ETHIC Account

Corporate Accounts | ETHIC Account

 

ETHIC Account

An Ethic is a transactional token,bought and sold by legacy agents. They can be exchanged for groceries, fuel, electricity and cash.

Our LEGACY personal accounts offer a range of Foreign Exchange solutions to suit your needs – whether you’re travelling, sending or receiving money globally, saving in a foreign currency, managing imports and exports or investing offshore. You can make your Global Payment anywhere, anytime via LEGACY Online Banking or the LEGACY Banking App.

Please note: Ethic Accounts can only be used to buy and sell Ethics in different jurisdictions, and not for normal banking. For normal banking please open either a Corporate or Personal account.

Click here to get estimates on transactions.

Corporatet Accounts

 ZAR

Opening Balance

ZAR 100

Minimum Balance

ZAR 100

Monthly Service Fees

ZAR 100

Interest Rates ?

NA

Transfer Between Accounts

TBA

Transfer Between Users

TBA

Outgoing Wire Transfer

Percent - 10%

Incoming Wire Transfer

Percent - 2%


ETHIC Account Features
  • Inward and outward global transfers
  • Debit card at a cost of ZAR 100
  • Online banking and mobile app support
  • Salary payments
  • Bill payments (school fees, electricity and more)

Transactional Card Fees ATM Transactions Cashback at Point of Sale
  • Once off activation fee R0
  • Card Loading fee 3%
  • Cash deposit fee 3%
  • FNB Point of sale transaction Free
  • Monthly Fee R100.00
  • Card replacement fee R100
  • Standard Bank ATM Transaction R10.00
  • Other Bank’s ATM transaction R17.50
  • Standard Bank ATM balance inquiry R3.00
  • Other Bank’s ATM balance inquiry R4.45
  • Pin Reset Fee R5.50 per reset request
  • R2.60 per cashback where there is a POS purchase with the cashback
  • R3.35 per cashback where no POS purchase is performed


Note that all inward payments must include a valid clearing code for prompt credit to the correct customer account.
Failure to include this clearing code will result in delays in crediting the payment or the return of the funds to the sender.
An additional fee is applied for release of inward payments when the payment does not contain a valid clearing code.
The fee is 5% of the payment amount, minimum ZAR500, maximum ZAR5000.

Bank references for customers can be provided, at management discretion, for a fee of ZAR1000.

Invoice-based Business Finance

This service is available in ZAR only, and allows businesses with repetitive customers who pay in ZAR to borrow against the value of the unpaid invoices.

Funding is available on the following terms:

  1. Borrowing customer must be a business entity operating a business with adequate profit margin and positive equity ratio.
  2. Personal guarantee to be provided by the director(s) or shareholder(s) as applicable.
  3. Limits based on advance rate of up to 70% of receivables ledger.
  4. Limits on total funding per borrower and per customer-debtor.
  5. Debtors must pay to banking facilities nominated by the company.

 Sign Up for your ETHIC Account here. 

Application Process

  1. Register on Legacy VIP Electronic Banking here
  2. Legacy VIP staff will activate your profile and your log on credentials will be generated and emailed. This does not mean that the banking service is approved, but it does mean you have access to securely upload the documents required to assess the application.
  3. Complete the application form and upload. Also Upload supporting documents on the company/entity and the beneficial owners and signatory.
  4. Pay the establishment fee and the first month’s maintenance fee. The account maintenance fee is fully refundable if the application is not accepted for any reason.
  5. Legacy VIP will review and assess all the required documents. Then progress the application and approve if possible, or otherwise contact you to advise of any additional information or documents required, or any concerns that could prevent the acceptance of the application. This will either result in the account being approved and activated, or declined and the establishment fee and opening deposit being refunded.