To fund your GT247 USD account, you need US Dollars - plain and simple.
What this means is that unless you already have dollars sitting in an offshore account somewhere, you will need to convert your Rands into dollars and effectively take them offshore.
Not too long ago that could be tricky, but thankfully our National Treasury has relaxed our exchange controls significantly in recent times so that unless you're looking to take more than R1 million offshore in any tax year, then you almost don't need to think about it.*
There are 2 scenarios that will affect how you fund your GT247 USD account, which we will deal with individually below. PLEASE NOTE: funding your account with a credit or debit card is NOT allowed:
1. I DON'T HAVE DOLLARS - SWIFT payment
If you don't have dollars which you can transfer to us, funding your GT247 USD account needs to be made by SWIFT Payment. This is a quick international payment offered by most South African banks and FX providers. Most offer it through their respective online banking platforms.
To see how to do so, check out our Funding your GT247 USD account by SWIFT transfer FAQ article
2. I DO HAVE DOLLARS IN AN OFFSHORE ACCOUNT - INTERBANK TRANSFER
If you do happen to hold US dollars in an account offshore, you can simply transfer an amount of dollars from that account into our One World Trader account with Citibank.
You can find these bank details, together with the reference number to use on the transfer, on the Deposit page of your GT247 USD account.
* There's a discretionary allowance allowing South Africans to take up to R1million offshore in any tax year.
If you want to take more money offshore (between R1 and R10 million), you can seek authorisation from the South African Reserve Bank, which you can do by completing a Tax Clearance Certificate, available in any SARS branch. For more information check out the SARB page HERE