Treasury Outsourcers Summary

In order to avoid a massive FX conversion fee (normally around 2.75%), we strongly suggest that you open a foreign exchange holding account with a treasury outsourcer (which brings the fee down to ~0.8%). You are welcome to open an account with anyone you like, but to simplify the process for you, we have researched multiple offerings and maintain a relationship with three Treasury Outsourcers. We are not affiliated with any, and all are registered FSPs.

Please see the costs involved in sending with a Treasury Outsourcer.

Requirements

To open an account with a Treasury Outsourcer, you’ll need:

• Proof of ID
• Proof of Residence (PoR)
• Proof of Source of Funds (SoF)
• Proof of tax registration (any document issued by SARS with your tax number should suffice)

Currency Assist (CA)

Our favourite one – fantastic service abounds and an easy electronic signup process. They do offer accounts with Investec and Mercantile. It doesn’t make much of a difference but we would suggest Investec. They do not allow for donations as a source of income.

The cutoff times for CA in SAST (GMT+2) is 10am.

To open an account with Currency Assist, please click the button below.

RSAT

The Investec account administered by R. S. Anderson Treasury (RSAT) requires slightly more admin to open and they do allow for donations as a valid source of income.

The cutoff times for RSAT in SAST (GMT+2) is 10:30am.

To open an account with RSAT, please email us and we will do the introductions.

CDSA

The Mercantile account administered by Currencies Direct South Africa (CDSA) is slightly easier to open, but requires you to withdraw to a transactional account under your name after each Orbit before sending back into this account. This is because this isn’t a transactional account, so all payments arriving in this account must come from an account in your name (which Luno does not do).

The cutoff times for CDSA in SAST (GMT+2) is 9am.

Any requests after this might only be sent 2 business days later.

To open an account with CDSA, please email us and we will do the introductions.