About Our Forex
Ibex Capital is a foreign exchange intermediary at the South African Reserve Bank. This enables us to assist in the exchange of forex through Mercantile and Investec Bank’s Treasury Department, specializing in the following:
- Individuals utilizing their discretionary allowance of R 2m
- Individuals utilizing their offshore investment allowance of R 10m.
- Individuals applying for a special tax clearance when amounts exceed R 10m.
- Companies involved in the import and export of goods that receives or make payments in foreign currency.
- Individuals working abroad and who wants to repatriate their funds.
Individual & Corporate Solutions
- Fixed SWIFT fees and low commissions
- Free assessment – aim to beat any of the major banks’ quoted exchange rates
- Global network of currencies
- Non-resident capabilities
- Non-rand exchange
- Same day transfers
- Access to all major currencies
- R10m plus special clearances
- Assist with SARS tax clearances and financial emigration for clients
- R1m discretionary allowances
- R10m foreign investment allowances
- R10m plus special clearances
- Structured forex solutions
- Import and export facilitation
- Forward cover
- Spot contract rates
- Wholesale transactional banking account
- Higher interest rates
- 100% control and fexibility
- Full audit trail
Outward Payments Process
IBEX on-boards clients by conducting screening and verification checks in line with the FIC act.
The clients’ funds are transferred into the clients’ personal bank account – CCM account (this is done through normal EFT)
On receipt of funds, the Ibex dealers will confirm an exchange rate with the client and book the trade. The client will receive a deal confirmation as proof.
IBEX will then transfer funds to the clients’ allocated beneficiary account and provide an electronic deal settlement (proof of payment). Our designated administration team will also assist with any SARB inquiries if necessary.
Inward Payments Process
IBEX on-boards clients by conducting screening and verification checks in line with the FIC act.
The client transfers the foreign currency from an offshore account to the clients’ personal bank account – CCM account (our team will assist with the necessary information i.e. SWIFT codes etc.)
On receipt of foreign currency, the Ibex dealers will confirm an exchange rate with the client and book the trade. The client will receive a deal confirmation as proof.
The funds will settle in the clients’ CCM account and Ibex will provide the deal settlement (proof of payment). Our designated administration team will also assist with any SARB inquiries if necessary.