Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Offshore account

Reply
Eric
Occasional Contributor

Hi Guys need some help please,

I want to move some cash overseas it’s not a huge amount so I won’t need tax clearance and also won’t qualify for any special preferential treatment from our banks. My problem is most banks require a minim bank balance in the account to save on bank costs, secondly what currency to transfer my rands in... I was thinking maybe opening a account with TD Ameritrade or similar and deposit rands directly in a trading account.

 

0 Kudos
Reply
8 REPLIES 8
brettduncan
Occasional Contributor

Hi Eric

 

Before running off to Td Ameritrade. Look no further than our own Standard Bank Webtrader offering

 

Invest in a wide range of sophisticated financial instruments such as CFD's, FX Spot, Shares, Exchange Traded Funds and Exchange Traded Commodities across various international stock exchanges.

  • Trade CFDs on over 5600 different stocks and ETFs on 26 international exchanges as well as 16 international indices;
  • Trade 160+ FX crosses (including Spot Precious Metals);
  • Trade Shares, ETF's and ETC's on 29 international exchanges;
  • No downloading or installation required;
  • User-friendly interface with enhanced workspace flexibility;
  • One-click trading for fast execution;
  • Real-time FX prices.

 

Check out the webiste at:: https://webtrader.standardbank.com/ost/

0 Kudos
Reply
Eric
Occasional Contributor

The only problem I have with that is you buy in rands and sell in rands...the rand is my problem.

 

0 Kudos
Reply
SimonPB
Valued Contributor

nope it a USD account, you buy/sell in USD

0 Kudos
Reply
Eric
Occasional Contributor

Hypothetically speaking, if the rand goes to 0 value will standard bank pay me out in dollars if I sell my shares?

0 Kudos
Reply
SimonPB
Valued Contributor
yes, into any fica'd bank account
0 Kudos
Reply
Eric
Occasional Contributor

Including offshore bank accounts?

Thanks, appreciate your advice Simon.

 

0 Kudos
Reply
SimonPB
Valued Contributor
yip any fica'd bank account
0 Kudos
Reply
Tom3
Occasional Contributor

This is a similar problem like creating an offshore company. You need a way to move assets from one country to the other, and it can be done. Dealing with an offshore business. The place I have chosen was Mauritius, I had my reasons... Anyway I needed help with the mauritius company formation, and by a recommendation from a friend I worked with SFM. They did almost all the work, and the payment I had to pay was worth it, because I hate that part of starting a business. Because of their help I have an Offshore bank account, and I can move assets with no problems.

0 Kudos
Reply