FOREX FAQ

You have several options:

• Online Platform – Log in to your account and click “Send/Receive funds”
• Phone – To speak directly with one of our dealers and confirm the exchange rate, call our dealing room at ##########.
• Email – Send your transaction details via email to our dealing room at deal.room@ijmcapco.za.
• Account Manager – Your dedicated Account Manager can also assist if you prefer.

We’re here to make booking transactions as easy as possible for you.

• Step 1 – Register and provide us with your details.
• Step 2 – We’ll compile and complete all the onboarding forms and send them to you to digitally sign.
• Step 3 – Start sending and receiving funds.

It typically takes about 2 - 6 business days for your bank account to be created after submission.

IJM Capital  assists with offering a more streamlined and simplified platform for Forex transactions. We have solved all the complexities of international transactions, so you don’t have to.

Our expert compliance team assists with regulatory requirements such as Advanced Payment Notifications (APNs), Approved International Transfers (AITs) and applications and approvals, while keeping up to date with the latest changes in regulations so that you are always compliant.

For same-day processing, please note the following deadlines:

• Ensure your account is funded before booking.
• The exchange rate needs to be booked before 10:00 am.
• All necessary supporting documents must be submitted by 10:30 am. Note that the document submission deadline is 11 am. We will endeavour to meet this deadline for documents submitted between 10:30 am and 11 am.

If any cut-off times are missed, the transaction will be processed on the day when all the deadlines are met.

 IJM Capital operates on a transparent and straightforward fee structure. We only charge fees on a per-transaction basis. There are no monthly bank or platform fees.

The following fees are charged:

Bank Admin Fee (SWIFT Fee):

• This fixed fee, charged by our banking partners, is charged per payment. It covers the administrative cost of using the SWIFT* international payment network

Margin or “Spread”:

• A percentage-based fee, commonly known as the “spread”, is also charged. This is the lesser known but far more significant fee that banks typically overcharge clients.

Our banking partners charge a fee for sending funds via the SWIFT network. There are two fee types which allow you to choose whether the fees are charged on the sender and/or receiver side:

• OUR – The fee is paid on the sender side of the transaction (i.e. all in ZAR).
• SHA/BEN – The fee is “shared” between the sender and receiver side (i.e. in ZAR and foreign currency). As a result, your recipient receives less foreign currency than sent.

We recommend OUR, as it is more predictable and typically lower cost overall.

 *SHA/BEN fees are shared with your recipient. As a result, your recipient receives less foreign currency than sent. 

This refers to the percentage difference between a foreign currency’s buy and sell rate and is typically determined by the client’s transaction volumes. This difference is due to the cost of exchanging one currency for another.

To illustrate, let’s say you are sending R1 million to the USA and converting it to US dollars. If the spot rate is R18 to $1, the bank might charge you R18,36 per dollar bought. The spread is, therefore, R0.36 on each US dollar, or 2% of the transaction value. While R0.36 per dollar doesn’t seem significant, the cost of the transaction, excluding the SWIFT processing fee, is R20,000.

It is common practice in the forex industry, amongst our competitors, to hide the high spreads they are charging. We at IJM pride ourselves on complete transparency and consistency, especially concerning pricing. IJM can provide you with the most competitive “spread”, which we have negotiated through our strong partnerships with a variety of larger banks.

Yes, the more you use our service, the more you can benefit from competitive rates. Chat with one of our consultants to get a quote tailored to your specific needs. 

We facilitate payments to and from these currencies:

• USD – United States Dollar
• EUR – Euro
• GBP – British Pound Sterling
• AUD – Australian Dollar
• CNY – Chinese Yuan
• JPY – Japanese Yen
• CAD – Canadian Dollar
• CHF – Swiss Franc
• NZD – New Zealand Dollar
• HKD – Hong Kong Dollar
• DKK – Danish Krone
• BWP – Botswanan Pula
• SGD – Singapore Dollar
• NOK – Norwegian Krone
• SEK – Swedish Krona
• MUR – Mauritian Rupee
• LSL – Lesotho Loti
• NAD – Namibian Dollar
• SZL – Swazi Lilangeni

The following countries are sanctioned (blacklisted) countries.

• Iran
• North Korea
• Afghanistan
• Russia

Yes, you can hedge your currency risk through a forward exchange contract, commonly known as a FEC or forward cover. This is a contract whereby an exchange rate is fixed for delivery at a future date (up to a maximum of 12 months).

We offer the following FEC types:

• Fixed – For delivery on a fixed date.
• Semi Optional – For delivery anytime between two dates following the booking date.
• Fully Optional – For delivery anytime from the booking date until a future date.

 We can set up a CFC (Customer Foreign Currency) account should you wish to hold foreign currency. Please note that there are certain limitations on this due to South African Exchange Control regulations:

Businesses:

• Foreign currency purchased from the spot market can be held for a duration of 30 days.
• If your business receives foreign currency, you have the flexibility to hold it indefinitely in your CFC account.
• 
  

Individuals:

• Individuals can enjoy the freedom of holding foreign currency indefinitely in a CFC Account.

We assist with regulatory approvals, applications, and 24/7 VIP support as a complimentary service. 

 South Africa has exchange controls that allow the Reserve Bank to keep track of capital outflows and inflows. Every calendar year, each South African resident over the age of 18 is granted a R1 million SDA (Single Discretionary Allowance) and R10 million AIT (Approved International Transfer) to send funds offshore. These two allowances combined form your Foreign Exchange Allowance, which, in total, enables you to send up to R11 million abroad in a calendar year. These allowances are reset on 1 January each year, irrespective of how much was utilised in the previous year.

• SDA (Single Discretionary Allowance): Your R1 million SDA can be readily used without any additional paperwork.
• AIT (Approved International Transfer): Current Exchange Control Regulations require individuals to apply via SARS to access their R10 million AIT. Our Compliance Team can apply for your AIT as a complimentary service.

If you need to send funds above R11 million abroad, a SARB application is required. We also assist with SARB applications as a complimentary service.

An APN is an application made by an importer to give notice of the intention to make an Advance Import Payment, above R50 000, to a supplier in respect of imported goods. 

This is submitted via SARS E-filing. An Advance Import Payment is any foreign exchange payment made for the import of goods before the supplier ships the goods. This relates to Balance of Payment (BOP) category 101 (Advance Payments).

Upon an importer’s application for an APN, SARS immediately issues an APN reference number. This reference number needs to be supplied to the facilitating bank to finalise an Advance Import Payment.

As a complimentary service, Future Forex can apply for clients directly or provide guidance if they prefer to apply for themselves.

 South African resident individuals (not companies) can invest up to R10 million per calendar year in offshore property using an AIT (see “What is an AIT and SDA?”). For property purchases exceeding R 10 million, an application to SARB is necessary.

IJM Capital assists with AIT and SARB applications as a complementary service.

All cross-border transactions must be reported to the South African Reserve Bank (SARB) in accordance with SARB regulations. BoP category codes categorise the type or purpose of the cross-border transaction. i.e. goods, services, imports, etc., enabling the SARB to monitor capital inflows and outflows. 

IJM Capital will only contact you via the following channels:

• Emails from “…@ijmcap.com” 
• A call or WhatsApp from your dedicated Account Manager. You can verify your Account Manager’s contact details by logging onto your IJM account.
• A call from our general office numbers (########## or ##########).

If you get approached by someone purporting to be a IJM Capital representative, you can verify this either by emailing info@ijmcap.com, or by contacting your Account Manager via the contact details provided in your IJM Portal.

NB: Do not provide any personal information, login credentials or send funds to someone claiming to be a Future Forex representative until you have verified this.

Verifying your recipient’s payment details is crucial to ensure your funds are not stolen. Scammers may try get you to send funds to them by impersonating a recipient. Some of the ways scammers can impersonate a recipient is by:

• Trying to make an email look like it came from a recipient
• Sending an email from a compromised recipient’s email account
• Intercepting mails between you and a recipient

We strongly recommend verifying a recipient’s payment details when adding a new recipient or updating an existing one.

The best way to verify a recipient’s details is simply to give them a call, or drop them a WhatsApp. It’s typically far more difficult for scammers to impersonate someone via phone call or WhatsApp, so using a secondary method like this will help keep your funds safe.