Receiving Money from Overseas in South Africa with Capitec: A Comprehensive Guide

Receiving money from overseas can be a convenient and essential aspect of international transactions. If you are a Capitec Bank customer in South Africa, you may wonder if it is possible to receive money from overseas. In this comprehensive guide, we will explore the process of receiving international payments with Capitec, including the necessary steps and guidelines. We will also address frequently asked questions to provide you with all the information you need.

Can Capitec receive money from overseas?

Yes, Capitec Bank allows customers to receive money from overseas. While outward international transfers are not available, Capitec has partnered with Nedbank to facilitate the receipt of international payments. These payments are converted into South African rands at Nedbank's prevailing exchange rates.

To receive a payment from overseas, you will need to ensure that the sender specifies your banking details correctly, including your full name, bank account number, and Capitec's SWIFT/BIC code, CABLZAJJ.

How long does it take for Capitec to receive international payments?

The time it takes for Capitec to receive international payments can vary depending on several factors. Typically, the transfer process may take a few business days to complete. However, it is important to note that international transfers can sometimes experience delays due to factors beyond Capitec's control, such as intermediary banks and currency conversion processes. It is advisable to communicate with the sender and track the progress of the transfer for a more accurate estimate of the expected timeline.

Can Capitec receive money from the UK?

Yes, Capitec Bank can receive money from the United Kingdom and other countries around the world. As long as the sender provides the necessary banking details and follows the correct procedures, you can receive payments from overseas in South Africa through Capitec. It is essential to ensure that the sender includes your full name, bank account number, and Capitec's SWIFT/BIC code (CABLZAJJ) when initiating the transfer.

Does Capitec have an IBAN number?

No, Capitec Bank does not have an IBAN (International Bank Account Number). Instead, Capitec uses the SWIFT/BIC code (CABLZAJJ) for international transactions. When receiving money from overseas, it is crucial to provide the sender with Capitec's SWIFT/BIC code, along with your full name and bank account number, to ensure a smooth and successful transfer.

Receiving Money from Overseas with Capitec:

To receive money from overseas with Capitec, follow these steps:

1. Provide correct banking details: Ensure that the sender has accurate information, including your full name, bank account number, and Capitec's SWIFT/BIC code (CABLZAJJ).
2. Declare large payments: According to South African Reserve Bank (SARB) regulations, you must declare any payment over R50,000 before receiving it from abroad. Contact Capitec to fulfill this requirement.
3. Communicate with the sender: Stay in touch with the sender to track the progress of the transfer and address any potential issues or delays.
4. Be aware of exchange rates: Keep in mind that the conversion of the payment into South African rands will be done at Nedbank's prevailing exchange rates. Consider comparing providers to ensure you receive the best exchange rate possible.

What is the fastest way to receive international payments in South Africa?

We've written a comprehensive guide on the fastest way to receive international payments in South Africa if you're in a hurry!

If you're looking for dollar payments, check out our international payments from the USA to South Africa guide.

Receiving money from overseas in South Africa is possible with Capitec Bank. By following the necessary steps and providing accurate banking details, you can receive international payments conveniently. Remember to communicate with the sender, track the progress of the transfer, and be aware of any applicable regulations and exchange rates. Capitec Bank, in partnership with Nedbank, ensures a smooth process for receiving money from overseas, making it easier for you to manage your international transactions.