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Incompass Financial Solutions
Authorised Financial Service Provider
Graphic Centre, 2nd Floor
199 Loop Street
Cape Town, 8001 - South Africa

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Ph: +27 (0) 21 424 2936
Fax: +27 (0) 86 568 2086

Open a Customer Foreign Currency Account

customer foreign currency accountDoes your company need an effective solution for managing your flow of international payments?

If so, a Customer Foreign Currency account, also known as a CFC account may well be the answer for you.

What is a Customer Foreign Currency Account?

A customer foreign currency (CFC) account is a transactional account which is denominated in a foreign currency, i.e. any currency other than rand. It is available in all major currencies and is utilised for managing foreign currency receipts and payments.

What are the benefits of a Customer Foreign Currency?

The main benefit of a CFC account to your business is that international money received can be held in a foreign currency and then used to make international payments. This negates the need for you to transfer your receipts into ZAR and then back into a foreign currency.

Other benefits include:

  • Ease of payments.
  • It can be set up in all major currencies.
  • Allows the pooling of small amounts of foreign receipts until a viable sum is reached to effect a transfer.

How does a Customer Foreign Currency account work?

A CFC account works much like a normal bank account but please note that only authorised dealers may carry out the transactions.

Is a CFC account right for your business?

A CFC account is useful for a business that frequently makes foreign exchange payments in the course of its business. Specific examples of such companies include:

  • Shipping agents.
  • Freight forwarders.
  • Marine insurance brokers.
  • Service providers who receive payments in foreign currency and need to make payments in foreign currencies,
  • Clients who make or receive commission-related payments or profits as a direct result of middleman trade, insurance broking, stockbroking or tour operating.

Can any company open up a CFC account?

Not all companies will qualify for a Customer Foreign Currency Account and it is also not always the best option for your enterprise.

Getting advice

Getting your foreign payment structures in place correctly can have a profound effect on not just the ease of your international transactions but also the expense involved.

Incompass will review your current situation and provide you with advice as to whether a CFC account is in your best interests and also as to what your chances of qualifying for one are.

Set up a free consultation with one of our experts today to discuss CFC accounts or simply call us on 021 424 2936.

More information on setting up CFC accounts

You'll need to complete and submit certain documents when setting up a CFC account. These documents will be different for a PTY Limited and a Close Corporation (CC):

PTY Limited:

  • Memorandum and Articles of Association.
  • CM22 and CM29.
  • Certificate to Commence Business.
  • Certificate of Incorporation.
  • IDs of directors and authorised persons.
  • Utility bill for the company.
  • SARS document(s) reflecting tax, VAT and import or export code.

Close Corporation:

  • CK documents.
  • IDs of members and authorised persons.
  • Utility bill for the company.
  • SARS document(s) reflecting tax, VAT and import or export code.
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Our guarantees

  • Market leading forex rates.
  • No administration fees.
  • ISO 9001 accredited service levels.
  • ISO 27001 accredited security levels.
  • 100% transparency on all money transfers.
  • Tailored services to meet  your money transfer needs.
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Phone: +27 (0) 21 424 2936

Fax: +27 (0) 86 568 2086

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