Funding your Account
Standard Bank offers you the option of funding your trading in 3 different currencies, USD, GBP and or EUR. However, you will be required to select a base currency, which will be your main trading account.
Once your trading account has been activated, please deposit funds into the bank account as specified on your confirmation email. Please note that the minimum trade size in respect of some of the products on the Trading Platform may require an amount in excess of the USD 1 000 (one thousand US Dollars) or its GBP or EUR equivalent to be available in your trading account.
It is important to include your Webtrader account number as a reference to ensure your funds are correctly and timeously allocated to your trading account.
For ease of reference the Bank Account details per currency are available below.
Funding Instructions
USD Account
| Bank name |
Deutsche Bank Trust Company Americas |
| Bank address |
60 Wall Street, NEW YORK,
NY 10005, USA
|
| Bank BIC / Swift address |
BKTRUS33 |
| Bank FEDWIRE/ IBAN number |
021001033 |
| ABA routing number |
21001033 |
| Account name |
Standard Bank of South Africa Ltd |
| Account number |
04452100 |
| Reference Number |
As supplied in the welcome mail (eg XXXXXXXUSD) |
GBP Account
| Bank name |
Deutsche Bank AG |
| Bank address |
Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt,
Germany
|
| Bank BIC / Swift address |
DEUTDEFF |
| Bank FEDWIRE/ IBAN number |
IBAN - DE75500700100957344500 |
| ABA routing number |
none |
| Account name |
Standard Bank of South Africa Ltd |
| Account number |
957344500 |
| Reference Number |
As supplied in the welcome mail (eg XXXXXXXGBP) |
| Bank name |
Deutsche Bank AG |
| Bank address |
Taunusanlage 12, 60325 Frankfurt AM Main, Frankfurt,
Germany
|
| Bank BIC / Swift address |
DEUTDEFF |
| Bank FEDWIRE/ IBAN number |
IBAN - DE37500700100957344505 |
| ABA routing number |
none |
| Account name |
Standard Bank of South Africa Ltd |
| Account number |
957344505 |
| Reference Number |
As supplied in the welcome mail (eg XXXXXXXEUR) |
Multi-Currency Trading Account
Standard Bank offers you the option of funding your trading in 3 different currencies, USD, GBP and or EUR.
Trading on multiple trading accounts may be beneficial if you are trading products denominated in currencies different from the currency selected on the main trading account. Open a base account in the currency you are most likely to trade in. Then depending on your trading strategy add up to 2 trading accounts allowing you to fund your trading in any of the 3 currencies namely USD, GBP and EUR.
Should you be interested in operating multi-currency trading accounts, kindly contact us. Note that maintaining more than one trading account could result in additional charges as explained below.
Rollover Charges
If you trade with multiple trading accounts and opposite positions are opened on different trading accounts, Standard Bank shall not ordinarily close out or net such positions. You are specifically made aware that unless closed manually and from the correct trading account, all such positions will be seen as separate positions and, rolled over on a continuous basis and thereby consequently will incur a cost for such roll-over, including financing charges and additional charges for closing out positions on such multiple trading accounts.
Margin Requirements
It should be noted that in the case of a multi-currency trading account, deposited collateral on the main trading account will automatically serve as margin coverage on the other trading accounts. You will therefore only receive margin calls and stop-outs when the aggregated account goes into default.
Standard Bank shall be entitled to transfer margin from one trading account to another, in such circumstances, but is not obliged to do so. However under the netting agreement between Standard Bank and the client, under the Webtrader Terms of Business, collateral held on one trading account may be used to cover a deficit balance on any other trading account held by you.
Interest Calculation
Interest on your main trading account is calculated on the Net Free Equity and interest on any of the other trading accounts are calculated on the Account Value. You will therefore be charged interest on the full negative net free equity on the main trading account despite having positive net fee equity on any of the other trading accounts. When operating several trading accounts, you may therefore be charged interest despite having an overall (accumulated) positive net free equity. We would recommend that you read the Webtrader Terms of Business which explains the Interest Calculation in extensive detail.
Download this webinar for an interactive explanation of how Multi Currency trading works -
Click here
Transferring Funds between Accounts
In the interest of maintaining positive balances in all trading accounts, Standard Bank facilitates internal transfers between the 3 currency accounts.
What you need to know:
- Standard Bank’s cut off time for internal transfers requests is 13:00 (South African time). Any requests received after this time will only be processed the next Business Day (which excludes Saturdays, Sundays and public holidays observed in South Africa and Europe).
- A conversion fee of 1% will be applied to all internal transfers.
- All transfers will be converted at market rates between 13:00 and 15:00 (GMT+2) when the transaction is executed.
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