Forex Service

Foreign Banknotes

Travelling should always be a pleasure even if it’s a business trip. Carrying foreign banknotes to pay for the small things makes it easier when travelling abroad.

How to apply

Visit the Nedbank Forex branch with:

• Your valid passport
• A valid air ticket indicating your departure from Lesotho to a destination abroad if you are travelling by air
• For expatriates: a valid work permit and tax clearance certificate is required.

General Information

• You can buy foreign banknotes if you are 18 years or older and travelling abroad for pleasure or for business.
• The amount of money you may take out of Lesotho is subject to exchange control limits set by the Central Bank of Lesotho (CBL).

Holiday Travel

• A limit of M1,000,000.00 has been set under the Single Discretionary Allowance which covers among others travel allowance for residents who are 18 years and above per year
• Residents younger than 18 years are allowed to take up to M 200,000.00 per year.  

Business Travel

• The CBL has allocated companies an Omnibus travel facility of M20, 000,000.00 for company employees travelling on company business and its allocation is at the discretion of the company. Companies must provide an official letter authorising the proposed business trip to be undertaken.

When you need to make or receive crossborder payments, you can transfer funds securely and quickly through the global Society for Worldwide Interbank Financial Telecommunications (SWIFT) network with our outward and inward payments service.

We maintain correspondent banking relationships for major trading currencies with reputable banks around the world, ensuring that payments are actioned timeously.

Features and benefits

• Secure and reliable – transfer of your funds through encoded messages on the SWIFT network.
• Fast – quick and easy processing of payments and receipts.
• Efficient and accurate – simple, straight-through processing techniques.
  
• Simplicity – easy processing of payments and receipts.

How to receive and send SWIFT payments

How to receive payment

Step 1

The majority of the time incoming payment messages come complete with details of payment, and you would be aware that you are receiving funds from outside the CMA. In the event that the details are not clear we will notify you as soon as we have received your funds.

Step 2

In the event that the details of payment are not clear you will be required as prescribed by the CBL to disclose the purpose of the funds by completing an integrated form before the funds can be released into your Nedbank account. 

Note: Our SWIFT address is NEDLLSMX

How to send payments

Step 1

Go to any Nedbank branch to complete a SWIFT application form.

Step 2

Fill in the form clearly and submit the necessary documents to avoid delays.

Note: We can only process SWIFT transfers to you if you are an existing Nedbank account holder.

Fees

Our fees are market related and highly competitive. Find out more at our International department at Maseru Branch or your nearest Nedbank Lesotho branch.

Features and benefits

• Use your card to pay for purchases as a safer alternative to cash while abroad – you cannot replace cash if it gets lost or stolen.
• If your card gets lost or stolen, report it immediately, and by doing so secure the funds in your account.
• Your card gives you access to your funds on demand without having to go into a foreign exchange office. And when you need cash, simply use it at an ATM to make a withdrawal.

Please note that there are fees associated with foreign transactions on your card.