1 reviews | Active since Apr 2016
Not allowed to make total payments of more than R500k in month
My wife started arbitrage trading. She usually trades with R250k at a time. Two trades a week. R250k goes out, R250 + profit comes back in. So you always use the same R250k. Standard bank tells her can only do 2 payments a month because her EAP limit is R500k. She called them, they said must go to branch to lift. Went to branch, they say cannot lift higher. how is this possible. So no standard bank client can do payments of more than R500k collectively in a month?This is shocking. If this is not resolved this week I am closing wife's account which she had since childhood, and moving her to FNB to continue trading. So if you bank with Standard bank, there is no way of utilising your Foreign investment allowance of R11m per year.
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