HOW THE TRADING PROCESS WORKS
WHAT KUDA FX DOES
- Opens client an Investec Prime Money Call Account / Bidvest CCM Account.
- Facilitates South African client’s SARS Approval for International Transfers process or SARB application for non-resident clients, if needed.
- FICA compliance checks.
- Executes FX trade.
- Issues trade confirmation.
- Issues proof of payment once funds have been remitted offshore.
- BOP reporting to SARB.
WHAT THE BROKER/CLIENT DOES
- Completes details on Kuda FX Online Registration form.
- Transfers Rands into Investec Prime Money Call Account / Bidvest CCM Account (interest-bearing account in clients name).
- Provides FX destination details.
- Issues trading instruction to Kuda FX dealing desk.
1) Contact Kuda FX
By phone, email or on our website
2) Open Kuda FX account online
Complete our fully automated online application form
(Complete SARS Approval for International Transfers application form if applicable)
5) Transfers Rands into Investec Prime Money Call Account / Bidvest CCM Account
Your client transfers the Rands intended for trading into the account mentioned in step 3
7) Client instruction to trade
Your client (or you if authorised) instructs us to trade
8) Confirmation of offshore destination
You provide us with details of the bank account or fund in which your client’s FX will be credited.
3) We open your Investec Prime Money Call Account / Bidvest CCM Account
We open an interest-bearing account in your client’s name with no admin or account maintenance fees. This money can only be accessed with your client’s authorisation.
4) SARS Tax Approval for International Transfers*
This applies if your client’s trades volume exceeds your single discretionary allowance of R1M per calendar year.
6) Sight of funds confirmation
When we have sight of funds and the relevant compliant SARS Approval for International Transfers (if applicable) our dealing desk will get in touch to discuss rates.
9) Kuda FX executes trade
Confirmation of the trade is sent to your client (or you if authorised), on the deal date. Additionally, we send you the proof of payment once funds are transferred to your client’s offshore destination.