To verify your trading capital, we require documentation confirming that you have funds equal to or exceeding your intended trade size. Please refer to the list below for acceptable sources of funds and the corresponding supporting documents required:
Savings
- Most recent 3 months of savings account statements.
Investments
- Most recent investment account statement showing available funds.
Credit Card/Home Loan/Overdraft
- Most recent loan account statement showing the available facility.
- If it’s a personal loan from an NCR-registered credit provider, please include the loan agreement.
Sale of Asset
- Contract of sale detailing the item(s) sold, sale amount, buyer/seller names, and date.
- Proof of transfer (if applicable).
Spousal Donation
- Marriage certificate.
- Completed SARS IT144 document (if you don’t have this document, we can provide a pre-populated version for both of you to sign digitally).
- Most recent 3 months of bank statements from your spouse’s account (where funds are transferred from).
- Source of funds documents from your spouse (matching one of the listed categories here, if applicable).
Spousal Loan
- Marriage certificate.
- Signed loan agreement between you and your spouse (if you don’t have a formal loan agreement, we can provide a pre-populated one for both of you to sign digitally).
- Most recent 3 months of bank statements from your spouse’s account (where funds are transferred from).
- Source of funds documents from your spouse (matching one of the listed categories here, if applicable).
Inheritance
- Signed liquidation & distribution account indicating the amount due to you.
Insurance Payout
- Statement from the insurer confirming the payout amount.
Retirement Annuity
- Proof that the retirement annuity has been encashed (e.g., official statement or letter).
Sole Proprietor
- Most recent 3 months of your sole proprietor business bank statements.
Private Company Dividend
- Proof of share ownership (share certificate or share register).
- Board resolution to declare the dividend, signed by directors, stating the amount and date of payment.
Loan Repayment from Individual
(You originally lent funds to an individual, and they are now repaying you.)
- Loan agreement between you and the individual, indicating the loan amount, date, and repayment terms.
- Personal bank statement showing the transfer of funds to the borrower (from the past).
Loan Repayment from Business/Trust
(You originally lent funds to a business or trust, and it is now repaying you.)
- Loan agreement between you and the business/trust or the Annual Financial Statements (AFS) of the business/trust.
- If no AFS are provided, a personal bank statement showing your original transfer of funds to the business/trust.
- A resolution signed by the directors/trustees confirming the repayment (amount and date).
Trust Distribution
- Trust deed showing you as a beneficiary.
- Letter of authority.
- Resolution signed by trustees to make a distribution (with the amount and date of the distribution).
Offshore Earnings
- Work contract.
- Work visa (if relevant).
- Most recent 3 months of payslips.
- Most recent 3 months of statements for any offshore accounts from which funds are transferred.
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.
