You will need your beneficiary's:
Contact your beneficiary for these details.
South African legislation requires Authorised Dealers to provide a reason why international payments are made.
The South African Reserve Bank (SARB) uses a set of predetermined codes to identify why money is paid overseas. This code is called a Balance of Payment (BoP) code.
Example: 401 – Gifts
Please note that we currently do not support international payments that require documentary evidence or payments initiated by a business. Only individuals over the age of 18 may make international payments via online banking. Please visit your nearest Standard Bank Bureau de Change to make business related payments or payments that require supporting documentary evidence.
Some countries use an International Bank Account Number (IBAN) to identify the beneficiary’s bank account.
An IBAN consists of an alphabetical country code, followed by two digits, and then up to 35 characters which includes information to identify both the beneficiary bank and the beneficiaries account number
Example: GB25SBIC40523378945612
South African legislation requires Authorised Dealers to provide a reason why international payments are made.
Each South African citizen may make international payments for a predetermined list of reasons without additional paperwork up to R1 million per calendar year (1st January - 31st December).
This limit is called a Single Discretionary Allowance (SDA) limit. If the reason for your payment does not form part of the predetermined list of reasons that apply to the Single Discretionary Allowance, you will need to visit your nearest Standard Bank Bureau de Change or any branch with a Forex teller to make those payments.
Commission fee:
We charge a commission fee to process the transaction. Commission fees can’t be refunded. This fee depends on the total amount that will be sent.
SWIFT fee:
We charge a SWIFT fee to send payments using the SWIFT network. This is a set fee irrespective of the amount sent.
Options:
You can choose to pay all the fees, or you can pay for Standard Bank’s fees and the beneficiary will pay for their own banks fees.
We currently don't provide the option for the beneficiary to pay for all the fees. No special pricing or concessions apply. Please refer to the latest pricing guide for more details on international payment fees.
Beneficiary bank fee:
If you opt to pay for all the fees, you will be charged for the beneficiary’s bank fees as a separate transaction on a later date. This fee is determined by the beneficiary bank and not Standard Bank. Please make sure there are enough funds in your account.
An international payment usually takes two business days but it can take longer because of:
Please note that no interest will be paid to you on the amount debited from your account from the date of debit to the date of payment to the beneficiary.
If you import goods into South Africa, you must register as an importer with SARS and apply for a Customs Client Number (CCN).
A CCN is used for reporting import payments. Example: BoP category 101-01 Imports for advance payments requires a CCN number.
If you do not have a CCN you may use 70707070 as a CCN for amounts less than R20 000 but not more than 3 times per calendar year.
Once a transaction has been submitted for processing, there is no guarantee that the transaction can be cancelled.
You should contact International Payments Call Centre (0860 123006) as soon as possible.
Standard Bank will then send a cancellation request to the foreign bank, requesting them to stop/cancel the transaction.
Only once confirmation from the foreign bank has been received that they have cancelled the transaction, would the funds be credited back to you.
You will not be refunded the SWIFT and Commission fees charged by Standard bank.
The foreign bank might charge a cancellation fee which will be for your account.
Currency bought back and converted into ZAR might be at a different rate to what you initially paid.
Yes you can transact 24/7, however, when transacting outside of business operating hours, the exchange rate offered may be higher than it would during business hours.
This is the case as the foreign exchange markets are closed for trading and in order to provide the convenience of accessing confirmed exchange rates 24/7 the bank has to adjust the exchange rate for potential market moves that may occur.
Please ensure that you are satisfied with the exchange rate you are offered before you complete your transaction, as once the transaction has been concluded the exchange rate cannot be changed.
On the Beneficiary Details page, select the beneficiary type as “Your international account”.
Choose BOP 511-04 as the reason for your payment
The smartphone app supports a limited set of BoP categories that do not require supporting documentary evidence in line with the Single Discretionary Allowance. If you should not find a BoP category that aligns with your reason for payment, this may mean that your reason for payment requires documents and is thus not supported. Please contact 0860 123 006 should you require further assistance.
You will be offered exchange rates according to your segment/tier. Note, that when transacting outside of business operating hours, the exchange rate offered may be higher. You are not bound to the rate until you select ‘Confirm’ on the ‘Review Details’ page.
For international payment queries, please contact us.
If your account was not yet debited, call the Self Service Banking Centre:
If you're phoning from a South African number: 0860 123 000
If you're phoning from an International number: +27 11 299 4701
If your account is already debited, call the International Payment Call Centre:
If you're phoning from a South African number: 0860 123 006
If you're phoning from an International number: +27 10 249 0051
If you are in South Africa, you can visit your nearest Standard Bank Bureau de Change, or any branch with a Forex teller for further assistance.