A foreign currency account is simply a bank account for the business denominated in a foreign currency. Businesses with reasonable volumes of such transactions could increase profits by 5 – 15% simply by making them through foreign currency accounts, with a diligently selected provider.
In South Africa, as everywhere, going into business from scratch as a startup or running an established business can be a daunting exercise with a host of challenges manifesting themselves alongside the considerable opportunities for success.
If you trade with foreign partners or clients, as an importer / exporter, tour operator / travel company, service provider, consulting or technology business you will have both revenues and expenses in foreign currency.
Foreign Currency Accounts: How Can We Help You?
Domisa Treasury is able to assist SMME businesses in South Africa in managing their currency risk by facilitating the implementation of the correct combination of tools to achieve the optimal currency management solution for their unique business needs. We leverage our strong market relationships to make these solutions a reality for our clients. What we offer:
- Bank accounts – we facilitate the setup of foreign exchange transactional accounts with preferred providers
- Rand (ZAR) accounts – High interest, no monthly fees, fully transactional internet banking
- Foreign Currency Accounts – accounts available in all major currencies. No monthly fees, internet banking
- International Payment Solutions – send, receive and hold foreign currency
- International money transfer – pay foreign currency invoices directly from your currency account
- Non-ZAR currency pairs – buy GBP with your USD for example
- Commission, Fees and Transparency – Domisa Treasury supports greater regulation of foreign exchange market participants, authorized dealers and intermediaries alike. Transparency to clients is paramount and we provide full disclosure of deal economics to every client on every transaction
- Commissions – Domisa operates on published, highly competitive commission tiers:
- Applicable to all our clients consistently
- Our systems and processes do not allow deviation from these
- We do not engage in ‘bait and switch’ pricing where transactions become more expensive for clients after the first few transactions – a pervasive problem in the industry
- Clients always get our published tiers
- Our live, online calculator is a highly accurate indication of where our clients are currently dealing
- Available to everybody and requires no information to be provided in order to get an indication – its an opportunity to show off our fantastic pricing, not a data trawling exercise!
- Use it to compare us to your current provider in real time
- Click here to use the live calculator
- Fees – There are no fees on transactions of R50,000.00 or greater and a flat fee of R250.00 below R50,000.00
- Service – Domisa facilitates all functions for our clients including deal execution & settlement, regulatory reporting, South African Reserve Bank (SARB) applications and payments (both international & domestic)
- Products – Domisa is able to facilitate the full range of foreign exchange products
