Standard’s forex app is a beaut

If ever South Africans were going to wise up about foreign exchange (forex) opportunities, it is probably this week, as Finance Minister Pravin Gordhan’s sudden recall roils markets.

For this reason, I have been particularly interested in identifying platforms that allow me to swiftly move around forex from my main banking partner: Standard Bank.

I had heard the Standard Bank advert on radio for its “Shyft” app, which is supposed to make it easy to transact forex in dollars, euros, pounds and Aussie dollars. I’m trying to fund my Saxo Bank stockbroking account without having to wait in a queue.

After a bit of searching, I located the app and installed it on my iPhone.

Sign up is easy and the turnaround time on the verification e-mail and the interface is nice and easy to operate.

In terms of functionality, you are able to make online purchases using their virtual cards, or pay an international beneficiary (like my Saxo account) and I believe that you can even use the Shyft physical card to swipe or withdraw from an ATM when overseas.

The interface is easy to understand and you get a live rate for your transactions.

In terms of costs, you are charged a transaction fee of US$14, GBP10, EUR12 and AUD18 so it’s not ideal for a smaller transactions.