Multi-currency payments service FairFX has expanded its international payments service into the domestic South African market through a tripartite deal with Morgan West and Mercantile Bank.
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.
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FairFX said services offering foreign exchange into South African Rand (ZAR) to send into South Africa are widely available, but converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX is now able to offer.
FairFX claims that rate it offers in the ZAR market is significantly better than those of domestic banks.
"Someone transferring ZAR500,000 could save up to ZAR10,000 by using FairFX’s service," the company said in a statement.
In addition, through its agreement with Morgan West and Mercantile Bank, FairFX will be able to offer a range of services to customers, including applications for foreign tax clearance certificates and special SARB approval support.
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By GlobalDataFairFX also revealed that it 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, FairFX CEO Ian Strafford-Taylor 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."
