anyone to convert lump sums or regular smaller amounts into forex, without needing a wealth manager or offshore investment account. If customers don’t have an offshore account to hold the forex, we include that setup as part of our online process.”

Over the last decade the personal foreign investment allowance for South Africans has increased dramatically from a once-off R350 000 to an annual amount of R1 million without tax clearance plus a further R10 million with SARS tax clearance, which ClickFX can arrange. This gives South Africans the opportunity to hold a significant amount of money in a foreign currency for a range of reasons, such as investing or securing a certain exchange rate prior to international travel. However, up until now, it simply wasn’t feasible for the average person to take advantage of this because the existing forex trading services weren’t geared for them.

Internationally, however, it is the norm to trade forex using a specialist online broker, usually via a smartphone or tablet. “ClickFX brings the bargaining-power of several hundred regularly-trading importers and exporters to the man on the street, via a secure online service,” said Beddow. “Whether someone wants to send a large lump sum, or small, regular amounts, the cost effectiveness and simplicity of ClickFX means anyone can send funds offshore as and when they want, certain that they are complying with local regulations.”

Once registered with ClickFX, the system checks your FICA compliancy AND within 24 hours your forex transfer facility will be in place. You simply transfer the funds to your own Forex account at our banking partner, Mercantile Bank, send us a proof of transfer, log in, request a rate, and trade. Within two days your Forex arrives in your offshore account, which ClickFX can open for you – if you don’t already have one.

Edited By: Darryl Linington
Contact: Darryl@techitout.co.za
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Follow @DarrylLinington on Twitter

Editor of Tech IT Out. Former radio host of Cliffcentral.com. Former Editor of IT News Africa and ITF Gaming. All round techie, gamer and entrepreneur. For Editorial Enquiries Contact: Darryl@techitout.co.za or via +27788021400.