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Which bank account should I get? International trading This is a follow up of my earlier thread http: What would be the best bank account for me as I will not be trading a lot to start with around R - R I am currently with Capitec and their account does not allow trading or foreign exchange transfers.
I would also like to know if anyone knows the legal steps to trade internationally. As well the steps to follow with SARS. Thanks for taking the time to read and reply to my post. Any advice is appreciated as this is the first time I am doing anything in trading.
Investec also has some options - Internationally You have a limit of R 4 mil a year to take out. A very well known broker is TD Ameritrade public company in the US , I believe that they are quite reputable and offer a lot. My knowledge is quite limited and I havent done international trading myself.
I am, however, eyeing TD Ameritrade as an option in some time to come. Hope that helps a bit. Originally Posted by fringe. This is a follow up of my earlier thread http: Originally Posted by bchip. Originally Posted by MKFrost. You can use any bank account except for Capitec. When you trade you transfer funds to your broker. This is a normal transfer from your bank to theirs.
When you withdraw profits its just the reverse. So any bank account will do. Do you know what the proper steps on the tax side would be. Thanks for the reply. Go to your nearest tax office, get the forms,think its 2 pages. Complete and hand to them. They will give you a clearance which you ten take to your bank to have the funds transferred.
I think you can download the forms as well. Not sure whether one can submit it via email or electronically. Well Investec would be ideal purely from convenience point of view More expensive but you don't have to deal with idiots.
If your trading in a personal capacity then its simply a matter of disclosing the gains. You buy at R2 and sell at R5 so you need to make sure you're taxed on R3 income at whatever tax bracket you fall under. As long as SARS gets their money you're generally not going to catch any serious grief on the details. Scratch the Investec plan too then You'll need to get clearance to move money into the off-shore trading account though afaik.
Originally Posted by Rouxenator. User reviews Motoring and Transportation: Similar Threads Making a payment into an international bank account? By Saltex in forum Off Topic.
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