In a recent case, Jane Thompson, a retired British physician, embarked on her dream of acquiring apicturesque villa in the Garden Route, South Africa. However, she encountered the challenge of
navigating international currency exchange for the property&#39;s purchase. This is where Fivewest, a renowned SA-based foreign exchange transfer company, stepped in to ensure a smooth and cost-effective transaction.


## **The problem**

Jane had previously relied on his bank for international payments, which had proved to be a cumbersome process. His experiences with banks included complex paperwork, high transaction fees, unfavorable exchange rates, and extended processing times. These issues not only hindered Jane's ability to capitalize on investment opportunities but also eroded his returns and added unnecessary stress to his investment ventures.

## **The Solution**

Facing the complexities of fluctuating exchange rates and potential hidden fees, Jane turned to
Fivewest for assistance. Leveraging our expertise, the company provided Jane with personalized
guidance, offering real-time insights into exchange rate trends and market analysis. By accessing the best pricing and service available, Fivewest enabled Jane to make informed decisions, optimizing her foreign currency transfer.


Fivewest services didn&#39;t stop at just providing competitive rates. We facilitated the entire process, from initial consultation to the final fund transfer via our European banking partner. This
comprehensive approach not only saved Jane significant sums of money but also ensured a hassle-free experience during the crucial property acquisition.

By partnering with Fivewest, Jane successfully navigated the complexities of international currency exchange, securing her dream villa with confidence. This case underscores how a strategic and customer-centric foreign exchange transfer company can make a substantial difference in the pursuit of international investments, empowering individuals to make substantial savings while enjoying a seamless transaction process.

How to buy property in South Africa as a foreigner

Every year international money transfers account for $2 billion in fees. These fees are particularly high for emerging markets where multiple corresponding banks are used as part of the payment process. To save on fees many companies use collection agencies to aggregate funds prior to making international transfers. The problem is often these collection agencies do not have the necessary licenses or bank accounts in the recipient countries to provide last-leg payments to the intended recipients.   

#### Solution

FiveWest assists these collection agencies with the transfer of the aggregated amounts to South Africa and then settles the individual amounts into the recipient 3rd party bank accounts on behalf of the collection agency. Both the sender and the recipients complete a KYC process.

FiveWest is also able to provide priority payments using their own liquidity to instant settle on behalf of clients.

#### Results

Bank fees for the collection agencies as well as their clients are greatly reduced. Collections agencies are able to provide an instant settlement service to their clients for international payments.

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FiveWest assists UK collection agencies with last-leg settlement in SA

## African Fintech Summit will be accepting cryptos as a form of payment for tickets and sponsorship thanks to FiveWest

For the first time, the African Fintech Summit will be accepting cryptos as a form of payment for tickets and sponsorship, and the organizers settled on FiveWest's Crypto Payment Gateway to achieve this objective.

Numerous surveys point to the vast potential for crypto growth in Africa:

-   68% of all Africans were [unbanked](https://www.theglobaleconomy.com/rankings/percent_people_bank_accounts/Africa/) in 2017, while crypto adoption rates are exploding across the continent as Africans seek to bypass the banks and hedge themselves against weak local currencies. Cryptos are also [seen as a secure way of transacting](https://theconversation.com/cryptocurrencies-are-gaining-ground-across-africa-thats-both-good-news-and-bad-187141).

-   Africans are increasingly aware that blockchain remittance is cheaper than using the traditional banking system, and many are already comfortable using cryptocurrency apps. The cost of remitting relatively small amounts via the banks averages 12% according to the World Bank, versus just a fraction of a percent if using gateways like that provided by FiveWest.

-   At the current rate of crypto development, it is not a matter of if but when they will be globally accepted as a payment method. A recent Deloitte survey's results showed that 75% of retailers plan to accept cryptocurrency payments within the next two years.  (<https://www.cnbc.com/2022/07/29/deloitte-75-percent-of-retailers-plan-to-accept-crypto-payments-in-2-years.html>)

-   An even more recent study by Deloitte found that up to 40% of customers who pay with crypto are new customers of the company, and their purchase amounts are twice those of credit card users. https://[www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html](http://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.htmlPayment)

-   Digital payment methods have played an integral role in growing a country's economy. 

-   The convenience of digital payments through the blockchain will increase the volume of payments and reduce costs.

-   Blockchain payments are peer-to-peer with no chance of a person's data being used for fraud.

>"Remittances and instant transfers are the use case for which the blockchain will be remembered. It is arguably the most democratising technology ever developed, next to the internet itself, as it brings financial services and convenience within reach of virtually every person on Earth," 
 says van Helden.

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Crypto Payment Gateway

African Fintech Summit chooses FiveWest as its crypto payments partner

Ethiopia’s agricultural industry makes up most of the country’s annual GDP. In order to fertilize and water these large spans of agricultural crops, aircraft called crop dusters are used to efficiently service these areas. However, the issue is that the Ethiopian government does not have the money necessary to fund this endeavour. As an alternative to buying the planes, one of FiveWest’s clients leases out these planes to Ethiopia.

#### Solution

By utilizing our OTC desk, the aviation company is able to provide essential automated farming practices to Ethiopia at a fraction of the cost. FiveWest achieves this by facilitating the exchange between our client – the aviation leasing firm – and the agricultural farm in Ethiopia using USDT. 

#### Results

The result is that, by utilizing FiveWest’s OTC desk, our client was able to dramatically reduce the cost required to lease out agricultural planes in Ethiopia.


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FiveWest provides automated farming practices to Ethiopia at a fraction of the cost

Hedging capabilities for Forex positions that arise from business operations involving foreign markets are key to successful treasury management. This can be particularly tricky in African countries where large currency fluctuations make it hard to predict the cost of raw or finished goods. This was a particular issue for a FiveWest manufacturing client in Malawi who had pending payments for overseas orders and wanted to hedge themselves against a drop in the Malawian Kwacha.

#### Solution

FiveWest assisted this company to purchase stablecoins in USDT. This was fortuities as the Malawian Kwacha devalued by 25%. The USDT was converted back to Malawian Kwacha for local payments and to make international payments to suppliers through the traditional banking system.

#### Result

This African company was quickly and cheaply able to hedge itself against a pending currency devaluation in a way that would not have been possible through its traditional banking system.


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FiveWest provided assistance to purchase stablecoins in USDT

A company that was looking for a cost-effective method to get client funds into either a Crypto fund or just into their client’s personal accounts. On the current exchanges in south Africa individuals can be charged up to 2% for an OTC trade and a further 1.4% on their instant EFT deposits, this is all on top of the premium at the time meaning that a client could pay more than 5% for their ZAR to become Crypto.

#### Solution

FiveWest provides a clean and simple solution to collection agencies to simply supply their clients with crypto at rates that are far below the exorbitant rates of the current service providers. This is done by connecting the vast range of sellers that Fivewest has at any point in time with the respective buyers looking for an onramp solution.

#### Results

Rates can be locked at the click of a button and all settlements can be made the same day, providing everyone with a fast and simple onramp solution for all of their crypto needs.


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Collection agencies looking for a Crypto on-ramp for clients into a CRYPTO portfolio Problem

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Case Studies

How to buy property in South Africa as a foreigner

UK Collection Agencies

FiveWest assists UK collection agencies with last-leg settlement in SA

Crypto Payment Gateway

African Fintech Summit chooses FiveWest as its crypto payments partner

Aviation company in Ethiopia

FiveWest provides automated farming practices to Ethiopia at a fraction of the cost

Forex Treasury Management

FiveWest provided assistance to purchase stablecoins in USDT

Collection agencies

Collection agencies looking for a Crypto on-ramp for clients into a CRYPTO portfolio Problem