Client goes to bank branch and completes ‘Foreign Exchange Transaction / Transfer of Funds’ Form (as per usual). Include ‘Contact Impex for Rate’ & Impex contact number as advised by Gerobos. Bank contacts Impex to negotiate. Impex utilizes buying power to secure best possible rate of exchange. Transaction processed with funds being transferred in standard manner but at improved rate.
Notifying Bank to negotiate rate with Impex
Required Documents If no Direct Dealing (DD) in place: Submit application together with relevant documents to get DD functionality with relevant bank set up. If or once Direct Dealing is in place : 1.Completion of ‘Authorising Dealing’ Mandate 2.Completion of ‘Impex Risk Management’ Mandate * RMB & ABSA require additional ‘Board Resolution’ Mandate. No DD DD
Average rate attained by Impex = 2 - 3c above spot. (vs avg. 11 – 15c or higher for DD transactions by medium tier firms ) 0.5% (50 basis pt.) administration charge on transaction ZAR value. Savings eg: Want to buy $ : spot USDZAR = Through DD with bank without Treasury Solutions (TS) provider rate attained would conservatively be Therefore, $ = R , But, with TS provider, rate attained would be closer to 7.84, Therefore, $ = R , Admin cost of x R = R1 960 Total saving of (R – R ) – R1 960 = R3 540
No change to procedure with surety and ease provided through administrative assistance and oversight by Gerobos and Impex. Applicable to both Current and CFC account transfers. Assistance provided for setting up ‘lines of credit’ and forward hedging positions where necessary.
Foreign Exchange Allowance Assistance with taking foreign exchange allowance offshore and attaining necessary tax certificates. Forward hedging cover Assistance with hedging foreign exchange exposure through the employment of appropriate hedging strategies. Currency futures Profit from rand volatility through speculation with currency futures.