Multi-currency payments service FairFX has expanded into the domestic South African market through an agreement with Morgan West Ltd. and Mercantile Bank.
While inbound foreign exchange services are prevalent, conversion of South African Rands (ZAR) for transfer out of the country are more challenging, the company said. That makes a local presence very important.
Customers can now access the FairFX telephone dealing desk and a personal account management service with helps them transfer funds in and out of the country. FairFX claims customers can save as much as ZAR 10,000 on a ZAR 500,000 transfer.
By including Morgan West and Mercantile Bank, FairFX can provide additional services such as foreign tax clearance certificate applications and SARB approval support.
FairFX’s next step is a full-service offering including currency cards.
“With a large number of international businesses and people transiting to and from South Africa, FairFX has identified the country as an exciting growth opportunity,” CEO Ian Strafford-Taylor said. “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.”
FairFX’s entry into South Africa could serve as the starting point for growth across the continent, Mr. Strafford-Taylor said.
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