Bank Better, Live Better
foreign exchange services05/05/2017
Find out what you need to know about using your Global One card abroad and receiving foreign payments into your account.
Using your Global One card abroad
You may only use your Global One card for travel-related expenses, and we may ask you for proof of travel. Refer to the Exchange Control Regulations and the Currency and Exchanges Manual on the South African Reserve Bank (SARB) website before using your Global One card abroad.
Before you travel or use your card for international online purchases, ensure that your personal details such as your contact numbers, permits and address are up to date on your Capitec Bank account as this information is compulsory for Balance of Payments reporting to SARB and your card may be suspended if the information is not available.
Doing international online purchases does not absolve you from complying with the ad valorem customs and excise duties, or from complying with any of the requirements imposed by Customs.
Balance of Payments
According to the Currency and Exchanges Manual of SARB, any money received from abroad must be declared before it may 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, so supplementary cardholders or holders of a power of attorney may not make the declaration on behalf of 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 per your identity document or passport in the case of foreign nationals. Payments may not be processed if a different name reflects as the beneficiary in the payment and could result in the payment being returned.
In terms of the Currency and Exchanges Manual of SARB, international payments may not be processed without the account holder's declaration of the money. The declaration can be done in person or by means of either of the following forms:
- Integrated Balance of Payments form for once-off payments
- Standing Instruction and Indemnity form for regular payments
The once off Integrated Balance of Payment form should only be completed if you have received money from abroad and the Bank is not able to contact you. Note that the document may only be completed in black ink, any alterations must be signed in full and requires an original signature. Download, print and complete the form; then email the completed form to InfoForex@capitecbank.co.za or fax it to 0860 88 88 15.
If you're going to be receiving money regularly from the same sender and for the same reason (i.e. salary) from abroad and wish to have this money credited to your account automatically, complete the Standing Instruction and Indemnity Form. 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 have cancelled it in writing. Note: the sender of the money must match the sender on the form to release the funds. The form may only be completed in black ink, any alterations must be signed in full and only original signatures are permitted.
Standing Instruction and Indemnity form
Exchange Control Application form for inward foreign loans
If you're going to be receiving a foreign loan from abroad, download, print and complete the form below. Forms and the formal loan agreement between you and the lender must be emailed to InfoForex@capitecbank.co.za or faxed to 0860 88 88 15.
Exchange Control Application form
The local correspondent banks facilitate payments to our clients from abroad. These payments, where necessary, will be converted to rand before being deposited. Capitec Bank is responsible to submit the Balance of Payments report on your behalf to SARB for the international transactions.
The cost associated with 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 being received due to the number of other banks that might be involved to make the payment to Capitec Bank.
Please refer to the fee brochure or website for the fees applicable to receive an international payment.
Certain Balance of Payments categories may require referral to the Financial Surveillance department at SARB for consideration 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 weeks, a fee payable in advance.
Since we depend on a number of local banks to process these international payments, we can't guarantee the 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.
It is important that our SWIFT code (CABLZAJJ) 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.
If you are liable to pay tax in a country other than South Africa
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.
Bank accounts for 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