Back to EasyEquities Submit a ticket
  1. Help Centre Home
  2. Knowledge Base
  3. Investing Accounts
  4. International accounts

Help Menu

Open navigation

EasyFX

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 Dollar in your EasyEquities USD account, Australian Dollars EasyEquities AUS account, British Pounds in your EasyEquities GBP account or Euros in your EasyEquities EUR account as well as transfer USD, AUD, GBP, EUR back into your ZAR account.

What rate will be used for my transfer

The exchange rate displayed is a 1-hour weekday fixed exchange rate that will be applied to EasyFX Transfers initiated within the 1-hour fixed exchange rate window.
The fixed exchange rate is set at 70bps (0.7%) above the Mid WM/Reuters spot rate at the open and closing times as listed below. All times quoted are GMT+ 2 (i.e. SAST). 

USD/ZAR                  GBP/ZAR

AUD/ZAR                  EUR/ZAR

What are the window durations that this rate will be applicable to?

Weekday (daily) windows Monday - Friday:

  • Open: Mon 10h15 - Close: Mon 11h14m59s 
  • Open: Mon 11h15 - Close: Mon 12h14m59s 
  • Open: Mon 12h15 - Close: Mon 13h14m59s 
  • Open: Mon 13h15 - Close: Mon 14h14m59s 
  • Open: Mon 14h15 - Close: Mon 15h14m59s 
  • Open: Mon 15h15 - Close: Mon 16h14m59s 
  • Open: Mon 16h15 - Close: Mon 17h14m59s 
  • Open: Mon 17h15 - Close: Mon 18h14m59s 
  • Open: Mon 18h15 - Close: Mon 19h14m59s 
  • Open: Mon 19h15 - Close: Mon 20h14m59s 
  • Open: Mon 20h15 - Close: Mon 21h14m59s 
  • Open: Mon 21h15 - Close: Mon 22h14m59s 
  • Open: Mon 22h15 - Close: Mon 23h14m59s 
  • Open: Mon 23h15 - Close: Tue 00h14m59s 
  • Open: Tue 00h15 - Close: Tue 01h14m59s 
  • Open: Tue 01h15 - Close: Tue 02h14m59s 
  • Open: Tue 02h15 - Close: Tue 03h14m59s 
  • Open: Tue 03h15 - Close: Tue 04h14m59s 
  • Open: Tue 04h15 - Close: Tue 05h14m59s 
  • Open: Tue 05h15 - Close: Tue 06h14m59s 
  • Open: Tue 06h15 - Close: Tue 07h14m59s 
  • Open: Tue 07h15 - Close: Tue 08h14m59s 
  • Open: Tue 08h15 - Close: Tue 09h14m59s 
  • Open: Tue 09h15 - Close: Tue 10h14m59s 

Daily 1 hour windows as per the above till Friday 23h14m59s

Weekend window: 

  • Open: Fri 23h15 - Close: Mon 00h14m59s 

NB!
All times above are in South African Standard Time.

For the below FX exchanges the rate and window durations are as follows:

USD/GBP                  USD/AUD                  

AUD/GBP                  AUD/EUR

EUR/GBP                  EUR/USD

Our solution uses a fixed exchange rate that we receive every 6 hours and is calculated as 0.6% above the Mid WM/Reuters spot rate at the opening and closing times as listed below. 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.

We process these transfers at a specific time window each day (6 hours):

  • Open: Mon 08h15 – Close: Mon 14h15
  • Open: Mon 14h15 – Close: Mon 20h15
  • Open: Mon 20h15 – Close: Tue 02h15
  • Open: Tue 02h15 – Close: Tue 08h15
  • Open: Tue 08h15 – Close: Tue 14h15
  • Open: Tue 14h15 – Close: Tue 20h15
  • Open: Tue 20h15 – Close: Wed 02h15
  • Open: Wed 02h15 – Close: Wed 08h15
  • Open: Wed 08h15 – Close: Wed 14h15
  • Open: Wed 14h15 – Close: Wed 20h15
  • Open: Wed 20h15 – Close: Thu 02h15
  • Open: Thu 02h15 – Close: Thu 08h15
  • Open: Thu 08h15 – Close: Thu 14h15
  • Open: Thu 14h15 – Close: Thu 20h15
  • Open: Thu 20h15 – Clos: Fri 02h15
  • Open: Fri 02h15 – Close: Fri 08h15
  • Open: Fri 08h15 – Close: Fri 14h15
  • Open: Fri 14h15 – Close: Fri 20h15
  • Open: Fri 20h15 – Close: Mon 02h15
  • Open: Mon 02h15 – Close: Mon 08h15

All times above are GMT or GMT+1 during BST (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 within 1 hour 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, AUD, GBP or EUR 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, AUD, GBP or EUR 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.

 


Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.

© EasyEquities. EasyEquities is a product of First World Trader (Pty) Ltd t/a EasyEquities which is an authorized Financial Services Provider (FSP number 22588). All trades on the EasyEquities platform are subject to the legal terms and conditions to which you agree to be bound. The EasyEquities platform enables users to invest in securities which includes whole shares and fractional share rights (FSRs). EasyEquities acts as an agent for the issue of whole shares, where the investor is the registered owner of those shares, entitled to dividends, participation in corporate actions and all the economic benefits and risks associated with share ownership.

In respect of FSRs, EasyEquities acts as principal to a contract for difference issued to the investor, where the investor will have a contractual claim against EasyEquities to the economic benefits and risks associated with share ownership (price movements and dividends) without having ownership rights in the underlying share. Fractional share rights (FSRs) which are issued through a contract for difference, are an over the counter derivative. Unlike whole shares, FSRs do not carry any voting rights. As the investor makes further investments in FSRs and ultimately ends up with a whole share, the contract for difference is closed out and ownership whole share is delivered to the investor.

The availability of any share on the EasyEquities platform is based on various factors but is not an indication of value and does not mean that any share is an appropriate investment for you.

The availability of any share on the browse shares page does not necessarily indicate any contractual relationship between EasyEquities and the listed company, or the payment of fees for services. Brand Logos are owned by the respective companies and not by EasyEquities. The use of a company’s brand logo does not represent an endorsement of EasyEquities by the company, nor an endorsement of the company by EasyEquities, nor does it necessarily imply any contractual relationship. Further investment disclosures are available on the EasyEquities website.

* Note exchange prices are delayed in accordance with regional exchange rules. South African prices are delayed by 15 minutes; North American prices are delayed by 15 minutes; Australian prices are delayed by 20 minutes.

EasyEquities is a subsidiary of Purple Group Limited, a company listed on the JSE Limited (PPE)