CASE STUDY International funds transfer
On the 20th of May 2014, one of our South African clients
committed to a European offshore investment totaling
Our client, Simon, urgently needed to move
over a deposit and made contact with Sable
Forex to discuss the best way to proceed in
terms of his investment contract. Without a
SARS-issued foreign tax clearance certificate,
he was worried about being able to externalise
his funds from SA. After a brief discussion, we
established that Simon had funds in Europe
and South Africa. We then agreed on the
amounts to be funded from each source and
got to work.
Simon couriered a written instruction to his
Guernsey-based bank to release the first
amount we transferred, which was roughly
GBP180,000. The very same day DHL delivered
his documents, we made the exchange and
transferred his funds. Once Simon agreed to
the rate we offered him, the payment came
through immediately, the EUR amount was
settled that same day, and he incurred no
fees or commissions. If he had instructed his
(roughly R 7,83 million)
€ 540,000.00
bank to do the conversion and transfer the
funds it would have taken two days; Simon
also would have received less Euros and would
have had to pay a GBP20 transaction fee.
Back in SA, we handled the application process
to acquire the tax clearance certificate from
SARS at no fee. Two weeks later, as soon as
we had the tax clearance, Simon completed
the transaction. We were able to convert his
Rands into Euros and delivered his funds in a
single day. Simon then used some of his Euros
offshore to settle the balance of the investment.
From the outset, we made sure Simon was
confident in all his actions and guided him
through his transfer step by step. We handled
all of his SA-based regulatory paperwork,
which incurred no fees whatsoever. There
were no hidden commissions, and Simon
achieved better rates than he would have
through his two respective banks.
Sable has a team of highly-skilled, dedicated forex brokers
who will stop at nothing to ensure that you understand our
process and associated costs. More importantly, we have the
ability, resources and influence to resolve problems quickly.
We provide a personalised service, and you get to speak to a
dedicated broker throughout the process.
For more information about our services or for a fast, simple and secure international
transfer, contact Sable Forex on +27(0)21 657 2153 or email [email protected].