South Africans receiving or sending US dollars, euros or other currencies seldom question whether the fees they are charged or the rates they are quoted are reasonable.
Given the fact that roughly 80% of SA’s GDP involves forex transactions, that’s a huge bite of the economy going to the forex providers. “There is a misconception in the market that you have to stick with your bank for forex transactions because there are costs associated with shifting to another forex provider,” says BeztForex CEO Herman Bezuidenhout.
“We are here to assist clients with a seamless foreign exchange transaction experience, [which is] not subject to normal office hours or call centre staff.” BeztForex provides tax clearance certificates and applications to Sarb for free, when transactions are facilitated by it. “Banks will only remit funds when the full financial emigration process has been completed, and South Africans who are living abroad, or who plan to, are under stricter surveillance than ever before,” says Bezuidenhout.
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