Bank Better, Live Better

• One of our consultants will contact you when you receive a foreign currency payment. The money will be automatically converted and be available in your account
• Whoever is sending you the money must instruct their foreign bank to transfer it in the foreign currency (e.g. USD, EUR, GBP, etc.)
• The foreign bank must complete the SWIFT payment instruction as follows and route the payment directly to Capitec bank SWIFT code CABLZAJJ:

Account with Institution (Field 57A):

• Branch Code/Sort/Routing:        470010
• SWIFT Code:                                  CABLZAJJ
• Beneficiary Customer (Field 59):
• Account Number/IBAN: *Your 10-digit Capitec Account Number
• Account Name: *Name and Surname as per your Capitec Account/Identity Document

Remember, the beneficiary details of the payment must contain your name and surname as they appear in your ID document and your 10-digit Capitec account number.

You can download the guideline here 

Email any questions you have to InfoForex@capitecbank.co.za or call us on +27 21 809 4501 from Monday to Friday, 8am – 5pm

Do you receive regular payments?

Any money you regularly receive for the same reason (such as a salary payment from your international employer) can automatically be credited to your account. You must complete the Standing Instruction and Indemnity Form for this to happen.

First, download, print and complete the form. Then email the completed form to InfoForex@capitecbank.co.za or fax it to 0860 88 88 15.

The Standing Instruction form remains valid until you cancel it in writing.

Note: the sender of the money must match the sender on the form to release the money. You must only complete the form in black ink. You must sign any changes in full. Only original signatures are permitted.

Balance of Payments

According to the Currency and Exchanges Manual of SARB, you must declare any money you receive from abroad before it can be credited to your account. The declaration of the money can only be made by the accountholder before the account is credited and not by a third party. Supplementary cardholders or holders of a power of attorney may not make the declaration for the accountholder.

All clients receiving international payments must be FICA compliant and ensure that their personal information is up to date on the bank’s records. This includes address information, contact details and permit numbers. The information is compulsory for the Balance of Payments reports and will also reduce delays in processing the inward payments.

Note: the beneficiary name in the payment must reflect your name as it is in your identity document or passport (in the case of foreign nationals). Payments cannot be processed if a different name reflects as the beneficiary in the payment and can result in the payment being returned.

In terms of the Currency and Exchanges Manual of SARB, international payments cannot be processed without the account holder's declaration of the money. The declaration can be done in person or by either of the following forms:

• Integrated Balance of Payments form for once-off payments
• Standing Instruction and Indemnity form for regular payments

Once-off payments

The once off Integrated Balance of Payment form should only be completed if you received money from abroad and the Bank cannot contact you. The document can only be completed in black ink. Any changes you make must be signed in full and requires an original signature.

First, download, print and complete the form. Then email the completed form to InfoForex@capitecbank.co.za or fax it to 0860 88 88 15.

Dispensations

The Reserve Bank allows authorised dealers to process international payments to the beneficiary’s account without obtaining a declaration if:

• The value is under R50 000
• Client has a South African ID number
• The beneficiary name in the payment matches the account information on Capitec Bank’s records,
• The account number is correct, and
• The reference field clearly states the reason for the payment

Ensure that your personal account information (FICA) and contact number are up to date on Capitec Bank’s system to avoid unnecessary delays in processing the payment.

When expecting funds from abroad, a client can ask the sender to include one of the words below that best describes the reason for the payment in the Reference field. Capitec Bank will be able to identify the reason and allocate the correct reason code needed to report the information to the Reserve Bank, SARS and Financial Intelligence Centre (FIC) without contacting you. When the payment is processed, you will receive an SMS with the category we used in the report to the Reserve Bank. 

Foreign loans

Preapproval is needed from SARB for a foreign loan before the money is paid to South Africa.

If you're going to receive a foreign loan from abroad, download, print and complete the form. The forms and a copy of the signed loan agreement between the borrower and the lender, must be emailed to InfoForex@capitecbank.co.za or faxed to 0860 88 88 15.

For more information, call 021 809 4501 or 0860 66 77 09.

Contact details

If you are expecting money from abroad or you will be sending money from abroad to your own account, please ensure that you update your contact details, including an email address if available. If you do not have a Standing Instruction for the payment, we must be able to contact you to complete the regulatory requirements. If we cannot contact you within 30 days, the money will be returned to the sender. To update your details, visit your nearest Capitec Bank branch.

Fees

The costs for payments from abroad will be deducted by the processing bank(s) from the value received before it is credited to your account (the beneficiary) unless otherwise indicated in the payment instruction.

Fees for international payments cannot be determined or quoted before the payment is received due to the number of other banks that might be involved to make the payment to Capitec Bank.

Refer to the fee brochure or website for the fees applicable to receive an international payment.

Clearing times

Since we depend on a number of local banks to process international payments, we can't guarantee exact clearing times.

Payments from abroad normally take 3 – 7 working days from the time that the money is sent. If the sender or the foreign bank provides the Bank in South Africa with too little account information, the transaction will take longer and could even be returned.

Our SWIFT code (CABLZAJJ) must be included in field 57A of the SWIFT payment instruction as this helps automate the processing of the payment. If it's not included, the payment will be returned to the sending bank as an invalid payment instruction.

Returned payments could incur fees and these cannot be determined or quoted due to the number of local and foreign banks involved in the payment. The fees will be deducted from the value of the payment.

IBAN Number

The paying bank may sometimes ask for an IBAN number. South African banks do not use IBAN numbers and it should not be required for payments to Capitec Bank. Should the paying entity force the capturing of an IBAN account number they can use the Capitec 10 digit account number preceded by zeroes (“0”). For example: the IBAN reference could be 0000001123456789.

Please e-mail Capitec Forex on FXQueries.capitec@mercantile.co.za to setup a trading account for you to make international payments.

A consultant will contact you within 48 hours. You can also call us on +27 11 302 0358/0407 from Monday to Friday 8am – 5pm.

Allowances

• South African residents over the age of 18 have a Single Discretionary Allowance (SDA) of R1 million per calendar year which can be used for travel or investment (income tax number required) or sending monetary gifts. You can use your Global One card if you are a South African resident, if you have a valid passport and a passenger ticket for journeys that start from South Africa. The allowances mentioned above are valid for one calendar year.
• South African residents under the age of 18 may only use a travel allowance of R200 000 per calendar year
• South African residents over the age of 18 additionally have a Foreign Capital Allowance of R10 million per calendar year that they can use for Investment purposes overseas. In this regard, a valid Tax Compliance Status (TCS) Pin is required to use this allowance (TCS Pin obtained from SARS)

Receive money locally or internationally directly to your Global One debit MasterCard® through MasterCard® MoneySend™. The money will be available in your account within 30 minutes after approval.

What is MoneySend?

• A safe way to receive money worldwide from any person with a Mastercard or any business through a Mastercard licensed financial institution
• It enables fast, secure, and convenient payments into Capitec Bank debit card accounts through MasterCard
• This service is not yet available for Visa or Mastercard credit card cardholders
• MoneySend transactions from overseas will be reported to the Financial Surveillance department of the South African Reserve Bank in line with the applicable regulations

Who can use MoneySend?

• MoneySend is available from any person holding a Mastercard or any business through a Mastercard licensed financial institution
• This service is currently not available for Visa or our Global One credit card, but will be in the near future

Features

• Paperless – You don’t have to complete any forms
• Fast – Debit card transfers are available within 30 minutes of approval
• Safe – Mastercard safely processes billions of payments every year

• For MoneySend queries, contact Client Care on 0860 10 20 43

Email any questions you have to InfoForex@capitecbank.co.za or call us on +27 21 809 4501 from Monday to Friday, 8am – 5pm.

We offer specialised exchange control services through our business bank, such as receiving proceeds for exports.

Please e-mail Capitec Forex on FXQueries.capitec@mercantile.co.za to setup a trading account for you to make international payments. A consultant will contact you within 48 hours. You can also call us on +27 11 302 0358/0407 from Monday to Friday 8am – 5pm.

A business bank consultant will guide you through the process and the payment.

You can not use your Global One card to buy foreign lottery tickets or online gambling activities. This is prohibited in terms of the Currency and Exchanges manual of the South African Reserve Bank. Funding virtual accounts for online gambling activities and buying lottery tickets are not permitted.

The SARB rule which prevents clients from using their Global One cards abroad is:

"Residents may not participate in lotteries organised abroad, as such participation contravenes the Lotteries Act, 1997 (Act No. 57 of 1997).

In terms of the National Gambling Act, 2004 (Act No. 7 of 2004), as amended by the National Gambling Amendment Act, 2008 (Act No. 10 of 2008), residents may not participate in any gambling activities not authorised in terms of the aforementioned Act.

"Residents may not use their South African issued credit and/or debit cards to facilitate payments for the abovementioned purposes, and in addition all issuers of American Express, Diners Club, MasterCard and Visa cards, may not accept such debits against resident cardholders' accounts in respect of the payment for foreign lottery tickets or gambling activities.

Clients who want invest in cryptocurrency or operate foreign currency (forex) trading accounts must ensure that they buy crypto currency and fund their forex trading account according to Section B.4 (A) of the SARB Currency and Exchange manual. You also need to know and understand the applicable regulation and annual foreign discretionary allowance before you start these activities.

It is important to note that buying any type of cryptocurrency from a non-South African entity using a debit or credit card, directly or indirectly with your Global One or any other card using a virtual account, is not permitted. Such transactions do not form part of the permitted transactions stipulated in the Currency and Exchanges manual of the South African Reserve Bank (SARB). You should therefore not make these transactions with your Global One card.

How you can participate:

The Currency and Exchange manual only applies to international transactions done with entities outside South Africa. It does not apply to transactions done in South Africa between residents. Find out if the entity/service provider is registered in South Africa. If it is, then you can fund these accounts using normal electronic fund transfers (EFT) and your Global One card.