FAQs
How does the ZAR settlement process work?
A foreign Financial Service Provider will acquire foreign fiat and convert to crypto. The crypto is then sent to FiveWest and converted to ZAR. FiveWest then settles recipients in ZAR into their local bank account.
How long does the ZAR settlement process take?
Settlement times depend on banking processes, but transactions may be instant or completed within 1-2 business days, depending on the requirements.
Can I settle funds into any bank account?
Yes, settlements can be made to any valid South African bank account, provided it satisfies FiveWest's KYC criteria.
Which banks support Payshap payouts?
FiveWest can facilitate instant payouts via Payshap to supported banks: ABSA, African Bank, Capitec, FNB, Investec, Nedbank, Sasfin, Standard Bank, Tymebank.
