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Our Webtrader platform offers traders interested in offshore trading or investing the opportunity to invest in a wide range of financial instruments including Shares, CFDs and Exchange Traded Funds.As a client you have the option of doing so across various international stock exchanges.
Standard Bank offers you the option of funding your trading in 3 different currencies, USD, GBP and or EUR. However, you will be required to select a base currency, which will be your main trading account.
Once your trading account has been activated, please deposit funds into the bank account as specified on your confirmation email. Please note that the minimum trade size in respect of some of the products on the Trading Platform may require an amount in excess of the USD 1 000 (one thousand US Dollars) or its GBP or EUR equivalent to be available in your trading account.
It is important to include your Webtrader account number as a reference to ensure your funds are correctly and timeously allocated to your trading account.
For ease of reference the Bank Account details per currency are available below.
Funding Instructions |
|
USD Account |
|
Bank name |
Deutsche Bank Trust Company Americas |
Bank address |
60 Wall Street, NEW YORK, |
Bank BIC / Swift address |
BKTRUS33 |
Bank FEDWIRE/ IBAN number |
021001033 |
ABA routing number |
21001033 |
Account name |
Standard Bank of South Africa Ltd |
Account number |
04452100 |
Reference Number |
As supplied in the welcome mail (eg XXXXXXXUSD) |
GBP Account |
|
Bank name |
Deutsche Bank AG |
Bank address |
Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt, Germany |
Bank BIC / Swift address |
DEUTDEFF |
Bank FEDWIRE/ IBAN number |
IBAN - DE75500700100957344500 |
ABA routing number |
none |
Account name |
Standard Bank of South Africa Ltd |
Account number |
95734400 |
Reference Number |
As supplied in the welcome mail (eg XXXXXXXGBP) |
EUR Account |
|
Bank name |
Deutsche Bank AG |
Bank address |
Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt,Germany |
Bank BIC / Swift address |
DEUTDEFF |
Bank FEDWIRE/ IBAN number |
IBAN - DE37500700100957344505 |
ABA routing number |
none |
Account name |
Standard Bank of South Africa Ltd |
Account number |
957344505 |
Reference Number |
As supplied in the welcome mail (eg XXXXXXXEUR) |
Should you wish to withdraw funds or close your trading account, contact our call centre and we will arrange for your request to be actioned.
Note:
For more info, visit our FAQ page.
Food for thought
Can we fund Webtrader Account using the Shyft Product/or by creating a USD Virtual Shyft Card? If so, what reference should we use and can this be done internally so that mistakes can be avoided.
Can transfer/profit from Webtrader be made to the Shyft Virtual Shyft Cards?
Hi Preston,
Yes you can transfer funds into, and out of, your Shyft Account from your Webtrader account in the same way you'd transfer funds to an external account.
For the reference, use the ABA routing number (make sure you put "0" (zero) before the ABA number for USD transactions. For example,the ABA number above will be 021001033. For GBP and EUR transfers, use your account number as a reference.
Hope that helps.
Hi Dineo..
Question regarding your last three points:
Scenario:
Question: (Assuming that my Webtrader account is based in USD)
Would you:
If your answer is not Option 1, then my follow up question is:
hi @Ndlovu_M
The account is USD based so we withdraw according to those figures. The rate you receive your funds at is determined by the receiving bank - that is the bank that receives the dollar amount.
What happens to the value of your USD funds in ZAR depends on the exchange rate when it's handed over to the receiving bank for SARB/ BOP clearance. You can contact them directly to negotiate an exchange rate.
Hope that helps.
Regards,
Dineo :)
Dineo, in essence you're saying:
Personally, I find it unethical for a person to advise on a process, but intentionally forget to explain the Main Risks involved within that very process.
Next time, please don't forget to add the following Disclaimer to your comments whe advising clients/potential cleints. After all its a clause that exists in your Terms of Service right?
"21.1 Standard Bank, its affiliates or other persons or companies connected with Standard Bank may have an interest, relationship or arrangement that is material in relation to any transaction or Contract effected, or advice provided by Standard Bank, under the Terms, which may be in conflict or in competition with Client’s interest"
Hi @Ndlovu_M
I was clarifying at which point the USD/ZAR conversion happens during withdrawal - a matter of fact regarding the process which you inquired about, quoted below:
To clarify - the exchange rate given is determined by your transactional bank and NOT the Webtrader team.
I did not speak to your particular trading strategy and the risks therein because this is not a forum for personalised financial or trading advice - such would require a consultation with a financial adviser or financial planner.
If you need further assistance, please let me know. Alternatively you can contact the Webtrader team on 0860 121 555.
Kind regards,
Dineo
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