You will be required to enter the amount which you’d like to trade with at a time, we refer to this as your trade size.
We require source of funds documents showing
- that you have this trade size amount available in your funding account (your day-to-day bank account) and
- where these funds originated from.
Please see the accepted source of funds categories below and the required documents for each:
Funding Account
- 3 months bank statements (most recent) of your day-to-day transactional account (funding account).
- Interim bank statement or transaction history showing trading capital if transfer was made after last statement date.
Inheritance
- Signed liquidation & distribution account showing amount due to you.
Insurance Payout
- Proof of policy
- Statement from insurer showing the payout.
Investments
- Investment account statement (most recent).
- Proof of transfer to your day-to-day transactional account (funding account).
Loan Repayment from Individual
Please note that this refers to an instance in the past where you have loaned funds to an individual and they are repaying the funds to you (you are the lender and they are the borrower).
- Loan agreement between you and the individual stating the amount loaned, date of loan and the terms of repayment.
- A personal bank statement showing the transfer of funds to the borrower.
- Proof of loan being repaid.
Loan Repayment from Business/Trust
Please note that this refers to an instance in the past where you have loaned funds to a trust or business and they are repaying the funds to you.
- Loan agreement between you and the business/trust or the Annual Financial Statements of the business/trust.
- A personal bank statement showing the transfer of funds to the business/trust (if no AFS were provided).
- Proof of loan being repaid by entity (resolution signed by directors/trustees to repay the loan stating amount and date of repayment).
Credit Card/Home Loan/Overdraft
- Loan account statement (most recent) showing available facility.
- Loan agreement if it’s a personal loan from NCR registered credit provider.
Private Company Dividend
- Proof of share ownership (share certificate/share register).
- Resolution to declare dividend signed by board of directors stating amount and date of payment.
Retirement Annuity
- Proof that retirement annuity was encashed.
Sale of Asset
- Contract of sale (must detail item/s sold, amount/s sold for, buyer and seller and date of sale).
- Proof of transfer (if applicable).
Savings
- 3 months savings account statements (most recent).
- Interim statement or transaction history if the most recent is more than 30 days old.
- Interim statement or transaction history showing the transfer of capital to your funding account.
Sole Proprietor
- 3 months sole proprietor bank account statements (most recent)
Spousal Donation
- Marriage certificate.
- Completed SARS IT144 document.
- 3 months bank statements from the account your spouse transferred funds from (most recent).
- Additional source of funds document(s) from spouse as per this page.
Spousal Loan Agreement
- Marriage certificate.
- Signed spousal loan agreement.
- 3 months bank statements from the account your spouse transferred funds from (most recent).
- Additional source of funds document(s) from spouse as per this page.
Trust Distribution
- Trust deed showing you as a beneficiary.
- Letter of authority.
- Resolution signed by trustees to make a distribution (must include amount and date of distribution made).
Offshore Earnings
- Work contract.
- Work visa.
- 3 month’s payslips.
- 3 month’s statements for any offshore accounts where money was transferred from.
May I borrow money from a friend to trade with?
No, only loans between spouses or from a licensed bank are permitted. The South African Reserve Bank (SARB) does not allow the use of any other loans. Please refer to the ‘Crypto assets’ section of their Frequently Asked Questions page:
“An individual may not use another individual’s single discretionary allowance or foreign capital allowance through the granting of a ‘loan’ or any other similar agreement. This is regarded as a simulated transaction to circumvent the provisions of the Exchange Control Regulations and therefore an illegal activity. In this regard, refer to Exchange Control Regulation 10(1)(c), read with Exchange Control Regulation 22.”
Why do you need all these documents?
All banks must adhere to the exchange control guidelines and regulations set out by the SARB. Therefore, the bank verifies the source of funds for every foreign exchange transaction to ensure compliance. They require to see the flow of funds from each category to your day-to-day account, and from there into your FX trading account.
How do I increase my trade size?
You have to provide us with your new trade size and source of funds documents showing where your funds originated from. Kindly note that the minimum increase in trade size is R100,000 at a time.
