What's the best way to send money from my SA bank account to UK bank account?
I just used PayPal (I have one PayPal account per bank account). Sent R3032.49, recieved £155.67 (Exchange rate according to xe.com was 18.39 £) Are there better ways? I pretty much have to do this monthly to pay off an overdraft. Need to try reduce fee expenses. I think next month I might just send R1000 x 3 methods
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The rough guide to the Islamic Investment world (in South Africa)
So this is my rough guide to Islamic investments within the South African Universe (it can apply globally, except my examples is all South African based). Hope it is informative and encourages halal investing. Suggestions welcome
Section 1: Investment Universe
Islamic Bank fixed deposits
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars Cons: Low profit rates.
FNB Islamic Fixed deposit.
Absa Islamic Fixed deposit
Standard Bank Islamic Fixed deposit
Unit trusts
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification Cons: Typically High fees, .
Old Mutual Albarakah equity fund
Oasis Cresent Equity Fund
Kagiso Islamic Equity Fund
Many options: only a few examples listed.
ETF
About: Collective investment Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification Cons: only one option in SA, heavily weighted on Resources
NewFunds Sharia top 40 ETF
Shares
About: Pick your own stocks off the exchange Pros: High profit potential, Cons: Very Risky, No Islamic oversight (hence need to do your own screening)
Platform: Easy Equities (low fees platform available in SA. NO Leverage/Margin, Remember to buy/sell whole shares only).
Lazy guide to choosing "Sharia stocks" : Get the constituents of islamic unit trusts, invest in those.
NB: Remember to do dividends purification
Property
About: Tried and test property Pros: Stable Asset, Tangible, Straightforward, Zakah benefits, Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
Banks for islamic loans:
FNB (Islamic bond)
Albaraka Bank
NB: Zakah
paid on rental income , not on property value (if intention is to invest)
paid on property value: if intention is to sell property in near term (refurbish/fix and sell, etc).
NB: Interest
Interest is Haram. No two ways about it. Luckily we have two banks that can provide Islamic loans (or at least as close as possible)
Custom Wealth Solutions
About: Customized Wealth management and investments Pros: Professional advice, custom solution Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based
Side note - I do not have any experience/knowledge. Would be great to hear if anyone has any experience here.
Banks such as FNB provide Islamic Private banking, with financial advisors (but they tend to push unit trusts, endowment policies, etc).
Section 2: Definitely not halal
Margin based investing: Margin = interest = haram. Also very risky
Futures contracts: Shorting, going long, all CFD's and futures contracts are impermissible. Because a condition for a halal investment is that the underlying asset must be owned
Forex: Or at least forex based on CFD's and margins. Buying dollars to travel should be perfectly fine.
Stocks/Equities that primarily deal in haram activities: Gambling, pork, etc
Section 3: Grey Areas
Crypto ( Bitcoin ,etc) : In theory these should be more "halal" than fiat currency (what all money in the world is) however there are differences of opinion.
Shares : There are grey areas : Most companies has an element of haram income (interest, etc). Scholars have devised ratios to to filter out "islamic stocks" from haram stocks (30-33% max debt, max 5% haram income, liquid ratios, etc). It is for this reason these stocks requires dividend purification.
However you should be aware of this before venturing into to stocks as you might not be comfortable with that thought (This also affects EFTs, Unit trusts, etc). 3 Easy Equities: Easy equities makes it cheap and easy to own equities. However I would at all times buy/sell only whole shares and not fractional shares. Fractional shares are done as a CFD (a bit different from a forex CFD). You get all the benefits of ownership such as dividends and capital gains on a pro rate basis. But you do not actually own the CFD until you buy enough CFD to get a real whole share. That being said, it is still grey, best to avoid fractional shares entirely 4. Halal Forex Accounts: Somehow these are marketed that way. Here's a link to (Islamic Finance Guru) who has a bit more knowledge on this. (Note: I am not affiliated in any way or get any benefit)
Section 4: Conclusion
I sincerely hope this helps , and encourages to invest in the Islamic world. Any ideas, inputs and suggestions welcome. Disclaimer 1 : Corrections welcome, I am not a learned scholar, this is not financial advice, you bear the responsibility & consequences of your own decisions/investments Disclaimer 2 : At some point FNB Sharia board quit , they subsequently hired a new board. They don't however make it easy to find who is in the board from their website. However the information can be found in news websites.
So I just had the most frustrating experience with Discovery/FNB
Sup mense. So I had this bad experience with Discovery/FNB that I just have to share, and this is as good a place as any because with 62 000 subs, I have a disproportionately large avenue to voice my frustrations, and hopefully damage their business, because I really am that petty. It all started this morning. I'd had a killer sesh at Virgin Active and I went to Spar to go get some water and gum or something. I reached for any card in my wallet, and out popped my discovery card. I got it about 6 months ago when I needed to boost my credit rating a bit, and it's one of those pre-funded credit cards. I put the card in, the chip gets in smoothly, and I key in my pin. Then came those words, the words you fear every time you swipe with a card which is dangerously low. "Sorry sir, it says Declined". How could this be? I have a deduction which goes off on the first of every month from my main account into this account and I hadn't used this card since April. So it should have all that money, right? Wrong. I call FNB, they tell me that apparently my account has gone into overdraft and they need me to pay that overdraft fee or else. I phoned my main bank, which tells me that there was no deduction from Discovery this month for my credit card. I phone my bank back, and the man on the line tells me that because the 1st of May was a public holiday, they made no deductions, and then they couldn't the day after either because they had technical difficulties. But I still need to pay the overdraft fees. When I pressed him about this he says "Why can't you just pay the money?". Now admittedly, it really isn't that much money. I just got this card to boost my credit score and thus my monthly deduction isn't huge and my overdraft fee isn't in and of itself worth concerning myself over. My issue is with the sheer level of incompetence and attitude that I've had to deal with. Firstly from the bank itself. How do you forget to deduct money, not notify me that there has been no deduction this month, and then the first I hear about it is with an SMS threatening my account (and therefore credit) status if I don't pay my overdraft. Also, you can't just ask me why dont I just pay the money. That is an incredibly insensitive question. Literally have no idea how badly an unbudgeted for expense can affect the average South African. Just doos behaviour all the way through.
Playbook shows Conditional result was False even if its being met
Hi Friend I have this playbook the run a db querry script and it creates an output file. In the output file I grep text that has IB and then send that information as an email and sms. In the email module I uses a when to get the exit status of grep command but the task is skipped because it thinks the condition is not met what am I missing "skip_reason": "Conditional result was False" I have included the playbook and it entire output.
Playbook
name: Playbook to send alert ibcs high value payments hosts: all gather_facts: false remote_user: ibcsapp tasks:
name: Include variables file include_vars: file: send_sms_email.yml
Hi Friends I am writing a playbook that that run's a exiting bash script. The bash script does a querry to the DB and creates a file which is dumped to this "/opt/forex/appuseHighLimit/out" directory The playbook whould send an email if the output file contains applications details. I tried a a few things but cannot seem to get it to work. Can you review my playbook and advise were I am going wrong. Example's Output file with nothing Application Number Output file with app details Application Number APP12345 --- - name: Playbook to send alert ibcs high value payments hosts: all # hosts: localhost gather_facts: false remote_user: ibcsapp vars: # contents: "{{ lookup('file', '/opt/forex/ibcs/HighLimit/out/High_Alert*.txt') }}" # output_dir: "/opt/forex/ibcs/HighLimit/out" tasks: - name: Running startHighAmountAlertJob.sh command: ./startHighAmountAlertJob.sh args: chdir: /opt/forex/ibcs/settlementservebin #register: results - name: Find files to delete find: paths: /opt/forex/ibcs/HighLimit/out # file_type: file patterns: "*.txt" # use_regex: yes register: files_matched - name: Show found files debug: msg: "{{ files_matched.files }}" # - name: Get file contents # debug: # msg: "{{ files_matched.files }}" # register: fileout - name: Show file contents debug: msg: "{{ 'lookup('files', 'files_matched.files' }}" - name: Text file contents mail: host: mail.fnb.co.za port: 25 charset: utf8 subject: "IBCS High Value Alert Triggered on: " from: [[email protected]](mailto:[email protected]) # subtype: plain to: - [[email protected]](mailto:[email protected]) - [[email protected]](mailto:[email protected]) - [[email protected]](mailto:[email protected]) - [chemaha.mo[email protected]](mailto:[email protected]) body: "IBCS High Value Alert Triggered on :{{ lookup('vars', 'files_matched.files') }}" # attach: # - "{{ files_matched.files }}" # - "/opt/forex/ibcs/HighLimit/out/{{ files_matched }}" # - /opt/forex/ibcs/HighLimit/out/High_Alert_03022020-16:23:41.891.txt - name: Deleting files file: path: "{{ item.path }}" state: absent with_items: "{{ files_matched.files }}"
Hi, I did some freelance work for a UK based company and they paid me via Paypal. How do I withdraw the money? Is there any way to do it via my cheque card?
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I have to travel overseas and need to pay for things like accommodation, car rental, conference fees, etc. My bank, FNB, says that according to the rules of the Reserve Bank of South Africa, I cannot perform any foreign exchange transactions. I have a 3 year visitor's visa, not a work permit, and that makes me ineligible for foreign exchange services as well as a credit card. This is very restrictive and I need to find another bank. Does anyone have any experience with HSBC? Can I open an account online without visiting a branch in person? Will FNB allow me to transfer money from my FNB bank account to my HSBC account? Can I then use the HSBC account for forex? Will HSBC give me a credit card? I have credit cards from outside SA but I cannot pay the bill from my current earnings because I am not allowed to do a wire transfeforex.
Advice/information on transferring savings overseas and closing bank account
I am moving overseas and need to transfer my savings out of my FNB account. I want to do this after I have moved, since I want to keep my South African bank account active for some months, so that I can get my various security deposits back, and have an account connected to my debit and credit cards that I want to keep using until I get a new bank account. I have a few questions about this:
I am thinking doing this through Forex after I get a new bank account overseas. Will this be simple? They ask for supporting documents to justify the transfer when one applies for a Forex transfer - what should I have to provide, in my case?
Will Forex be cheap? I could only find rates from 2012, it says the commission is 0.5% for outward swift, but there seems to be a cap of R 660. Does this mean that they will not charge more than R 660 in fees, regardless of the amount?
Is it possible to close a bank account remotely from abroad, without walking into a branch?
Is there any way to know when the rand will get stronger again? Then I can wait and transfer the money at an opportune time.
I know I could ask the bank all these questions, but I have had pretty frustrating experiences with FNB over the last few years, so I want to ask reddit first and get some crowdsourced information/experiences in case I get conflicting/inconsistent answers from the bank. Thanks!
As someone emigrating from SA to Canada, what would be the best way to move money (more than R100k, less than R1M) from FNB to my Canadian bank account? I've used FNB's online banking forex before. The fees were 0.5% of transfer value, and the exchange rate was about 3.5% worse than what Google's currency conversion was saying at the time. I've heard suggestions so far of Kruger Rands, bitcoin and travel wallet/traveller's cheques. Does anybody here have experience with these, or a better approach to recommend?
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