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International payments

Making international payments product detail

Need to make an international payment via Internet Banking? Our hassle-free process enables you to load your payment information and supporting documents, as well as book a live exchange rate from the comfort of your office or home.

 

View international payment solution for business 

Some of the benefits

Seamless process

Make international money payments anytime, anywhere via Internet Banking

Support

Our step-by-step guide will assist you with making payments that comply with exchange control laws

Transparency

View the exchange rate and transaction costs upfront before you make an international payment

Control

View your transaction history and track the status of pending international payment
WHAT YOU’LL NEED
  • To pay a beneficiary, you need their name and full physical address
  • You also need their bank details (SWIFT code, IBAN/account number)
  • Depending on the country, you may also need to know their SORT or routing code
  • You will need to provide a reason (BOP code) explaining why you are making the international payment
  • Additional information required for BOP reporting and the South African Reserve Bank approval
  • Documents that support the reason for your international payment
PAYMENT PROCESS
  • Sign into Standard Bank’s Internet Banking, navigate to My Business Banking, then select the Transact tab and select International Payment
  • Get guidance on the BOP category and required documents from the drop-down selection
  • Enter the currency of the payment plus the amount you wish to pay. We will then give you an indicative exchange rate and estimated cost of the transaction
  • Enter the beneficiary’s details and their bank details
  • Provide any additional information for BOP reporting and South African Reserve Bank approval
  • View and accept the final exchange rate and cost of the transaction
  • Note that international payments take two business days to process
WHAT YOU NEED TO KNOW
  • Each international payment transaction may not be more than R1.5 million when using Internet Banking. For larger value transactions, please use an alternate channel
  •  Your Electronic Account Payment (EAP) limit will be depleted when making international payments
  • You will not be able to debit a Foreign Currency (CFC) account for payment
  • You will not be able to use a pre-booked deal
  • You will not have segregation of duties
FEES
  • Commission fee: Standard Bank charges a commission fee which is a small percentage of the amount you send
  • SWIFT fee: Standard Bank charges a SWIFT fee to send international payments via the SWIFT network
  • Beneficiary bank fees: The beneficiary’s bank charges a fee to process the incoming payment. The cost of these fees varies from bank to bank and the amount is not known to Standard Bank. You can choose to pay the beneficiary bank’s fees or have the beneficiary pay for their own bank fees. If you choose to pay, your account will be debited with a separate fee once the beneficiary bank has processed the payment.

See 2020 pricing guide

 

HOW TO GET IT
  • Internet Banking
  • Email [email protected]  – If you have an email indemnity with Standard Bank, you can complete your international payment form and email it along with your supporting documentation
Download the email indemnity form here
FAQS
Have any questions or queries relating to international payments? View our comprehensive list of frequently asked questions by clicking here.
  • WHAT YOU’LL NEED
  • PAYMENT PROCESS
  • WHAT YOU NEED TO KNOW
  • FEES
  • HOW TO GET IT
  • FAQS
  • To pay a beneficiary, you need their name and full physical address
  • You also need their bank details (SWIFT code, IBAN/account number)
  • Depending on the country, you may also need to know their SORT or routing code
  • You will need to provide a reason (BOP code) explaining why you are making the international payment
  • Additional information required for BOP reporting and the South African Reserve Bank approval
  • Documents that support the reason for your international payment
  • Sign into Standard Bank’s Internet Banking, navigate to My Business Banking, then select the Transact tab and select International Payment
  • Get guidance on the BOP category and required documents from the drop-down selection
  • Enter the currency of the payment plus the amount you wish to pay. We will then give you an indicative exchange rate and estimated cost of the transaction
  • Enter the beneficiary’s details and their bank details
  • Provide any additional information for BOP reporting and South African Reserve Bank approval
  • View and accept the final exchange rate and cost of the transaction
  • Note that international payments take two business days to process
  • Each international payment transaction may not be more than R1.5 million when using Internet Banking. For larger value transactions, please use an alternate channel
  •  Your Electronic Account Payment (EAP) limit will be depleted when making international payments
  • You will not be able to debit a Foreign Currency (CFC) account for payment
  • You will not be able to use a pre-booked deal
  • You will not have segregation of duties
  • Commission fee: Standard Bank charges a commission fee which is a small percentage of the amount you send
  • SWIFT fee: Standard Bank charges a SWIFT fee to send international payments via the SWIFT network
  • Beneficiary bank fees: The beneficiary’s bank charges a fee to process the incoming payment. The cost of these fees varies from bank to bank and the amount is not known to Standard Bank. You can choose to pay the beneficiary bank’s fees or have the beneficiary pay for their own bank fees. If you choose to pay, your account will be debited with a separate fee once the beneficiary bank has processed the payment.

See 2020 pricing guide

 

  • Internet Banking
  • Email [email protected]  – If you have an email indemnity with Standard Bank, you can complete your international payment form and email it along with your supporting documentation
Download the email indemnity form here
Have any questions or queries relating to international payments? View our comprehensive list of frequently asked questions by clicking here.