FairFX, the FinTech low-cost multi-currency payments service, has extended its international payments service into the domestic South African market through a tripartite agreement with Morgan West Ltd and Mercantile Bank.
Services providing foreign exchange into South African Rand (ZAR) to send into South Africa are widely available. Converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX now offers.
Under this new service, customers will have access to FairFX's telephone dealing desk, where a personal account management service will support them when transferring funds both to and from South Africa.
FairFX offers highly competitive rates in the ZAR market, which are significantly better than those of domestic banks. Someone transferring ZAR 500,000 could save up to ZAR 10,000 by using FairFX's service.*
In addition, through its tripartite agreement with Morgan West and Mercantile Bank, FairFX is able to provide a range of services to customers, including applications for foreign tax clearance certificates and special SARB approval support.
FairFX will now look to expand its presence in South Africa further through delivering a full-service offering, including currency cards.
Commenting on the launch of its service, Ian Strafford-Taylor, CEO of FairFX, said: "With a large number of international businesses and people transiting to and from South Africa, FairFX has identified the country as an exciting growth market for its services. As with all the markets we operate in, we challenge and disrupt the traditional players by offering far more competitive and fairer rates, and more customer choice. We also envisage this strategic move to be a potential gateway into other parts of Africa as demand grows from businesses and travellers looking for more efficient money transfer solutions, and of course better value."