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Making international payments

In Branch Transaction-Product Detail

Make authenticated payments to your own or other international accounts in-app, online or in-branch.

 

 

 

Some of the benefits

Convenience

Make international payments anytime, anywhere with the app or online banking

Confidence

Easy step by step guide to make secure payments that comply with exchange control laws

Control

View your transaction history and track the status of pending transactions on the app

Transparency

View the exchange rate and transaction costs upfront on the app
What you’ll need
  • To pay a person, you need their name, surname, gender and full physical address
  • To pay a company, you need the company name and their full physical address
  • You also need the account number or IBAN and a valid bank SWIFT code. 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 payment
Payment process

Log into Standard Bank's mobile app or internet banking, and navigate to Pay, and then to International Payments. Enter the beneficiary’s personal and bank details followed by the reason for your payment (BoP code). We will then provide you with the exchange rate and a summary of the cost of the transaction before you confirm. The payment typically takes 2 business days to process.

Limits

The South African Reserve Bank has given South African citizens an allowance to make international payments without needing to provide supporting documentation for a sub-set of Reason for Payment (BOP) codes.

This allowance is your Single Discretionary Allowance (SDA) limit or your “Forex limit” and you can use it to make payments up to R1million per calendar year (1 Jan-31 Dec). The Reason for Payment (BoP) codes that are available on internet banking or the mobile app are the ones that are included in this allowance.

To make payments for other reasons or in excess of your R1million allowance, please visit your nearest Standard Bank bureau de change or any branch with a forex teller with your supporting documents.

Fees

Commission fee:  Standard Bank chargea commission fee which is a small percentage of the amount you send. 

SWIFT fee:  Standard Bank charges a SWIFT fee to send 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 vary 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 2019 pricing guide
See 2018 pricing guide

 

  • What you’ll need
  • Payment process
  • Limits
  • Fees
  • To pay a person, you need their name, surname, gender and full physical address
  • To pay a company, you need the company name and their full physical address
  • You also need the account number or IBAN and a valid bank SWIFT code. 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 payment

Log into Standard Bank's mobile app or internet banking, and navigate to Pay, and then to International Payments. Enter the beneficiary’s personal and bank details followed by the reason for your payment (BoP code). We will then provide you with the exchange rate and a summary of the cost of the transaction before you confirm. The payment typically takes 2 business days to process.

The South African Reserve Bank has given South African citizens an allowance to make international payments without needing to provide supporting documentation for a sub-set of Reason for Payment (BOP) codes.

This allowance is your Single Discretionary Allowance (SDA) limit or your “Forex limit” and you can use it to make payments up to R1million per calendar year (1 Jan-31 Dec). The Reason for Payment (BoP) codes that are available on internet banking or the mobile app are the ones that are included in this allowance.

To make payments for other reasons or in excess of your R1million allowance, please visit your nearest Standard Bank bureau de change or any branch with a forex teller with your supporting documents.

Commission fee:  Standard Bank chargea commission fee which is a small percentage of the amount you send. 

SWIFT fee:  Standard Bank charges a SWIFT fee to send 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 vary 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 2019 pricing guide
See 2018 pricing guide