An EasyFX update!

Easy-FX-Update
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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.

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