Preapproval is needed from SARB for a foreign loan before the money is paid to South Africa. When the payment is processed, you will receive an SMS with the category we used in the report to the Reserve Bank. Capitec Bank will be able to identify the reason and allocate the correct reason code needed to report the information to the Reserve Bank, SARS and Financial Intelligence Centre (FIC) without contacting you. When expecting funds from abroad, a client can ask the sender to include one of the words below that best describes the reason for the payment in the Reference field. The beneficiary name in the payment matches the account information on Capitec Bank’s records,Įnsure that your personal account information (FICA) and contact number are up to date on Capitec Bank’s system to avoid unnecessary delays in processing the payment.The Reserve Bank temporarily allows authorised dealers to process international payments to the beneficiary’s account without obtaining a declaration if: Then email the completed form to fax it to 0860 88 88 15. Any changes you make must be signed in full and requires an original signature.įirst, download, print and complete the form. The document can only be completed in black ink. The once off Integrated Balance of Payment form should only be completed if you received money from abroad and the Bank cannot contact you. Standing Instruction and Indemnity form for regular payments.Integrated Balance of Payments form for once-off payments.The declaration can be done in person or by either of the following forms: In terms of the Currency and Exchanges Manual of SARB, international payments cannot be processed without the account holder's declaration of the money. Payments cannot be processed if a different name reflects as the beneficiary in the payment and can result in the payment being returned. Note: the beneficiary name in the payment must reflect your name as it is in your identity document or passport (in the case of foreign nationals). The information is compulsory for the Balance of Payments reports and will also reduce delays in processing the inward payments. This includes address information, contact details and permit numbers. Supplementary cardholders or holders of a power of attorney may not make the declaration for the accountholder.Īll clients receiving international payments must be FICA compliant and ensure that their personal information is up to date on the bank’s records. The declaration of the money can only be made by the accountholder before the account is credited and not by a third party. Only original signatures are permitted.Īccording to the Currency and Exchanges Manual of SARB, you must declare any money you receive from abroad before it can be credited to your account. You must only complete the form in black ink. Note: the sender of the money must match the sender on the form to release the money. The Standing Instruction form remains valid until you cancel it in writing. Then email the completed form to or fax it to 0860 88 88 15. ![]() You must complete the Standing Instruction and Indemnity Form for this to happen.įirst, download, print and complete the form. One of our consultants will contact you if we need a Balance of Payment Declaration or additional documents (or both).Įmail any questions you have to call us on +27 from Monday to Friday, 8am – 5pmĪny money you regularly receive for the same reason (such as a salary payment from your international employer) can automatically be credited to your account. If the payment does not meet the required criteria, as provided above, it may be rejected and the funds will be returned to the sender. Your payment will be automatically credited to your account if it meets the requirements of the SARB. The sender details of the payment must contain, at minimum, the sender's first name and surname. Remember, the beneficiary details of the payment must contain your name and surname as they appear in your ID document and your 10-digit Capitec account number. Branch Code/Sort/Routing: 470010 (not required on foreign currency payments).Account Name: *Name and Surname as per your Capitec Account/Identity Document. ![]()
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