Bank Better, Live Better

• South African residents over the age of 18 have a discretionary allowance of R1 million per calendar year, which includes a travel allowance
• South African residents under the age of 18 have a limited discretionary allowance of R200 000 per calendar year, which includes a travel allowance

You may use your Global One card if you qualify as a South African resident, have a valid passport and a passenger ticket for journeys commencing from South Africa. The abovementioned allowances are valid for one calendar year.

Residents temporarily abroad may use the allowances as described above without returning to South Africa.

Supplementary Global One cards can only be used in South Africa.

Common Monetary Area (CMA) clients – South Africa, Lesotho, Namibia and Swaziland – can only use their debit cards in the aforementioned countries including South Africa.

You may not use your Global One card for buying foreign lottery tickets or gambling activities online as this is prohibited in terms of the Currency and Exchanges manual of the South African Reserve Bank. Funding of virtual accounts for the purpose of online gambling activities and buying lottery tickets are prohibited.

The SARB rule prohibits clients from using their Global One cards abroad as follows:

"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."

Funding of international forex trading accounts through the Internet, directly or through an intermediary, with your Global One card is not permissible.

Any funding of forex trading accounts can only be done in terms of the Currency and Exchanges Manual of the South African Reserve Bank. Repatriation of funds not in terms of the Currency and Exchanges manual will be subject to approval by the Financial Surveillance department of SARB. The timeframe for the applications to SARB is about 6 – 8 weeks and costs R1020.

Clients that wish to invest in cryptocurrency or operate foreign currency (forex) trading accounts must ensure that they purchase crypto currency and fund their forex trading account as stipulated in Section B.4 (A) of the Currency and Exchange manual of the SARB. You also need to familiarise yourself with the applicable regulation and annual foreign discretionary allowance before you engage in these activities.

What is important to note is that purchasing 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 by means of a virtual account, is not permitted as 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 refrain from doing 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. Enquire if the entity/service provider is registered in South Africa. If it is, then you may fund these accounts using normal electronic fund transfers (EFT) and your Global One card.

Individuals who are emigrating from South Africa to take up permanent residence in countries outside the Common Monetary Area must place their emigration formalities on record with the SA Reserve Bank prior to departure. You would be required to complete a MP336 (b) form and obtain an Emigration tax clearance certificate from SARS. In terms of the Reserve Bank’s Currency and Exchanges Manual, these forms must accompany the application to formalise the emigration. This can only be done by one Authorised Dealer under whose administration the emigrant’s remaining assets are placed.

The Bank is not able to assist with formalising the emigration or stamp the MP336(b) form. Kindly approach one of the other Banks who are authorised to deal with emigration formalities. Please ensure that your account is closed before your departure as it is a SA Reserve Bank requirement that only the Bank that assisted you with your emigration formalities may hold accounts for you.

Get more info on Reserve Bank’s website regarding emigration here.

Inward payments

Preapproval is needed from SARB for the introduction of a foreign loan before the money is paid to South Africa.
To submit an application to SARB, complete the Exchange Control Application form below. This must be accompanied by a copy of the signed loan agreement between the borrower and the lender, which must be emailed to InfoForex@capitecbank.co.za. For more information, call 021 809 4501 or 0860 66 77 09.

We cannot facilitate or receive payments for imports and exports or related transactions.

Funding international forex trading accounts through the Internet with your Global One card is not permissible in terms of Exchange Control Rulings and any proceeds received from such accounts will be subject to approval by the Financial Surveillance department of SARB. The timeframe for the applications to SARB is about 6 – 8 weeks and costs R952.

Clients who use their transaction/savings accounts for business reasons for bulk salary transfers may not use their accounts to receive any international transactions in favour of the business name. All transactions received in favour of salary transfer clients and in business names will be returned. Ensure that the transfers are done to authorised dealers who have been authorised to process these payments.

Please do not send these payments to your Capitec Bank account.

Outward payments

We do not pay money abroad.

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 of 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 abroad will be reported to the Financial Surveillance department of the South African Reserve Bank in accordance to 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
• Currently this service is 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

The SWIFT code for Capitec Bank is CABLZAJJ.

We may not receive international payments directly from banks outside South Africa. When a payment is made from outside South Africa to a Capitec Bank account, the foreign bank will need to make the payment through its rand correspondent bank in South Africa, normally Absa, First National Bank, Nedbank or Standard Bank who in turn will forward the credit to us. We are not authorised to trade in foreign currency and as such may not negotiate any conversion rates. Nedbank is the only Bank that can accept foreign currency payments and they will automatically convert the foreign currency and transfer the rand value to us.The Balance of Payments category must be confirmed with you before the money can be credited to your account. This confirmation can only be confirmed with the accountholder; therefore, supplementary cardholders or holders of a power of attorney may not make the declaration on behalf of the accountholder.

When the paying bank completes the payment message they must use the “CABLZAJJ” SWIFT code to identify Capitec Bank as the destination bank. It is important that CABLZAJJ must be populated in field 57A (“Account with Institution”) by the paying bank. This means that any bank that’s part of the “chain” to transfer the money will then know the money must be sent to Capitec Bank in South Africa.

The paying bank may also ask for an IBAN number. South Africa does not use IBAN numbers but if the sending bank insists on an IBAN number, you can use your Capitec Bank account number (e.g. 1234567890) and the Capitec Bank branch code (always 470010) to create a number that can be used as a substitute for the IBAN. For example: the substitute IBAN could be 1234567890470010.

If you are expecting money from abroad or you will be sending money from abroad to your own account, please ensure that you have updated your contact details, including an email address if available. 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.

Capitec bank is required by law to obtain certain international tax information from all our clients. The information will be reported to the relevant countries through the South African Revenue Services (SARS) based on the United States Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard for the Automatic Exchange of Financial Account Information. New and existing clients are required to confirm all countries other than South Africa where they are a resident for tax purposes or liable to pay tax. Clients must provide their tax identification number for the listed countries. If you are unsure of any information, please contact a professional tax consultant.