In today’s ever-shifting global financial landscape, with its uncertainties and market swings, many South Africans are looking to secure their wealth and explore opportunities beyond our borders. But, let’s face it, it’s not a walk in the park. We’ve got obstacles aplenty, from strict exchange control regulations to the unpredictability of the rand. So, how can you, the savvy South African, manoeuvre through this financial maze and come out on top? Here’s a layman’s guide to a tool you might not yet be familiar with.
Our beloved Rand is a bit of a wild card. It can go from a high five to a low blow in the blink of an eye, thanks to political and economic uncertainties. Changes in government policies or economic conditions can hit the Rand hard, impacting returns on offshore investments. It’s like trying to predict the weather in Cape Town – you never really know what you’re going to get.
While you need to speak to a financial advisor regarding offshore investments, if you are looking at saving or transacting in a foreign currency in the long term, then Foreign Currency Accounts (FCAs) can come to your rescue. This superhero lets you hold and transact in various foreign currencies – think US Dollars, Euros, or British Pounds. Diversification is your financial sheltered bay.
You might have looked at these in the past through your normal banking partner and thought the costs and administration meant it wasn’t feasible. However, a specialist forex intermediary, like Currency Assist, can help you cut through the forex fog and manage funds internationally without bleeding your wallet dry.
- Lower Transaction Costs: We streamline forex transaction costs, making the process more direct and efficient. Who doesn’t love saving a few bucks?
- Real-Time Exchange Rates: Our clients enjoy real-time rates through our dealing room. Make informed decisions and optimise your forex transactions like a boss.
- Transparent Pricing: No more hidden fees and mysterious spreads. We bring clarity to the table. Know exactly what you’re paying, and rest easy.
A fact, that isn’t so well known, is that there are two fees in the forex world. Your bank usually shows you the upfront commission, but there is one that seems hidden in the exchange rate – the margin added to the interbank rate. A healthy margin ensures you get a fair deal on your currency exchange and we will set a bank beating rate for you every time.
There are further benefits to working with a specialist: no pesky monthly banking fees, remote onboarding, personal service (no need to dial a call centre!), and expert guidance through exchange control, as well as SARB applications.
Offshore savings are like navigating stormy seas. There are risks, but there are also golden opportunities. By understanding the game, diversifying wisely, and partnering with a trustworthy intermediary like Currency Assist, you can set sail with confidence. Contact us today to save time, money, and safeguard your wealth like the financial pirate you were born to be. Fair winds and following seas, fellow South African investors!