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It pays to deal with more than one bank. Or at least to keep one's options open. We learned this forcefully when trying to get forex to the USA. FNB failed us dismally, then Capitec succeeded admirably.
Earlier in the year we had our first request to resell software from Computers and Structures Incorporated (CSI) in the USA. The customer already had a quote but would not buy it from them directly for some reason. We stepped in to help.
There was the small problem of getting $84,000 to the United States. We've banked with FNB for many years; naturally it was our first port of call. After a week of new and contradictory requirements, we got an email from FNB Commercial Forex:
Good day Rick
Payments for software reseller require a SARB/FRB approval, regrettably, payment will be cancelled.
To assist us in submitting a suitable motivated Exchange Control application to the Regulator, we require to be furnished with a formal request on a company letterhead signed by the mandated signatories, incorporating the following information:
• A brief description/nature of the business activities of the Resident legal entity applying for the Exchange Control authority.
• Full information of the underlying transaction, its nature and purpose (clearly specifying reasons for wishing to undertake the transaction – motive, intent and benefits), including all parties to the underlying transaction(s), e.g. full/correct name(s), domicile, relationship
• Confirmation of the relationship held with the foreign party, i.e. is it a related or unrelated relationship
• If the entities are related an up-to-date detailed family tree (organogram) of the group reflecting the names, domicile, and percentage shareholding of the respective entities in the group, clearly distinguishing between Resident (South Africa) and Non-resident (foreign) companies.
• A copy of any related agreement(s) entered into between the respective parties.
• Ensure that the agreement provided contains the following clause which refers to the Reserve Banks requirement: "The coming into effect of this Agreement is subject to the approval thereof from the South African Reserve Bank, in accordance with the Exchange Control Regulations of the Republic of South Africa"
• Should the transaction not be recorded in an agreement, on what basis is the arrangement formalised and how are the costs incurred calculated?
• If any previous payments have been effected in terms of the agreement entered into, please provide a detailed schedule of same
• Confirmation of the value to be applied for over a period of 12 months.
Furthermore, please note that it may take approximately 4-6 weeks to receive reply from the Reserve Bank and a charge of R2,050.00 (including vat) will be levied for the submission of the application.
We look forward to receiving your further correspondence.
They are still “looking forward to our correspondence”.
A R2,000 charge with no guarantee of success was unwelcome but possible. But a six-week delay would have been anathema for a customer already champing at the bit.
We looked around and found Capitec Business Bank (formerly Mercantile Bank). Opening an account with Capitec would have been smooth, except for one small detail. It wanted a selfie as confirmation. Without my spectacles. First, I was too far from the camera. Then I was too close. Then I was too something else. Eventually, after 12 tries and with their help desk, we succeeded in opening the account in about 3 hours.
The forex process via Capitec was faster. We had the information for FNB, so there was little extra to do. We needed a BP (Business Partner) number, which took a day. We had to get a letter of motivation from CSI – an extra day. American Independence Day intervened. The whole process from opening the Capitec bank account to completing the forex payment took a week. And cost a lot less.
We haven't moved the rest of our business to Capitec yet, but it could happen.
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This might be a problem with a newly-set-up computer:
Are you sure you don't have Tablet Mode enabled? Press the Windows key ˙ + A, then toggle off "Tablet Mode" in the Action Centre at the bottom.
If "Tablet Mode" does not appear there, it is probably off.
Question: I have heard that I may install our AutoCAD single licence on a home computer and a work computer as long as the two are not used at the same time. Correct?
Answer: You are 100% correct. You can have the software installed on different machines, but you must never be signed into the software more than once at the same time. It is also advisable to sign out of the machine with one device and then sign in with the other. Autodesk can get very vindictive when people abuse their licenses.
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I have a spreadsheet (one of many) using Command buttons to run various macros. A while ago I suddenly found that when I clicked on any Commandbutton, instead of the macro running, the size of the button got larger. My laptop has dual monitors (the computer's own, and a large flat screen). The CommandButton grew larger when Excel was on the external monitor, but not on the laptop screen. At the same time, clicking on the button reduced the font of the button with each click until it was too tiny to read.
The "Format Object - Properties" was already set to "Move but don't size with Cells". I changed it to "Don't move or size with Cells" but this had no effect on the problem.
I spent hours hunting for a solution, without finding any. Finally, I rebooted the computer and the problem went away! (Except that I had to fix my spreadsheet.) This happened just after I had set up the dual monitors. It would seem that Excel was trying to compensate for the different monitor sizes or resolutions, and getting it wrong. What a peculiar bug in Excel!
Other people have had the same problem without such an easy solution.
Moral: Think! What did you do immediately before the bug appeared? That may be the cause.
Next time: A new topic!
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All the Best from
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