What is EasyFX
EasyFX is our own in-platform currency transfer tool that allows you to transfer Rands from your EasyEquities ZAR account to either Dollars in your EasyEquities USD account or Australian Dollars EasyEquities AUS account, as well as transfer USD or AUD back into your ZAR account.
What rate will be used for my transfer
Our solution uses a fixed exchange rate that we receive every weekday and is calculated as 2% above the Mid WM/Reuters spot rate at 09h00 (GMT or GMT+1 during British Summer Time). Should the spot rate move by more than 5% compared to our rate, a new rate will be quoted and applied to all transactions within that transfer window.
What are the window durations that this rate will be applicable to
- Open: Mon 11h30 (10h30 during BST) - Close: Tue 11h30 (10h30 during BST)
- Open: Tue 11h30 (10h30 during BST) - Close: Wed 11h30 (10h30 during BST)
- Open: Wed 11h30 (10h30 during BST) - Close: Thu 11h30 (10h30 during BST)
- Open: Thu 11h30 (10h30 during BST) - Close: Fri 11h30 (10h30 during BST)
- Open: Fri 11h30 (10h30 during BST) - Close: Mon 11h30 (10h30 during BST)
All times above are in South African Standard Time
BST = British Summer Time and starts on the last Sunday of March and ends on the last Sunday of October
When will my funds be available
Your funds will be available 2 hours after the close of the window that your transaction was part of
What is the cost to use EasyFX
For outbound transfers i.e. ZAR to USD or AUD you will pay a flat fee of 50 basis points (0.5%) of the transferred amount plus applicable tax.
For inbound transfers i.e. USD or AUD to ZAR you will pay a flat fee of 50 basis points (0.5%) of the transferred amount plus applicable tax.
This will be charged when your funds have reached their destination account. The fee charged for your transaction will be visible before confirming your transaction.
Can I transfer my funds back into my EasyEquities ZAR account
The feature to transfer back to your ZAR account has now been activated.
What is the maximum amount that I can transfer
You can use EasyFX to transfer up to R1 million Rand in a calendar year as part of your Single Discretionary Allowance.
Who can use EasyFX
EasyFX can be used by South African citizens who are over the age of 18 only.
Can you cancel a transfer
Yes. You can cancel a transfer up until 15 minutes before the close of your transfer window.