If you have a different question or would like some more information, please email us at info@fx-pro.co.za

What makes FX-Pro different to banks?

When was the last time your bank contacted you to discuss exchange rates, current market conditions or trading ideas…our guess … never!

Our rates are significantly better than banks. On average our clients save between 10 – 15 cents on the rates alone.

On top of this, our experienced dealers proactively share market information with our clients which enables them to make better currency buying decisions. In some cases, we’re saving clients as much as 70 cents on the exchange rate through better information, decision making & timing.

We have one clear objective, to save you money on international payments. Our structure, experience and tools put us in a much better position to service the market.

How much better are FX-Pro rates versus the bank?

Absolutely, we can and do! On average our rates are 10 – 15 cents better than South African banks.

FX is a volume driven business and most private individuals & SME’s don’t have the volume needed to be able to negotiate better exchange rates with the bank… That’s where we come in!

We deal with hundreds of Importers & Exporters; this aggregated volume gives us buying power & access to preferential exchange rates which we pass on to our clients!

FX-Pro

Buy : $100,000
Market rate: 15.55
Our rate: 15.62
Sell: R1,562,000
Saving of: + R8,000

South African Banks

Buy : $100,000
Market rate: 15.55
Our rate: 15.70
Sell: R1,570,000

What are your transfer charges ?

Most banks charge between R 550 – R 950 per transaction. Our transfer charges are significantly lower than this. If you are making multiple payments every month then the difference could quickly add up to a reasonable amount… money that could be put to better use elsewhere.

Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee varies from bank to bank, unfortunately we have no control over any intermediary bank charges.

Do I need to switch banks to use FX-Pro?

No, you don’t need to switch banks or change any of your existing relationships. We’ll open a new FX settlement account for you with our banking partners. The account is totally free and there is no obligation to trade. The account is in your name and is used purely to settle any currency trades you do with us.

How long does it take to get up and running with FX-Pro?

Every business is different and it often depends on how complicated the ownership structure is. In most cases, we can have your new account up and running and ready to trade within 24 hrs.

What documentation do you require to open a business FX account?

Opening an account with us is quick and easy. We’ll ask you to sign our dealing mandate and email us a copy of your FICA Docs.

  1. Proof of Identity for all the shareholders, directors and authorised people (ID or Passport)
  2. Proof of address for all the shareholders, directors and authorised people (dated within the last 3 months)
  3. Company registration docs.
  4. Proof of operating address (dated within the last 3 months).
  5. An email confirming who the company shareholders are and what their equity % are.,/li>
Once our account is up and running, how do we buy currency?

The Forex market is complicated enough. We take the hassle out of buying and selling currency by making the process extremely simple & straightforward. When it comes to booking a deal, and securing a great rate you can either phone through to our dealing room or use our online dealing system.

We are continually working on our dealing platform to ensure you have the best online experience. If this is your first transfer, one of our team members can talk you through the process.

Can I cancel my currency deal?

We buy and sell currency into a live market so one the currency has been bought, the rates are locked in. If you need to cancel a trade, or if you are unable to settle your deal, you will need to call us as soon as possible on 011 888 0125.

How do we settle our deals?

Once registered, we’ll send you a welcome letter confirming your new FX account details.

Whenever you trade with us, we’ll send you a deal ticket via email confirming your trade details and settlement instructions. You’ll then need to transfer funds from your bank into your new FX settlement account. On receipt of your funds, we’ll arrange your international transfer and send you confirmation of the payment.

What is Mid-Market Rate?

The mid-market rate or interbank rate is the exchange rate that banks use when they trade currencies with each other. These rates are used for indicative purposes and are not available to the market. FX-Pro buy and sell close to the mid-market rate and then apply our margin to this price. We take a smaller margin than banks which is why our rates are significantly better.

What is a Forward Contract (FEC), should we be taking Forward Cover?

We have a whole section dedicated to Forward Contracts. FEC’s can be incredibly valuable when used correctly. Every day we come across clients who have used an FEC and had a bad experience, and it’s because they were used in the wrong way, at the wrong time and for the wrong reason.

Fix the exchange rate today for a payment you know you will need to make in the future. In a market like this, can you really afford to not hedge. We don’t believe in hedging everything but when the situation or market calls for it then we evaluate the options.

FEC contracts are ideal for hedging & reducing risk. They are also particularly useful if the exchange rate is favourable now and you want to lock in the rate for a future dated payment.