FAQs

A. An onshore account only has access to the JSE whereas an offshore account has access to available offshore exchanges excluding the JSE.

A. Yes, however, we are required to report on a tax number and we will therefore need the tax number of a parent or guardian. We will also need an affidavit confirming the address of the minor.

A. Yes, you can load any bank account as long as it is in your name and the proof of bank account must be certified by a commissioner of oaths.

A. Both parties will be deemed and reported on as a 50/50 split tax liability.

A. Upon being made aware of the passing of one of the parties, DMA will freeze the account and mark it as an estate late. Once the executor of the estate has been identified, DMA will begin taking on instructions from the executor.

A. No, a joint account cannot be converted to an individual account.

A. No, we can only facilitate joint accounts with 2 legally married people

A. Yes, one of the benefits of a joint account is that the account can be funded from a bank account in either name of the joint account holder.

A. The minimum requirement for joint accounts is R1 million (or USD equivalent)

A. No, a corporate does not have a discretionary offshore allowance.

A. You will need to inform us and provide us with the relevant CIPC document confirming the name change.

A. No, this is considered a third-party transaction which as DMA we do not facilitate.

A. No, a Trust does not have a discretionary offshore allowance.

A. No, this is considered a third-party transaction which DMA does not facilitate.

A. Yes, however, it needs to be a bank account in your name and on file. If it is an offshore bank account it will need to be certified by a commissioner of oaths.

A. Yes, however the same terms for deposits apply.

A. Deposits and withdrawals are largely dependent on the banks themselves and if it is an offshore or onshore withdrawal. In either case you can expect a time frame of two to three working days.

A. Yes but you will incur extra fees levied by HSBC.

A. No, all conversions and externalisation of cash will need to happen outside of DMA.

A. You can submit the request in the moneybetter platform by going to  “Deposits and Transfers”.

A. The primary reason why you do not have the “Access” button on an account is likely due to your access on the account  being restricted to view only. If you are meant to have access to the account , you will need to raise a query in-platform.

A. Yes, you can open multiple accounts at the same time.

A. Yes, you can generate your Income and Expenditure report as well as your Capital Gains and Losses report in the “Reports and Statements” tab.

A. Yes.

A. Yes, you can generate your monthly statement in the “Reports and Statements” tab.