Cashkows.com has rebranded as FinGlobal. This means better services to its customers?
FinGlobal is a South African migration brand – the biggest in South Africa, according to themselves. It is a fully authorised financial services provider, regulated by the South African Financial Services Board, and has become a foreign exchange and remittance provider, along with dealing in pensions, inheritance, tax refunds, financial emigration and retirement annuity withdrawal.
In fact, its rebranded identity from Cashkows to FinGlobal perfectly depicts its success – whilst growing as a company, it wanted to show that it is a global company. Under a Caskows review, there were just three employees, with Ryno Viljoen as the founder, and they had only one service: retirement annuity withdrawal for expats in South Africa. Now that they’ve grown exponentially, they offer a plethora of services that are globally accessible.
FinGlobal now has over 15,000 customers in 80 different countries. Despite only having one location in South Africa, they are estimated to have almost 100 employees. They claim to not subcontract any of their services to third party companies, meaning this is a one-entity business that can solve most financial needs of expats when migrating.
It’s important to note that FinGlobal doesn’t actually hold your money. They are the agent that facilitates the transfer process, but they never actually have control or access to your money. Additionally, they are fully regulated within their industry.
The pricing structure of FinGlobal is bespoke for all of its services. They quote based on the situation, solution and consultation. They are helpful to speak to for migrants even on non-financial topics, as migration is still very much at the core of their business. At the very least, they may be able to point you in the right direction for such queries.
For foreign exchange transactions with FinGlobal Foreign Exchange, their partner bank is used, Bidvest Bank. FinGlobal does not take a commission on transactions.
Bidvest Bank charges a transaction fee, and the exchange spread varies depending on the amount you send. Whilst the prices and spread can be discovered before transferring, it means having to get a quote before finding out exactly how preferable the deal is.
South Africa controls and regulates all money coming in and out of the country. This can affect you when migrating there, or when leaving because the SARB can dictate how much can be transferred and under what circumstances. Furthermore, there are allowances for South Africans living abroad. Because of all of these regulations and such, FinGlobal has a good selling point: they are the experts in a heavily regulated environment. They’re offering personalised service to help meet the very specific needs you likely will have. This will also ensure you comply with the law.
FinGlobal Forex state nowhere that they provide hedging options. It’s clear that Bidvest Bank, FinGlobal’s partner who perform the transactions, do have hedging services. This is something worth discussing over the phone with a FinGblobal employee, as the situation appears unclear.
In fact, it’s not clear if you get a good or bad rate from FinGlobal, or about their limits (they do however state the regulatory limits). Whilst FinGlobal is strongly rated and appears to be strong at a personalised service, it’s difficult to gauge exactly if they can meet your needs without having a conversation with them. This is a significant disadvantage for many customers.
However, if you’re moving country, it’s extremely likely that you’re after more than just a quick transfer or two. FinGlobal is a one-stop shop for emigrating to and from South Africa. The FX services are merely half the story. They offer free consultations and take zero commission. This really drives home how focused they are on solving your entire financial obstacle of immigrating in its entirety.