Published on: May 4, 2020 10:26:56 AM
As you know EasyFX allows you to convert your rand-delas from your EasyEquities ZAR account, and buy some USD equities. We've got some great news for offshore investors!
One is better than two.
Based on some lekker feedback, we decided that transfer rate displayed is now a one day fixed USD/ZAR exchange rate that will be applied to transfers initiated within the one day fixed rate window. This fixed rate is now set at 200bps (2%) above the Mid WM/Reuters spot rate at 09h00 (GMT or GMT+1 during BST) every weekday.
Seems like a lot of jargon hey? Check out the summary of changes below:
|
The old way...
|
The 2020 way
|
|
2 Day Fixed USD/ZAR exchange rate
|
1 Day Fixed USD/ZAR exchange rate
|
|
The two day fixed rate windows open and closing times are as follows:
- Open: Mon 9h30 - Close: Wed 9h30 (GMT or GMT +1)
|
The one day fixed rate windows open and closing times are as follows:
- Open: Mon 9h30 - Close: Tue 9h30 (GMT or GMT +1)
|
|
Fixed Rate – 300bps (3%)
|
Fixed Rate – 200bps (2%)
|
|
Funds allocated in maximum 5 days.
|
Funds allocated in maximum 4 days.
|
|
All transfers initiated within the two day fixed rate window can be cancelled up until 15 minutes before the fixed rate window closes.
|
All transfers initiated within the one day fixed rate window can be cancelled up until 15 minutes before the fixed rate window closes.
|
Here's a breakdown:
If you transfer your money during the fixed-rate window opening on Monday at 09:30* it will enter a pending state until fix rate window close on Tuesday 09:30*. It will then move to a "processing" state. Two (2) business days after the transfer has moved into a “Processing” state, the USD amount will be credited to the EasyEquities USD account.
*one-day fixed-rate windows open and closing times are quoted above are GMT or GMT+1 during British Standard time (BST).
It does not get any better... than a spread on the base rate being reduced from 3% to 2% and waiting one day less for your funds to be allocated.
Read more on the functionality in this FAQ article here.
Check out the latest research
in US stocks
Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by an employee of EasyEquities an authorised FSP (FSP no 22588) as general market commentary and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. First World Trader (Pty) Ltd t/a EasyEquities (“EasyEquities”) does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information (i) contained within this research and (ii) received from third party data providers. You must rely solely upon your own judgment in all aspects of your investment and/or trading decisions and all investments and/or trades are made at your own risk. EasyEquities (including any of their employees) will not accept any liability for any direct or indirect loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on the market commentary. The content contained within is subject to change at any time without notice.
