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Welcome

PKF VGA

Latest news from PKF VGA

2019

FOREX SERVICES NOW AVAILABLE

20 Nov 2019

PKF-VGA Wealth has pleasure in advising that we also facilitate a wide spectrum of Foreign Exchange and Banking Solutions to Importers, Exporters & Investors in South Africa.  Our small team of highly skilled and experienced representatives will assist you with all your cross border foreign exchange and offshore investment requirements.    

​Our target market in this regard is as follows: 

  • Companies in South Africa involved in Imports, Exports and Investments. 
  • Offshore companies investing in South African companies through loan funding or equity investment. 
  • Private individuals emigrating, investing abroad or receiving inheritances. 

 Our experience and accreditations: 

  • 100+ years' experience in International Banking and all aspects of imports and exports 
  • All our specialists are registered Financial Representatives with the FSCA – www.fsca.co.za 
  • Registered with the South African Reserve Bank as a foreign exchange intermediary company 
  • Accredited Sasfin Bank foreign exchange and banking Intermediary 
  • Accredited Mercantile Bank foreign exchange and banking Intermediary 
  • Accredited Investec Bank foreign exchange and banking Intermediary 

 

OUR PRODUCTS AND SERVICES 

 

Importers and Exporters 

  • Cross-border payments 

    All your foreign trade payments will be done fast, efficiently and seamlessly through our partner banks and unique online payment and trading platform.  All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner banks. We will provide you with free use of a unique and secure web-based FX trading, payment, risk management and administration platform that will automate all aspects of your import/export payments.  We and the platform do all the work, you stay at the office and you focus on your business. Very low payment fees apply.

  • Competitive Exchange Rates 

    Importers and Exporters are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive.  Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients.  Some clients often find themselves at the lower end of the importance and Foreign Exchange pricing scale.   

    Through our partner banks we can provide: 

    • Very competitive exchange rates 
    • Direct access to a dealing room 

     We will endeavour to establish a SPOT/FEC trading facility with our partner bank, without the placement of any margin or signing of guarantees or surety. This means that you can effectively convert your existing SPOT/FEC facility into a working capital/overdraft facility.   

  • Online FX trading, payment, risk management and administration platform 

    One of the biggest challenges facing importers and exporters involved in cross border currency payments, is how best to manage and mitigate the impact of volatile currency markets on their business operations, cost competitiveness and profitability. Without a proper foreign exchange management policy, and a proper risk management tool, companies are not able to control the potential adverse effects of currency movements, which can lead to increased cost and reduced market share and profits.  

    There are several different approaches and strategies available to reduce risk posed by currency movements, which can be specifically customised around the company's foreign exchange requirements.  Naturally the needs of companies will differ from company to company depending on various factors including turnover, mandates, costing model, etc.  In addition to the online FX solution, we are also able to assists importers and exporters to manage and mitigate Forex exposures on an outsourced basis.  In this regard our partner bank (The only bank in South Africa offering an outsourced FX solution) will record, execute and report on all your FX transactions. 

     Main features of this solution are as follows: 

    • Flexible solution – tailor made to your requirements 
    • Provided FX transactions are dealt with our partner bank, no fees will be levied 
    • Risk management function (performance vs agreed benchmark) – option for upside and downside to be shared between the client and our partner Bank 
    • Dedicated portfolio manager 
    • Assist with the develop FX risk management framework 
    • Effectively provides client with a dealing room 
    • Initial FX/Treasury audit – no charge 

 

Private Individuals 

  • Cross-border payments 

    All your foreign investment payments will be done fast, efficiently and seamlessly through our partner bank.  All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner banks. Very low payment fees apply.

  • Competitive Exchange Rates 

    Private individuals are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive.  Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients.  Some clients often find themselves at the lower end of the importance and Foreign Exchange pricing scale.  

    Through our partner banks we can provide: 

    • Very competitive exchange rates
    • Direct access to a dealing room

    We will endeavour to establish a hedging trading facility with our partner bank to secure favourable exchange rates for future transaction, if required whilst waiting for South African Reserve Bank approvals and Tax clearances.

  • South African Reserve Bank Applications 

    The Currency and Exchanges Manual for Authorised Dealers (Authorised Dealer Manual) contains the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulation. In this regard we can facilitate any request for permission to receive or pay foreign exchange outside the laid down rules and regulations of the Financial Surveillance (Exchange Control) Division of the South African Reserve Bank.

  • Tax Clearance Certificates 

    We can facilitate the issuance of Tax Clearance certificates with regards to foreign investment allowances in excess of the laid down limits within 2-5 day. 

 

OTHER FINANCIAL SOLUTIONS 

 

  • Investment Call Account  

    With our partner bank, earn an attractive return on your surplus cash, which is readily accessible whenever you need it, with no notice period.  Minimum investment of R1 000.  Very attractive tiered interest rates.  Free online banking is also available. 

  • ​​Card Acquiring  

    We can provide Point of Sale (POS) terminals that can be linked to an account of your choice, enabling you to receive same-day value for all VISA and MasterCard Credit and Debit card transactions. Provided that your terminal is linked to your Bank account with our partner bank, and that payments are received by us before 19h00, funds will reflect in that Bank account on the same day. Businesses that has been running for over 24 months also qualify for a cash POS loan.  You will receive 24/7 technical support via our technical support centre and on-site technical support.   

  • Import/Export Trade Finance  

    As a company involved in foreign trade you will face many financial and logistical challenges in both the funding and landing of your goods in South Africa.   

      Your trade finance challenges will include: 

    • The financing of the goods - as your supplier will most likely want part or full payment before shipment and you will only receive cash from your clients much later
    • The movement of goods - you will require shipping, marine insurance, and forwarding and clearing in order to land and deliver the goods to your warehouse 
    • Exchange rate risk - by the time your goods have landed, the exchange rate may have changed dramatically, negatively influencing your input costs 

    In order to address all these challenges, we can, through our partner banks provide you with complete peace of mind to manage an end to end solution for your imports, financing of goods through our Trade Finance offering, booking forward exchange cover, all the way to actually collecting and delivering your goods through our Logistics service provider. 

  • Debtor Finance  

    Selling goods on credit terms, for 30, 60 or 90 days, is a universally accepted business practice. However, it can exert extreme pressure on an entrepreneur’s cash flow. Our banking partner’s Debtor Finance offering allows you to access the cash tied up in your debtors’ book, because we provide a cash advance of up to 80% of its value.   

    The bank discounts credit sales for clients to the extent of 80% of invoice value – and adopts one of two approaches in doing so: 

    • Disclosed debtor finance (via a full debtor management and administration service) or  
    • Confidential invoice discounting (where the client keeps control of the debtors’ book) 

    The debtor financing process generally involves the bank discounting invoices for clients and advancing the funds prior to due date, thus shortening the cash flow period.  

  • Specialised Equipment and Rental Finance 

    Equipment Finance provides funding for the purchase of a variety of equipment via instalment sales, lease facilities or rental finance. 

    Through our partner bank and their associations, we can provide equipment rental finance contracts that will add to your company’s BEE score.  We will also facilitate a start-to-finish import solution where the importation process is handled by the bank and clients are offered a Rand-based, landed cost price per unit.

  • Freight and forwarding 

    We are able to facilitate, at very competitive rates, a full-service clearing, forwarding and logistics service throughout South Africa and the globe, including access to state-of-the-art warehousing facilities.

  • DTI Manufacturing Incentive 

    We assist manufacturing businesses that are starting up or expanding, to access lucrative government grants from the Department of Trade and Industry.  Our partner is regarded as one of the leaders in this field and our offering and fees are purely based on success and performance. 

  • Custom rebates for importers and exporters 

    Our partners in-house customs experts can assist in advising on legislation, tariffing and rebate administration.  They also provide services to the automotive industry by accessing the benefits offered through the Automotive Production and Development Programme (APDP). 

  • Import Duties Recoveries 

    We assist clients to recover import duty under various customs duty drawback provisions.  Target clients are automotive and general exporters. 

  • Short Term Insurance  

    We are able to facilitate through our partner independent specialist broking that will cater for the short-term insurance need of individuals and corporate entities of all sizes, at very competitive rates.  

  • Transactional Banking  

    Transactional Banking provides easy cash management with one account, with real interest and access to a range of features for business.  Keep your business on track with our banking partner’ secure new digital banking platform.

  • Global Trade and Foreign Exchange training

    We are able to tailor made a training program the meet the needs of your company covering the all the aspects of Global Trade and Investments. 

 

Gerhard van Graan (gerhard@vg-a.co.za / 082 900 4441)

Herman Nieuwoudt (herman@vg-a.co.za / 083 864 0654)


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