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These days anyone in South Africa that has foreign transactions as part of their business has the worry of the volatile currency fluctuations of the Rand. Unless you are using Forward Exchange Cover (which tends to be expensive) the rate at which you make payment is critical. Smaller businesses tend to have it worse, as they are required to use the normal Retail Rates as quoted by their bankers, as well as incur high transaction fees. Larger businesses have the volume of transactions to justify a better rate, as well as lower fees.
At Lucro we have an association with Incompass Forex because they offer an interesting alternative for smaller businesses. They pool the forex transactions of their customers, and in that way offer smaller businesses a far more competitive rate, and lower service fees, than they would otherwise have received.
If you are interested in a personal introduction to Incompass, more information or feedback on our interaction with them in the past, please contact Liza Wood at Lucro.
INCOMPASS will assist in the following:
- Transferring money into South Africa
- Transferring money out of South Africa
- Individuals utilising their Capital Allowance
- Discretionary Travel Allowance
- Giving Monetary gifts aboard
- Money Transfers for property purchase
- Immigrants transferring funds to and from South Africa
- Temporary residents in South Africa to transfer capital in and out
- Non- residents to transfer capital in or out of South Africa
Interested in their services? Or looking for more information?
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)