Bank Better, Live Better
foreign exchange services23/06/2021
Send and receive international payments affordably.
You can't use your transaction/savings account to make or receive international payments if you use it for business or bulk salary transfers. We will return any transactions to salary transfer clients and retail accounts in business names.
If your business needs foreign exchange services, please visit our business bank website at the following link https://www.mercantile.co.za/treasury, or call 011 302 0358.
Exchange Control Application
Certain Balance of Payments categories may be referred to the Financial Surveillance department at SARB for as the transaction may not be permissible or fall outside the ambit of the Currency and Exchanges Manual before such transactions and/or payments may be executed. The timeframe for the applications to SARB is about 6 – 8 week. A fee payable in advance and is quoted in the fee brochure.
Exchange control applicable to foreign nationals
Not from South Africa? Here's what you need to know to open a Capitec Bank Savings Account: bank accounts for foreign nationals
Emigrating from South Africa
Individuals who are emigrating from South Africa to take up permanent residence in countries outside the Common Monetary Area who have ceased to be residents for Tax purposes will be required to obtain a TCS PIN letter issued by SARS Tax Compliance Status (TCS) system. Interested clients may contact the Interbank Forex team who will arrange for a Business bank consultant to facilitate the Outward International Payment Process
Get more info on SA Receiver of Revenue website regarding emigration here.
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