Bank Better, Live Better

foreign exchange services

Send and receive international payments affordably.

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Receive your inward payment in foreign currency for these benefits:

  • You get better Foreign Exchange rates
  • Your money is available faster
  • You save on intermediary bank fees
  • You get more rand in your account because you pay lower fees

 

Account restrictions

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.


Card Restrictions

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 these countries including South Africa. 

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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