If you receive international payments, the old process applies again from 1 July 2023.
Read the article below to acquaint yourself with how the old process works and to understand how we make it easy for you to receive international payments.
 

The South African Reserve Bank made it easier to receive international payments during Covid-19 because of the impact of the pandemic on the economy.
During the peak of Covid-19 the South African Reserve Bank allowed banks to immediately credit accounts for international payments under a single balance. This temporary dispensation applied to payments received in rands, under R300 000, due to the impact of the pandemic on the economy.

We must use the previous process again.
The South African Reserve Bank has notified us, along with other banks, that from 1 July 2023 we must use the previous receipt process. As a result you will no longer receive immediate receipt for international rand payments under R300 000.
 

For all your incoming international payments you must provide the relevant balance-of-payments code disclosing the reason for payment.
We understand that it may have been a while since you last used the balance-of-payments (BOP) code process. To ensure compliance and to receive your international payments efficiently, we would like to provide you with a refresher on the necessary steps.
 

If you need clarity or have any questions regarding the requirements for compliant receipt of international payments, contact your wealth manager.