Exchange4free have been appointed as an Authorised Dealer in foreign exchange with limited authority in South Africa to operate as an independent Money Transfer Operator by the South African Reserve Bank.
This licence is issued under the new Category 3 Money Transfer Operator license allowing ‘Person to Person’ remittances out of South Africa independently of the banks.
This is a major step for both Exchange4free and South African remittance customers who are currently paying 10% to 30% to move their money out of the country. These high costs are a result of money transfer companies having to partner with an Authorised Dealer bank to offer money transfer services out of South Africa making it one of the most expensive remittance channels in the world.
This new Money Transfer Operator licence will significantly reduce the costs of transferring small amounts of money out of the country and is issued with the following limits:
• R5,000 per transaction per day
• R25,000 per month
• R120,000 per annum
This new money transfer service adds to a suite of foreign exchange products offered by Exchange4free in South Africa including the following:
• Retail Remittances: Send money for free to over 100 countries worldwide at a ‘Best Price Guarantee’
• Private Client Foreign Exchange: The market leader in R4M Foreign Investment Allowances, R1M Discretionary Allowances and Formal Emigration services
• Business Forex: Import and export foreign exchange services
• Send Money into South Africa: Send money for free from over 40 countries into South Africa. Great rates, no fees and no receiving fees charged by SA banks.
