ZAR Collections

FiveWest’s ZAR Collections service enables clients to receive ZAR payments from their South African customers and end-users.

Collections can be used by businesses that need a simple way to accept local ZAR deposits, reconcile incoming funds, and support onward settlement, conversion, or payouts depending on the client’s use case.

How it works

1. ZAR is collected

South African payers or customers make ZAR payments into a designated FiveWest collection account.

2. Funds are reflected and allocated

Collected funds are reflected on the FiveWest Portal and allocated according to the Client’s instructions. Funds can be allocated to designated sub-wallets or aggregated into the Client’s primary wallet.

3. Funds are converted or settled

Once allocated or aggregated, the collected ZAR can be converted into USDT or another supported digital asset or currency selected by the Client.

Collection methods

FiveWest can currently support ZAR collections via EFT deposits.

Client requirements

Complete KYB verification.

Complete any required compliance checks before collections are enabled.

Whitelist wallets for receiving crypto

Costs

EFT collections: 0.2% per deposit.