Shyft

[dme]

For those of you wanting to move funds to Australia, I can highly recommend Standard Banks shyft app. It has very competitive exchange rates, and only costs AUD$18 (regardless of the amount) to deposit the funds into your bank account in Aus. I really like that you can manage the process transparently from start to end without having to manually involve 3rd parties. Takes a few minutes for your rands to appear in shyft when you pay on std bank internet banking. You can make a trade immediately, and then it takes about 3 days to transfer your bought Aud to your Aus bank account. You can also buy pounds and dollars. 

 

Just thought I would share

 

 

[monsta]

@dme How does it handle the tax requirements? I know when I was still in South Africa that you had to have a valid reason to move money overseas (e.g. a plane ticket that proved you were going on holiday).

 

Edited June 16, 2017 by monsta

[dme]

@monsta You are allowed to move R1million per calendar year overseas now without having to get permission from the SARB. There is no tax implications that I am aware of, as the money you are moving has already been taxed in SA theoretically.

 

I used to use forexcapital to move funds... they are good but it involved setting up an investec account to deposit the funds which took a day, and then getting an exchange rate emailed to you, which by the time you read and accepted the rate via email, the exchange rate had changed again, and then I got charged an additional $20 on top of the commission fxcapital charged when the funds appeared in my Aus account (which doesn't happen with Shyft). This is a cheaper and more effective way of doing the same thing without the hassle. 

[monsta]

that's good to hear

[eyeice]

Hi all.

Has anybody used the Standard Bank App to make international payments from your Standard Bank account to your Australian Bank account?

Curious to know your thoughts.