How it works under the hood
MoneyDoc operates as an intermediary under SARB Treasury Outsourcing Company (TOC) approval.
MoneyDoc is the intermediary between you and the Authorised Dealer bank. When you initiate a transaction:
- You provide the transaction details (amount, currency, beneficiary).
- MoneyDoc receives the instruction and forwards it to the Authorised Dealer bank.
- The Authorised Dealer bank sets the exchange rate.
- The Authorised Dealer bank executes the transaction and reports it to the South African Reserve Bank under the appropriate Balance of Payments category.
- The Authorised Dealer bank settles the funds through your own bank account.
Rate setting: The Authorised Dealer bank sets the rate. MoneyDoc does not set the rate.
Reporting: Every cross-border transaction is reported by the Authorised Dealer bank to the South African Reserve Bank under the correct Balance of Payments category, as required by exchange control regulations.
Settlement: Settlement occurs through your own bank account.
Your role: You initiate transactions through MoneyDoc's interface. The Authorised Dealer bank handles execution, reporting and settlement. You receive confirmation once the transaction is complete.
Stablecoin settlement
For anyone curious about the rails behind a payment.
Some payments settle in USDT, a stablecoin that tracks the US dollar, instead of moving as a bank transfer.
- USDT can be sent or received, paired with ZAR, USD, EUR or GBP.
- A payment can settle over the SWIFT banking network or over a crypto network.
- Money Doc (Pty) Ltd’s FSCA authorisation, FSP 52081, includes crypto assets.