Is FinGlobal Safe?

Company Information:  

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.

Regulated By: 

FinGlobal is authorised and accredited by the following insitutions:

• The South African Financial Sector Conduct Authority (FSCA)
• South Africa’s Financial Intelligence Centre (FIC)
• Licensed Treasury Outsourced Company with the South African Reserve Bank (SARB)

Conclusion: 

In conclusion,FinGlobal is a reliable, expert-led provider of financial services for South Africans living abroad. With over 10 years of experience, they are committed to providing their clients with the best possible service and advice.

FinGlobal Customer Reviews

Research:

As of November 2022, there are 67 reviews on Google about FinGlobal with a vast majority being positive and a 4.9/5 score overall. On Trustpilot, another big reviews directory, there are only 5 reviews with an average score of 3.9 out of 5 stars possible.

Conclusion:

Overall, the reviews seem to be positive. The only drawback is the fact that there are so few of them online. Compared to other companies, the low number of reviews doesn’t allow us to get a real sense of their service’s quality.

FinGlobal Fees and Exchange Rates

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.

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.

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.

FinGlobal Offices & Global Presence

Research:

• Dedicated Dealer: N/A.
• Offices: South Africa
• Ways to Approach: Telephone, online and via email.
• Translations: No.
• Accepts Clients: South Africans
• Currencies Handled: N/A.
• Client Reviews: Nearly all positive

Conclusion:

Being a regulated South African company, FinGlobal is working only with South Africans that have emigrated in other parts of the world.

Additional Functionalities

FinGlobal is a leading South African financial services provider that offers a range of services including estate planning, asset protection, financial planning, investment management, and tax advice (tax refunds, clearance and emigration).