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South African Exchange Control Requirements

All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.

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Rules for South African residents travelling abroad

  • Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
  • Travel allowance covers a calendar year (1 January - 31 December)
  • Any unutilised portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
  • A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
  • Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
  • The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
  • In addition, each traveller may take R25 000 in South African Reserve Bank bank notes when visiting abroad.
  • Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

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Get in touch

Email: fnbforextrade@fnb.co.za

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Advance payments

Payments are effected before goods are shipped and are made on a 'cash with order' basis via electronic SWIFT transfers.

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Open account payments

Payments are effected via electronic SWIFT transfers after receipt of goods and are made within a certain number of days as agreed with the exporter/importer.

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Global receipts

This allows you to receive international payments; simply provide the remitter bank with your account number as well as FNB's international SWIFT code: FIRNZAJJ.

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Qualifying criteria

  1. FNB Online Banking
  2. FNB qualifying account

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Documents needed

Documentation for advance payment

  • Commercial invoice issued by supplier - stating that payment is required to be made in advance

Documentation for open account payment

  • Commercial invoice issued by supplier, and
  • One of the following transport documents
    • Transport document evidencing transport to SA
    • Freight forwarder's certificate of receipt
    • Freight forwarder's certificate of transport
    • Consignees copy of SARS Customs Declaration

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Rewards

  • Earn up to 50% back in eBucks on the transaction charges when you send or receive foreign currency via Online Banking*.
  • Earn up to 100% back in eBucks on the transaction charges when receiving foreign currency regularly by authorising FNB Forex to convert these funds on your behalf.

*eBucks earned on forex transactions are subject to the standard eBucks earn rules which can be found on www.ebucks.com

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Balance of payments codes (BoP)

When doing cross-border transactions refer to the balance of payments category codes listed below.

View the BoP Codes (reasons) for all global transactions

View the BoP codes for inward transactions

Note that some codes also have additional sub-category codes.

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Online Banking

Send money abroad using Online Banking

  1. Login to Online Banking
  2. Select the 'Forex' tab
  3. Select 'Global Payments'
  4. Select the Forex menu on the left of the screen and select one of the following:
    • 'Once-off Global Payment' (if this is a once-off payment or first payment to a new recipient)
    • 'Recipients' if this is a repeat payment
  5. Complete and provide all information required regarding your transaction (make sure to have the beneficiary's personal information and banking details on hand)
  6. Select a reason (BoP code) for your payment
  7. Follow screen prompts to complete the transaction.

Receive money from abroad using Online Banking

  1. Login to Online Banking
  2. Select the 'Forex' tab
  3. Select 'Global Receipts' You will be directed to the New Receipts page.
    1. Select Proceed next to the desired transaction to continue and capture the requested payment details.
    2. Select Not for Me if you identify that the funds are not intended for your account.
    3. Select View SWIFT to view the original MT103 SWIFT message.
  4. Follow screen prompts to complete the transaction. You will need to know the reason (BoP code) for the funds being sent to you, e.g. salary, pension, gifts etc as this is required by SARB for reporting purposes.
  5. Complete the transaction details. You will need to know the reason for the funds being sent to you, e.g. salary, pension, gifts etc as this is required by SARB for reporting purposes.

When doing cross-border transactions refer to the balance of payments category codes listed below

View the BoP Codes (reasons) for all global transactions

View the BoP codes for inward transactions

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FNB App

Send money abroad using the FNB App on your smartphone

  1. Login to the FNB App.
  2. Select the 'Forex' tab
  3. Select 'Global Payments'
  4. Select the Forex menu on the left of the screen and select either:
    • 'Once-off Global Payment' , for a once-off payment or first payment to a new recipient.

    • Recipients

      , if you are making a repeat payment.
  5. Complete and provide all the transaction information required.
  6. Select a reason (BoP code) for your payment.
  7. Follow screen prompts to complete the transaction.

Receive money abroad using the FNB App on your smartphone

  1. Login to the FNB App
  2. Select the Forex' tab
  3. Select 'Global Receipts' tab:
    • Select Proceed next to the desired transaction to continue and capture the requested payment details.
    • Select Not for Me if you identify that the funds are not intended for your account.
  4. Complete and provide all the transaction information required.
  5. Select a reason (BoP code) for receiving the payment.
  6. Follow screen prompts to complete the transaction.

When doing cross-border transactions refer to the balance of payments category codes listed below

View the BoP Codes (reasons) for all global transactions

View the BoP codes for inward transactions

Payment methods

Secure global transfers

Use global payments from FNB to simply capture your payments for imports and exports via Online Banking.

What you get

Mutual trust

When an exceptionally high level of trust exists between the importer and exporter, then remittance of funds in this instance is normally effected before goods are dispatched.

Advance payments

Payments effected before goods are shipped

Read more

Open account payments

Payments are effected after receipt of goods

Read more

Global receipts

Receive international payments

Read more

What's hot

Anytime + anywhere

Facilitate your transfer abroad online anytime, anywhere, 24/7/365



Verification

We will verify all documents and process the payment



Guidance + assistance

Get expert guidance and assistance from an exchange control point of view



Convenience

You can upload your documents online



Electronic processing

Electronic processing via SWIFT



Fast payments

Beneficiary gets payment in two working days



Rewards

Get rewarded

  • Earn up to 50% back in eBucks on the transaction charges when you send or receive foreign currency via Online Banking or the FNB App on your smartphone.

How it works

Do it online

Online

How to make a global payment online

Read more

FNB App

How to make a global payment on the FNB Banking App

Read more

Balance of payments codes (BoP)

Cross-border transaction reporting guaranteed

As an Authorised Dealer in foreign exchange, FirstRand and its divisions (including RMB and FNB) are required to report cross-border customer transactions to the South African Reserve Bank. This system of reporting is called balance of payments reporting or BoP reporting for short.

Getting it made easy

Get in touch
Find a branch

Qualifying criteria

Documents needed

Pricing guide

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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Physical address

4 Merchant Place
Corner Fredman Drive and Rivonia Road
Sandton
2196

Postal address

PO Box 650149
Benmore
2010

Contact numbers

T: +27 11 282 1808
F: +27 11 282 8088