FAQ's

 
 

How do you pay for the currency?

By electronic funds transfer. Under no circumstances do we accept cash. If you are buying a Forward Exchange Contract we will require 10% of the deal amount at the time of booking and the remainder on the value date.

How does Foremost Finance pay your beneficiary?

On receipt of cleared funds (into the account we opened in your name with our bankers) we send the currency by TT (telegraphic transfer) to your nominated beneficiary against documents presented to the bank on the value date.

  • When does my beneficiary receive the funds?

Either on the value date or the next working day depending on the time difference in the destination country.

  • Can you receive foreign currency on my behalf?

Yes and we inform you of its arrival.

  • What is Foremost Finance’s fee?

ZAR 228.00 per deal, regardless of size, plus a commission of 0.12% which is calculated on the ZAR value of the booked currency amount.

For advance payments we charge an additional flat fee of ZAR 150.00 per advance payment.

  • Bank charges?

Between ZAR 120.00 and ZAR 250.00 per TT.

The actual amount depends on which bank is used to buy the currency and to make the subsequent payment from. This will be confirmed at the time of each booking.

  • Are my funds safe?

Yes, because you deposit the requested funds into your own nominated settlement account. Foremost Finance only acts as an authorised broker in terms of the signed documentation when the settlement account was opened.

  • Why should I use Foremost Finance?

For real savings and an unrivalled personal service. Plus you will never have to stand in a bank queue again.

  • Other

All fees and bank charges quoted exclude VAT.
All document requirements are in accordance with current Exchange Control Rulings.

                                                           WITHIN SA: 011 807 3715       OUTSIDE SA: +27 11 807 3715