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Below are answers to the questions we’re asked most …
… plus a few we think are important too.
If you have a complaint about any aspect of our service, then we would like to hear from you.
For full details, please download our Complainant Procedure.
Truzo Ltd (12528331), UK, is an EMD agent of the Currencycloud Limited (FCA 903083).
Truzo (Pty) Ltd (2016/390144/07) is an Authorised Financial Service Provider (FSP 51539).
Truzo, from the words TRUst ZOne, is an independent Escrow Payment Platform. Unlike other escrow services, Truzo is regulated and approved by:
– Financial Sector Conduct Authority (FSCA – South Africa)
– Payments Association of South Africa (PASA – South Africa)
Strict compliance checks on every Truzo user, via Consumer Profile Bureau (CPB) are conducted to make sure your personal and/or business TRUst ZOne is safe and secure. Truzo is insured with AON
It’s the safest way to buy and sell with strangers. Using Truzo reduces the risk of being scammed because all registered users are fully vetted and verified, you don’t have to chase for payment and it’s so easy to make and receive payments, via Credit card/ Debit card/ Instant EFT or EFT. You’ll have your own personal or business Trust Zone every time you buy or sell.
Truzo users can’t trade in any illegal goods/services, sanctioned goods/services, unlicensed goods/services (where a licence is required by law to sell/buy/trade in), and anything that is not in Truzo’s risk appetite, as per our T&C’s.
Non-permitted industries Here
Individual Registration
Individual registrations should not require documentation. Should our automated verification fail, Truzo may require manual verifications as follows:
Business Registration
Business Registration is a little more complex, depending on the type of business being registered. Both SA Registered Company (Private Company – Pty Limited) and SA Registered Closed Corporation (CC) should be verified automatically, but if documents are required, it will be a copy of your CIPC CoR 15.1 (Memorandum of Incorporation).
Other business types:
Truzo fees are based on a sliding scale depending on the value of the transaction and the payment method chosen. Visit the fees page to see the various available options.
While we strive to keep costs as low as possible, these fees are subject to change. If you’re a subscriber, we’ll be sure to let you know if they do using your preferred method of contact.
You will be charged normal banking fees by your bank, just like you would when making payments.
No, unfortunately, clients do not earn any interest on funds in their escrow wallets as these funds are ring-fenced and held in a separate trust account, safeguarded for clients’ transactions.
After registering, it’s just 4 easy steps!
Absolutely. Truzo is the safest way to buy and sell. Truzo is:
All our systems are hosted by Amazon Web Services (AWS) and all information handled by us is encrypted using the latest technologies, protected by and processed in accordance with PCI Security Standards Council (PCI DSS) and ISO27001 standards. What does that mean? It means that your information cannot be traced, intercepted or used by unauthorised third parties.
All infrastructure devices that are used to provide this service are properly maintained, patched and assessed for any vulnerability or outdated components. Truzo uses appropriate physical and software measure, including but not limited to firewalls, anti-malware and intrusion detection and prevention software, to ensure continued and uninterrupted service.
First contact the seller to see if you can fix the problem. If the inspection time is almost over you should dispute the transaction to stop your money being automatically paid over to the seller. If you and the seller can’t agree then Truzo can help with arbitration, but it will cost you.
Arbitration thresholds and fee tables below:
| ARBITRATION REFERRAL TRANSACTION THRESHOLDS | |
| under R 100,000.00 | Truzo appointed Arbitrator – decision is final. |
| R 100,001.00 to R 3,000,000.00 | Truzo panel of Arbitrators for parties to agree and select from. |
| over R 3,000,000.00 | Truzo panel of Arbitrators to select from or can provide their own. |
| DISPUTE MANAGEMENT RESOLUTION FEE RESERVE | |
| CATEGORIES | FEE |
| under R 15, 000.00 | R 1,500.00 (10%) |
| R 15, 001.00 to R 30, 000.00 | R 3,000.00 (10%) |
| R 30,001.00 to R 1,000, 000.00 | 10% fee |
| above R 1, 000,001.00 | 2-5% fee, based on the complexity of the transaction |
Download Here
Truzo’s FX offering lets you convert between over 30 currencies.
As a multi award winning, internationally approved payment platform, Truzo facilitates the conversion of
funds, on behalf of clients. Funds are deposited into your Truzo wallet where they can be used to
convert to the currency you desire. Once you’ve converted to the target currency, funds can be used to
pay your beneficiaries directly from your very own Truzo digital wallet or you could use our escrow
solution to transact with other local or cross-border parties safely and securely.
Truzo is the premier payment platform in Africa. Why don’t you register and try us out today?
Step 1: Register and get Verified;
Step 2: Add funds to any of our 33 FX wallets to be converted to the currency you want to buy;
Step 3: Fund your ZAR Offshore wallet, with an EFT from your SA bank account, for FX Conversion;
Step 4: Covert Offshore ZAR and use pay offshore beneficiaries or create escrow transactions in the converted currency.
Users of Truzo’s FX platform include individuals, corporates, importers & exporters multinationals, corporate finance houses, private equity and venture capital investors.
Truzo Ltd is an EMD Agent of The Currency Cloud Limited. Payment and e-money services (non escrow services) are provided by The Currency Cloud Limited. Funds are held in segregated multi-currency wallets or e-money accounts. For clients in the UK, funds are safeguarded by our FCA-regulated e-money partners at a credit institution.
Fees are tailored to specific clients and will vary based on the currencies exchanged as well and value and frequency of transactions.
Truzo Corporate is a versatile escrow offering catering to a wide range of transactions including mergers and acquisitions, capital raisings, property transactions, mining transactions and litigation-related matters. Bridging the gap in commercial transactions by collecting, holding and disbursing funds as an independent escrow agent with no conflict of interest.
Our team of professionals have extensive experience in the legal, financial, banking, and technology industries to assist you in achieving your specific transaction goals.
Our commitment to opening your escrow account within 48 hours of receiving all required KYC documentation is testament to our efficiency without compromising on the quality of our service.
Transaction parties have online access on Truzo’s digital platform via our website or multi award winning app throughout the duration of the transaction. Enabling you to easily track the progress and status of your transaction.
The escrow agreement is entered into between Truzo and the various parties to the transaction which governs, amongst other things, the basis upon which funds will ultimately be released to parties, which party will pay Truzo’s fees and in which party’s favour interest on funds accrue.
Depending on the currency of funds held and transaction size, Truzo can provide a bespoke solution with competitive interest rates, fees and FX conversion rates.
1. Escrow Agreement is signed between transacting parties and Truzo;
2. KYC of transaction parties is completed within 48 hours of receipt of required documents;
3. Truzo escrow account is opened;
4. Buyer deposits funds into the Truzo trust account;
5. Funds securely held by Truzo until the transaction is completed / Conditions Precedent met;
6. Transacting parties notify Truzo that the transaction is completed and instruct Truzo to release the funds held in escrow;
7. Funds released after 48 hours to the seller’s account in terms of the Escrow Agreements authorisation notification.
Truzo Ltd is an EMD Agent of The Currency Cloud Limited, providing payment and e-money services (non-escrow services) in multiple currencies.
Thanks to Truzo’s global footprint with operations in multiple jurisdictions, we’re able to facilitate transactions, payments and currency conversions in 34 currencies, including ZAR, GBP, USD and EUR.
– Regulated and approved in the UK and South Africa. Payment and e-money services (non- escrow services are provided by The Currency Cloud Limited. This ensures you have the critical protection you need when concluding corporate transactions.
– Truzo is also registered with the Payments Association of South Africa (PASA).
– The funds we hold on behalf of our client’s transactions are either in an e-money account in the UK or ‘Trust’ accounts in South Africa. This means that your funds are segregated from Truzo’s operational bank accounts.
“I recommend Truzo Corporate for anyone seeking escrow services. Their expertise, dedication and customer-centric approach make them an outstanding professional in their field. I have no doubt that Truzo’s Corporate offering will continue to excel and provide exceptional escrow services to their clients. We look forward to working with you and your team again soon.”
Edward Pitsi
Co-Founder and CEO | Infinite Partners
“The e4 Group and other stakeholders recently had the pleasure of working with the Truzo Corporate team for our escrow service requirements on a recent large corporate transaction. We were particularly impressed with their knowledge, commitment, and quick turn-around times in relation to their escrow service offering. It was a relatively seamless process and assisted us in achieving closure on our deal. We would gladly recommend Truzo Corporate for any parties needing escrow services in relation to complex corporate or commercial transactions.”
Grant Phillips
Chief Executive Officer | e4
“ I have had the pleasure of working with the Truzo Corporate team for our escrow service requirements on a commercial transaction, and I have been consistently impressed with their knowledge, skills, and commitment to excellence. Their efficient and professional approach have been instrumental in achieving closure on our deal.”
Khudusela Pitje
CEO & Founder | New GX Capital
“Truzo Corporate were instrumental in seeing our transaction through to its finality. They have a very
experienced team of professionals who are proficient in what they do and willing to assist at all times.”
Damian Spargo
Legal Advisor | Overlooked Group
Truzo’s escrow transactions in the news
Truzo was selected as the trusted escrow agent for the e4 deal with Infinite Partners, as reported by TechCentral – ” Fintech specialist e4 sold in R1-billion private equity deal – TechCentral.”
When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held by a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.
Truzo Ltd (12528331) | United Kingdom, is an EMD agent of the Currency Cloud Limited (FCA 903083).
Truzo (Pty) Ltd (2016/390144/07) is an Authorised Financial Service Provider (FSP 51539)
No part of this site, truzo.com, may be reproduced in whole or in part in any manner without the permission of Truzo (Pty) Ltd.
Truzo Ltd is an EMD Agent of The Currency Cloud Limited. Payment and e-money services (non escrow services) are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.
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© 2020-2022 Truzo (Pty) Ltd. All Rights Reserved. Terms and Conditions apply.