WFX            
 
HOME ABOUT US SERVICES CONTACT US MEMBERS

Services


WFX provides a one stop service to pay your foreign invoices:
Convenience for Companies
You can now pay a foreign supplier in the same way you would pay a local one. The WFX online system generates a quotation in ZAR inclusive of all costs. Should you accept this quotation, an order is generated after which you then transfer the required ZAR amount into our own account. We handle all admin for you the required SARB forms are automatically completed. On receipt of your order, our courier service will automatically be instructed to collect the original documentation from your office. You don't have to leave your office and you can track the progress of your order on line!
Convenience for Individuals
We assist private individuals to easily transfer funds abroad. Up to 1Rm per accountholder can be transferred per annum without tax clearance. With tax clearance, up to R4m per accountholder can be transferred per annum.
Best Foreign Exchange Rates
Through our foreign exchange dealing desk, we negotiate the best exchange rates for you. You receive the benefit of our trading volume. Please compare our spreads!
Open Charges Policy
Our on line system shows all costs and charges. There are no hidden costs or surprises.
Competitive Costs
By improving efficiency and using e-commerce, we have reduced operating and overhead costs. Our service and SWIFT charges are therefore very competitive.
 

How it Works

Settlement of Foreign Accounts/Invoices using Spot Transactions
  • Step 1: Order the payment through our WFX online system, by selecting the beneficiary.  If you  have purchased forward cover through our system, you can apply that to the payment. 
  • Step 2: Transfer the required funds in Rand, to your account. 
  • Step 3: e-mail us the invoice and a copy of the bank payment.
  • Within 2 working days the funds will be transferred and you will receive a copy of the SWIFT transaction.
  • You can keep track of the process through our online system
Purchasing of Forward Cover

A Tour Operator has just sold an overseas tour package, but the traveller only departs in a month. They have to pay their foreign supplier within two and three months after they have sold the tour. During the four month period the Rand can decline and they could lose their profit margin. We provide the following easy solution:

    • Step 1: After they have sold the tour (even on the same day), purchase forward cover through our online system, for the date they expect they have to pay their foreign supplier. They also have to send us proof of their payment obligation.
    • Step 2: Transfer fund to the value of only 10% of their obligation to their foreign supplier.
    • Step 3: The balance of their obligation is due when they use the forward cover contract to pay their beneficiary.