Rush22 Posted February 13, 2015 Report Share Posted February 13, 2015 I will be landing in May 2015 in Brisbane and not sure about money transfer options.Based on past experiences, please share the advantages and disadvantages associated with using one of the 4 banks in SA vs companies like Cashkows and Exchange4free. Some companies quote a commission percentage on value of transfers and others quote an all inclusive rate. The banks costs does not seem that bad, however, the rates are not so good.Please advise. Quote Link to comment Share on other sites More sharing options...
mlothian Posted February 13, 2015 Report Share Posted February 13, 2015 Hi thereWe made use if a company instead of a bank.The pro's for us by doing this was that we saved on the transaction fees chareged by the banks and we got a much better exchange rate and much more professional services. Quote Link to comment Share on other sites More sharing options...
BronPreston Posted February 13, 2015 Report Share Posted February 13, 2015 Hi Rush22I have sent you a PM.Wish you all the best for your exciting adventure ahead Quote Link to comment Share on other sites More sharing options...
Bob Posted February 14, 2015 Report Share Posted February 14, 2015 (edited) Check out the transfer rates . . . . not the inter-bank rates that banks charge each other . . . . with Ozforexhttp://www.ozforex.com.au/?cid=204&kid=1576&mkwid=sMlxfK1kv&pdv=c&pcrid=50332271204&gclid=CPvW382a4MMCFdgRvQodsZgAzAYou'll need to open a bank account up in Australia first, for them to transfer the funds from your South African bank account to your new Australian bank account . . . . from then on, it's simple, quick and cheap (compared to the big banks) Edited February 14, 2015 by Bob Quote Link to comment Share on other sites More sharing options...
Stevethevet Posted February 23, 2015 Report Share Posted February 23, 2015 Hi All,having read extensively on this forum about transferring funds, I have chatted to some of the Forex companies. They seem to charge in the region of 1 % of the total transfer amount.Speaking to my bank, they replied the following: "our commission is 0.462 % of the rand value, minimum R115 maximum R 603.75 plus 14 % vat., so a maximum of R756.57."The bank also says they use the current exchange rate. So are banks more expensive than say Cashkows or Exhange4cash?Anyone really know?RegardsSteve Quote Link to comment Share on other sites More sharing options...
BronPreston Posted February 23, 2015 Report Share Posted February 23, 2015 Hi All,having read extensively on this forum about transferring funds, I have chatted to some of the Forex companies. They seem to charge in the region of 1 % of the total transfer amount.Speaking to my bank, they replied the following: "our commission is 0.462 % of the rand value, minimum R115 maximum R 603.75 plus 14 % vat., so a maximum of R756.57."The bank also says they use the current exchange rate. So are banks more expensive than say Cashkows or Exhange4cash?Anyone really know?RegardsSteveHi SteveYes banks are much more expensive than Cashcows or Exchange4free, depending on the services provided by the money transfer provider.Most exchange rates quoted by banks are the 'Interbank Rate'. This is the mid-rate and is not indicative of the actual rate that a customer will receive and does not include any sending or receiving fees (your sending bank will charge a 'transfer fee' and then the receiver bank will charge a 'receiving fee'.I work for Exchange4free and it is important that when you compare our rates to that of the bank, that you are comparing simultaneous exchange rates as the interbank rate is impossible for a retail customer to receive. Our exchange rates are all-inclusive and tiered according to the size of your transfer and importantly we are covering all costs (no commission, transfer or receiving fees).I’m confident that our all-inclusive rates are the best in the market and we would be more than happy to beat any genuine quote via our ‘Best Price Guarantee’ offered to clients. Please let me know if I could be of any assistance further. 1 Quote Link to comment Share on other sites More sharing options...
chrisgreeff Posted April 18, 2015 Report Share Posted April 18, 2015 Hi AllI have registered with Exchange4Free and their service up till now has been excellent, but I have not done any transfers yet.Has anybody had experience with doing a transfer with E4F? or USForex?Any advice / info would be appreciated.Thanks,CG 1 Quote Link to comment Share on other sites More sharing options...
data Posted April 18, 2015 Report Share Posted April 18, 2015 Hi Chris, I recently used E4F. Service was excellent, they send a courier to collet docs. I found their rates to be about 10cents off the prevailing xe spot rate which was much better than my bank.DT 1 Quote Link to comment Share on other sites More sharing options...
chrisgreeff Posted April 19, 2015 Report Share Posted April 19, 2015 (edited) Thank you DT. Edited April 19, 2015 by chrisgreeff Quote Link to comment Share on other sites More sharing options...
Kanniewagnie Posted April 19, 2015 Report Share Posted April 19, 2015 We used both Exchange4Free and Cashcows. Exchange4Free's rates and service were much better. 1 Quote Link to comment Share on other sites More sharing options...
chrisgreeff Posted April 19, 2015 Report Share Posted April 19, 2015 Thank you KWN. Quote Link to comment Share on other sites More sharing options...
Shampoo Posted May 4, 2015 Report Share Posted May 4, 2015 Transferring money from your FNB account is sooooo frustrating. Seems like every employee that gets your transfer instruction has different criteria.My SA income gets paid into my FNB Blocked ZAR account every month. To get this transferred to me the first time took 10 days as they went via SARB. This was unnecessary as I am Tax Non Resident. Not too bad and all I had to do was scan and email a letter of instruction for the transfer.The next few times it was much quicker as they bypassed SARB and all I needed was a scanned letter of instruction.Then a new employee came on board. She now wants me to snail mail the letter of instruction plus a certified copy of my passport plus details of my bank account here when they already have it on file.How bleeding long will this take and I have to do it every freeking month. Is there anyway to get out of FNB that already has my Blocked Account? Quote Link to comment Share on other sites More sharing options...
mlothian Posted May 4, 2015 Report Share Posted May 4, 2015 There are options to get out of a blocked account. You would probably open another blocked account. You can try Sasfin as we have found them very reasonably priced. And much more of a pleasure to work with. Quote Link to comment Share on other sites More sharing options...
greggle Posted May 5, 2015 Report Share Posted May 5, 2015 A quick tip that I stumbled across yesterday - using the link from the page below will get you free money transfers with OzForex:http://sydneymovingguide.com/free-money-transfers-for-smg-readers/I'm also interested to hear if any of you used OzForex and if so, how have their rates compared with Cashcows, FX Capital or Exchange4Free? Quote Link to comment Share on other sites More sharing options...
Ausraven Posted May 17, 2015 Report Share Posted May 17, 2015 I have used 1st Contact (https://secure.1stcontact.com/WebPages/Main/OurServices.aspx) to tranfer funds to SA and I was happy with the $5 transfer fee and the exchange rate. I transferred the funds from my Oz account to 1st Contact on a Sunday evening and by Wednesday the funds were in SA. I must add that I had set up the account details of the receiver on a previous occasion, so if it is the first transfer, it may take a bit longer to register your details and the receivers.1st Contact can also transfer funds from SA ot Oz. Quote Link to comment Share on other sites More sharing options...
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