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Receiving International Payments

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Receiving money from abroad? Let us help you.

 

 

 

Some of the benefits

Seamless

Simple process to receive money from anywhere in the world

Convenience

We will convert the foreign currency and deposit Rand into your account

Confidence

We will help you with your South African Reserve Bank reporting

Efficiency

Set up instructions for recurring payments
Account details to provide

Account type: It is recommended that you use a Cheque / Savings account to receive international payments. 

Standard Bank’s SWIFT address: SBZAZAJJ

Branch/sort code: 051001. If this information is requested, please advise the sender to ensure that the branch code is not
provided in the same field as your account number.

Account number/IBAN number: Provide your Standard Bank account number

Payment process

Once off incoming payment: Once Standard Bank has received the funds from the sending bank, you will be contacted and you will have 30 calendar days to provide the reason for payment (BOP code). 

Recurring payments: If you receive funds on a regular basis from the same person for the same reason, you can set up a Standing Settlement Instruction which will enable us to automatically process your payment without contacting you for further details. 

Foreign currency payments: If funds are received in foreign currency, the foreign currency will be converted into local currency at the exchange rate at the time of providing the reason for payment or you may instruct us to use a pre-booked deal where you have direct dealing facilities in place. 

Fees

An international payment incurs fees from the sending bank, the beneficiary bank (Standard Bank) and an intermediary bank in the case where the payment could not be sent directly to the beneficiary bank. The sender may choose 1 of the following options to determine how the fees are paid:

SHA: The sender and the beneficiary pay their own bank fees. This is the most popular option. 

OUR: The sender will pay both the sending and beneficiary banks fees. 

BEN: The beneficiary will pay for both the sending bank and his/her own bank fees. 

Should there be any intermediary bank fees, these will be deducted off the amount sent to the beneficiary.

See 2019 pricing guide
See 2018 pricing guide

  • Account details to provide
  • Payment process
  • Fees

Account type: It is recommended that you use a Cheque / Savings account to receive international payments. 

Standard Bank’s SWIFT address: SBZAZAJJ

Branch/sort code: 051001. If this information is requested, please advise the sender to ensure that the branch code is not
provided in the same field as your account number.

Account number/IBAN number: Provide your Standard Bank account number

Once off incoming payment: Once Standard Bank has received the funds from the sending bank, you will be contacted and you will have 30 calendar days to provide the reason for payment (BOP code). 

Recurring payments: If you receive funds on a regular basis from the same person for the same reason, you can set up a Standing Settlement Instruction which will enable us to automatically process your payment without contacting you for further details. 

Foreign currency payments: If funds are received in foreign currency, the foreign currency will be converted into local currency at the exchange rate at the time of providing the reason for payment or you may instruct us to use a pre-booked deal where you have direct dealing facilities in place. 

An international payment incurs fees from the sending bank, the beneficiary bank (Standard Bank) and an intermediary bank in the case where the payment could not be sent directly to the beneficiary bank. The sender may choose 1 of the following options to determine how the fees are paid:

SHA: The sender and the beneficiary pay their own bank fees. This is the most popular option. 

OUR: The sender will pay both the sending and beneficiary banks fees. 

BEN: The beneficiary will pay for both the sending bank and his/her own bank fees. 

Should there be any intermediary bank fees, these will be deducted off the amount sent to the beneficiary.

See 2019 pricing guide
See 2018 pricing guide