PKF VGA

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Foreign currency exchange

PKF vga Wealth has pleasure in advising that we also facilitate a wide spectrum of Foreign Exchange and Banking Solutions to Importers, Exporters & Investors in South Africa.  Our small team of highly skilled and experienced representatives will assist you with all your cross border foreign exchange and offshore investment requirements. 

Our target market in this regard is as follows:

  • Companies in South Africa involved in Imports, Exports and Investments.
  • Offshore companies investing in South African companies through loan funding or equity investment.
  • Private individuals emigrating, investing abroad or receiving inheritances.

Our experience and accreditations:

  • 100+ years' experience in International Banking and all aspects of imports and exports
  • All our specialists are registered Financial Representatives with the FSCA – www.fsca.co.za
  • Registered with the South African Reserve Bank as a foreign exchange intermediary company
  • Accredited Sasfin Bank/Mercantile/Capitec foreign exchange and banking Intermediary

Our Products and Services 

Importers and Exporters

Cross-border payments

All your foreign trade payments will be done fast, efficiently and seamlessly through our partner banks and unique online payment and trading platform.  All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner banks. We will provide you with free use of a unique and secure web-based FX trading, payment, risk management and administration platform that will automate all aspects of your import/export payments.  We and the platform do all the work, you stay at the office and you focus on your business.  Very low payment fees apply.

Competitive Exchange Rates​

Importers and Exporters are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive.  Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients.  Some clients often find themselves at the lower end of the importance and Foreign Exchange pricing scale.

Through our partner banks we can provide:

  • Very competitive exchange rates
  • Direct access to a dealing room

We will endeavour to establish a SPOT/FEC trading facility with our partner bank, without the placement of any margin or signing of guarantees or surety. This means that you can effectively convert your existing SPOT/FEC facility into a working capital/overdraft facility.

Online FX trading, payment, risk management and administration platform​

One of the biggest challenges facing importers and exporters involved in cross border currency payments, is how best to manage and mitigate the impact of volatile currency markets on their business operations, cost competitiveness and profitability. Without a proper foreign exchange management policy, and a proper risk management tool, companies are not able to control the potential adverse effects of currency movements, which can lead to increased cost and reduced market share and profits.

There are several different approaches and strategies available to reduce risk posed by currency movements, which can be specifically customised around the company's foreign exchange requirements.  Naturally the needs of companies will differ from company to company depending on various factors including turnover, mandates, costing model, etc.  In addition to the online FX solution, we are also able to assist importers and exporters to manage and mitigate Forex exposures on an outsourced basis.  In this regard our partner bank (The only bank in South Africa offering an outsourced FX solution) will record, execute and report on all your FX transactions.

Main features of this solution are as follows:

  • Flexible solution – tailor made to your requirements
  • Provided FX transactions are dealt with our partner bank, no fees will be levied
  • Risk management function (performance vs agreed benchmark) – option for upside and downside to be shared between the client and our partner Bank
  • Dedicated portfolio manager
  • Assist with the development of an FX risk management framework
  • Effectively provides client with a dealing room
  • Initial FX/Treasury audit – no charge

Private Individuals

Cross-border payments

All your foreign investment payments will be done fast, efficiently and seamlessly through our partner bank.  All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner banks. Very low payment fees apply.

Competitive Exchange Rates

Private individuals are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive.  Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients.  Some clients often find themselves at the lower end of the importance and Foreign Exchange pricing scale.

Through our partner banks we can provide:

  • Very competitive exchange rates
  • Direct access to a dealing room

We will endeavour to establish a hedging trading facility with our partner bank to secure favourable exchange rates for future transaction, if required whilst waiting for South African Reserve Bank approvals and Tax clearances.

South African Reserve Bank Applications

The Currency and Exchanges Manual for Authorised Dealers (Authorised Dealer Manual) contains the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulation. In this regard we can facilitate any request for permission to receive or pay foreign exchange outside the laid down rules and regulations of the Financial Surveillance (Exchange Control) Division of the South African Reserve Bank.