Does Standard Bank Allow Forex Trading?
Standard bank is one of the leading banks in Africa. In fact, The Johannesburg-based bank group has served clients for over 150 years and was ranked top in Global Finance as the best trade finance bank in South Africa.
Since it is one of the top-ranking financial institutions in South Africa, many forex traders have bank accounts with Standard Bank. Luckily, the bank supports forex trading and international payments. You can, therefore, deposit and withdraw funds from various forex brokers operating in South Africa (tho we recommend using primarily the locally regulated ones). Besides trading, it offers myriad products ranging from insurance, credit services, business banking, and wealth management.
Forex brokers that work with Standard Bank
How Standard Bank Supports Forex Trading
The bank offers a business online tool for real-time trade management and accessing forex rates instantly. With standard bank online payment, you can expect a seamless process and transparency supporting transaction cost and exchange rate before you make the money transfer.
What You Need to Make International Money Transfers
In your trading journey, you will need to make your initial deposit or top up your account when it is depleted. The international payment means you can deposit to the top international brokers in South Africa.
To make an international payment to a broker, you need to have:
- the full physical address and the company name
- valid bank swift code,
- account number or IBAN,
- BOP code based on the exchange requirements
- Depending on the country, you may also need to know the routing code or SORT.
If you are an astute trader, you will make withdrawals to enjoy your profits. The good thing is that Standard bank supports withdrawals from trading brokers. Receiving your withdrawals using the bank is seamless and straightforward. The bank offers well-tailored banking for easy payment transfers.
The standard bank enables you to track the incoming funds when you withdraw. To receive international payments, the requirements are pretty much similar. You will need the account or IBAN and branch or SORT code.
Standard bank recommends using the cheque or saving account to receive international payments. In this case, you can use the standard bank’s swift address, SBZAZAJJ.
It takes two days for Standard bank to process payments. The good thing is that the bank gives you options to use a pre-booked rate or process the payment at the current exchange rates. To process this payment, you will need to provide supporting documents requisite in the exchange control requirements. You must also indicate the reason for making the payment, address, name, and bank details of the broker.
Luckily the South African Reserve Bank gives citizens a single discretionary allowance to make money transfers of up to 1 million without providing supporting documentation. However, international payments will incur various fees, including the swift, beneficiary, and commission fees. You can make payments using banking apps and internet banking with standard banks.
Making a deposit or withdrawing wins from Standard bank is a breeze thanks to internet banking. Once the funds hit the standard bank, the bank notifies via email and SMS. You will have 30 days to provide payment reasons. You can set a standing settlement instruction to allow the bank to process the payment without requiring further details if you regularly receive payments from one source.
If the funds are in foreign currency, Standard bank will convert the funds into the local currency at the current exchange rates at the time of the providing payment reason.
Making International Payments on Internet banking
- Head over to the internet banking and select the transact button
- Go to the international payment, complete the steps to make the payment
To make payment on the banking app:
- Download the standard bank mobile app and sign in.
- Click on the more button, select explore products, and head to the foreign exchange.
- Make payments by selecting the outward international payments
- Complete the process to make the payment.
The Optimum bank account is one of the best accounts if you are regularly involved in making and receiving transfers around the globe. It allows you to open the account in US dollars, sterling, euros, and Australian dollars.
The account allows you unlimited deposits and withdrawals. You can link, manage, and transfer funds between your accounts via mobile banking. The account also comes with a visa debit card that attracts a 1.75% withdrawal fee and an annual fee of 25 dollars.
- To open an account requires that you are over eighteen years old.
- Make the required opening deposit.
- Proof of identity and address using certified or original copies.
Standard bank is one of the top banks in South Africa. You can use their forex services or you can make deposits and withdrawals seamlessly with nearly all forex brokers. It offers excellent features and tailored accounts to make deposits and withdrawals seamless. Standard bank is definitely a top choice for citizens from SA to consider.