Receiving Money from Overseas in South Africa with Standard Bank

Receiving money from overseas is an essential aspect of international transactions, whether you are a customer or a service provider. If you are a Standard Bank customer in South Africa, you may be wondering about the process of receiving international payments. In this comprehensive guide, we will explore how Standard Bank facilitates the receipt of funds from overseas, including the necessary steps and guidelines. We will also address frequently asked questions to provide you with all the information you need.

Does Standard Bank allow international transfers?

Yes, Standard Bank allows international transfers, enabling customers to receive money from overseas seamlessly. The bank has established robust systems and processes to facilitate these transactions securely.

Does Standard Bank South Africa have an IBAN number?

No, Standard Bank South Africa does not use the IBAN (International Bank Account Number) system. Instead, it relies on other identification codes for international transfers. For example, the SWIFT code for Standard Bank South Africa is SBZAZAJJ. This unique code ensures that funds are directed to the correct bank and branch.

How much does Standard Bank charge to receive international payments?

Standard Bank applies a fee for receiving international payments, which is subject to specific conditions. The fee is calculated as 0.554% of the transaction amount, with a minimum charge of R185 and a maximum charge of R791. It's important to note that these fees may vary based on factors such as the channel through which the funds are received (e.g., call center, online banking) and the specific details of the transaction.

Additionally, Standard Bank may require customers to complete a SARB (South African Reserve Bank) Reporting Mandate Form when receiving foreign exchange. This form collects personal details and declarations to comply with South African regulations regarding international payments.

Please note that the fee amounts and specific codes mentioned above are based on the information available at the time of writing and may be subject to change. It is advisable to consult with Standard Bank directly or refer to their official documentation for the most accurate and up-to-date information regarding fees and codes related to receiving international payments.

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

Is Standard Bank the fastest way to receive international payments? Find out more here. We've written a comprehensive guide on the fastest way to receive international payments in South Africa if you need funds transferred in a hurry!

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