Capitec Bank Forex

Using your Global One card abroad

You may only use your Global One card for travel-related expenses, and we may ask you for proof of travel. Refer to the Exchange Control Regulations and the Currency and Exchanges Manual on the South African Reserve Bank (SARB) website before using your Global One card abroad.

Before you travel or use your card for international online purchases, ensure that your personal details such as your contact numbers, permits and address are up to date on your Capitec Bank account as this information is compulsory for Balance of Payments reporting to SARB and your card may be suspended if the information is not available.

Doing international online purchases does not absolve you from complying with the ad valorem customs and excise duties, or from complying with any of the requirements imposed by Customs.

Restrictions on card usage

Allowances

South African residents over the age of 18 have a discretionary allowance of R1 million per calendar year, which includes a travel allowance
South African residents under the age of 18 have a limited discretionary allowance of R200 000 per calendar year, which includes a travel allowance

You may use your Global One card if you qualify as a South African resident, have a valid passport and a passenger ticket for journeys commencing from South Africa. The abovementioned allowances are valid for one calendar year.

Residents temporarily abroad may use the allowances as described above without returning to South Africa.

Supplementary Global One cards can only be used in South Africa.

Common Monetary Area (CMA) clients – South Africa, Lesotho, Namibia and Swaziland – can only use their debit cards in the aforementioned countries including South Africa.

Foreign lottery tickets and gambling activities

You may not use your Global One card for buying foreign lottery tickets or gambling activities online as this is prohibited in terms of the Currency and Exchanges manual of the South African Reserve Bank. Funding of virtual accounts for the purpose of online gambling activities and buying lottery tickets are prohibited.

The SARB rule prohibits clients from using their Global One cards abroad as follows:

“Residents may not participate in lotteries organised abroad, as such participation contravenes the Lotteries Act, 1997 (Act No. 57 of 1997).

In terms of the National Gambling Act, 2004 (Act No. 7 of 2004), as amended by the National Gambling Amendment Act, 2008 (Act No. 10 of 2008), residents may not participate in any gambling activities not authorised in terms of the aforementioned Act.

Residents may not use their South African issued credit and/or debit cards to facilitate payments for the abovementioned purposes, and in addition all issuers of American Express, Diners Club, MasterCard and Visa cards, may not accept such debits against resident cardholders’ accounts in respect of the payment for foreign lottery tickets or gambling activities.”

Foreign exchange trading accounts

Funding of international forex trading accounts through the Internet, directly or through an intermediary, with your Global One card is not permissible.

Any funding of forex trading accounts can only be done in terms of the Currency and Exchanges Manual of the South African Reserve Bank. Repatriation of funds not in terms of the Currency and Exchanges manual will be subject to approval by the Financial Surveillance department of SARB. The timeframe for the applications to SARB is about 6 – 8 weeks and costs R885.

Purchase of crypto currency

Clients that wish to invest in cryptocurrency or operate foreign currency (forex) trading accounts must ensure that they purchase crypto currency and fund their forex trading account as stipulated in Section B.4 (A) of the Currency and Exchange manual of the SARB. You also need to familiarise yourself with the applicable regulation and annual foreign discretionary allowance before you engage in these activities.

What is important to note is that purchasing any type of cryptocurrency from a non-South African entity using a debit or credit card, directly or indirectly with your Global One or any other card by means of a virtual account, is not permitted as such transactions do not form part of the permitted transactions stipulated in the Currency and Exchanges manual of the South African Reserve Bank (SARB). You should therefore refrain from doing these transactions with your Global One card.

How you can participate:

The Currency and Exchange manual only applies to international transactions done with entities outside South Africa; it does not apply to transactions done in South Africa between residents. Enquire if the entity/service provider is registered in South Africa. If it is, then you may fund these accounts using normal electronic fund transfers (EFT) and your Global One card.

Restrictions on payments to Capitec Bank accounts

Certain types of transactions in terms of our policy and exchange control cannot be accommodated and others have conditions.

Inward payments

Preapproval is needed from SARB for the introduction of a foreign loan before the money is paid to South Africa.

To submit an application to SARB, complete the Exchange Control Application form below. This must be accompanied by a copy of the signed loan agreement between the borrower and the lender, which must be emailed to [email protected]. For more information, call 021 809 4501 or 0860 66 77 09.

We cannot facilitate or receive payments for imports and exports or related transactions.

Funding international forex trading accounts through the Internet with your Global One card is not permissible in terms of Exchange Control Rulings and any proceeds received from such accounts will be subject to approval by the Financial Surveillance department of SARB. The timeframe for the applications to SARB is about 6 – 8 weeks and costs R885.

Clients who use their transaction/savings accounts for business reasons or our salary transfer facility for bulk salary transfers may not use their accounts to receive any international transactions in favour of the business name. All transactions received in favour of salary transfer clients and in business names will be returned. Ensure that the transfers are done to authorised dealers who have been authorised to process these payments.

Please do not send these payments to your Capitec Bank account.

Outward payments

We do not pay money abroad.

International payments to Capitec Bank accounts

Use Mastercard® MoneySend™ to receive international payments

Receive money locally or internationally directly to your Global One debit Mastercard® through Mastercard® MoneySend™. The money will be available in your account within 30 minutes of approval.

What is MoneySend?

A safe way to receive money worldwide from any person with a Mastercard or any business through a Mastercard licensed financial institution
It enables fast, secure, and convenient payments into Capitec Bank debit card accounts through MasterCard
This service is not yet available for Visa or Mastercard credit card cardholders
MoneySend transactions from abroad will be reported to the Financial Surveillance department of the South African Reserve Bank in accordance to the applicable regulations

Who can use MoneySend?

MoneySend is available from any person holding a Mastercard or any business through a Mastercard licensed financial institution
Currently this service is not available for Visa or our Global One credit card, but will be in the near future

Features

Paperless – You don’t have to complete any forms
Fast – Debit card transfers are available within 30 minutes of approval
Safe – Mastercard safely processes billions of payments every year

For MoneySend queries, contact Client Care on 0860 10 20 43

Use a rand correspondent bank (if sender doesn’t have Mastercard)

If you are liable to pay tax in a country other than South Africa

Balance of Payments

According to the Currency and Exchanges Manual of SARB, any money received from abroad must be declared before it may be credited to your account. The declaration of the money can only be made by the accountholder before the account is credited and not by a third party, so supplementary cardholders or holders of a power of attorney may not make the declaration on behalf of the accountholder.

All clients receiving international payments must be FICA compliant and ensure that their personal information is up to date on the bank’s records; this includes address information, contact details and permit numbers. The information is compulsory for the Balance of Payments reports and will also reduce delays in processing the inward payments.

Note: the beneficiary name in the payment must reflect your name as per your identity document or passport in the case of foreign nationals. Payments may not be processed if a different name reflects as the beneficiary in the payment and could result in the payment being returned.

In terms of the Currency and Exchanges Manual of SARB, international payments may not be processed without the account holder’s declaration of the money. The declaration can be done in person or by means of either of the following forms:

Integrated Balance of Payments form for once-off payments
Standing Instruction and Indemnity form for regular payments

Information on completion of the forms

SARB implemented the more comprehensive Financial Surveillance (Finsurv) System for Balance of Payments reporting in August 2013. This added new categories to the Integrated Balance of Payments form and the Standing Instruction and Indemnity form.

Important information

Fill in the form as accurately and in as much detail as possible to comply with the Currency and Exchanges Manual of SARB and to prevent payments being returned due to incorrect or insufficient information
The forms must be completed in black, all alterations must be signed in full and electronic signitures are not acceptable
It’s very important that the money coming in is declared correctly and that the information you provide is up to date and accurate as this information will be used to declare the incoming payment to SARB, the South African Revenue Services (SARS) and the Financial Intelligence Centre

ALL fields are mandatory unless otherwise indicated.

Beneficiary’s Details section

The bank cannot accept the form if the details provided don’t match the details we have for you on our system
Ensure that your residential address and contact details (including email address) are up to date on our system
If your personal details have changed, visit your nearest branch with an original proof of residential address (not older than 3 months) and an identification document to update them

Sender’s Details section

Ensure that the details are correct. The sender of the payment must match the form; if it doesn’t, the payment cannot be processed. The payment may be returned should we be unable to contact you telephonically
The full name and surname of the sender of the money must be filled in. If the sender is an entity, the full name should be filled in
The country from where the money is being sent MUST be indicated in the Country field. We cannot accept the form unless this information has been filled in
Indicate whether the sender is a South African resident or not

Balance of Payments Category section

Choose a category from the list that best describes the reason for the payment. Fill in the Category field (and Subcategory field if applicable). The form may not be accepted if this information is incomplete

Common categories

1. Salary (“Compensation”)

If you have an ID and are receiving a salary from a foreign employer or are transferring your salary/earnings from your own foreign bank account, then please use category 303

If you are a foreign national temporarily (non CMA clients) employed in South Africa on a work permit and are receiving a salary from a foreign employer then use category 306

If you are a migrant worker (CMA clients) temporarily employed in South Africa on a work permit and are receiving a salary from a foreign employer then use category 305

2. Gifts

Category 401 must be used to declare gift payments from non-residents. The Standing Instruction and Indemnity form can only be filled in for gift payments where the same amount (in ZAR or foreign currency) is received on a monthly/fortnightly/quarterly basis. The Amount, Frequency and End Date fields must be filled in.

3. Rental

Category 308 may only be used if you are receiving rental income from a non-resident tenant who is for example renting a property either in South Africa or abroad. This category may not be used for South African resident working abroad and transferring money to pay the rent or bond, or for a South African resident receiving a financial assistance from a non-resident to help pay rent locally.

4. Pensions

Pension payments are category 407.

5. Alimony/Maintenance

Alimony, maintenance and financial support use category 410.

6. Commission/Brokerages

Category 307 can be used.

Once-off payments

If you receive money from abroad, we will contact you for the payment reason and other related information to complete the transaction. You will need to complete the Integrated Balance of Payments form. Download, print and complete the form; then email the completed form to [email protected] or fax it to 0860 88 88 15.

772.0kbIntegrated Balance of Payments form

Regular payments

If you’re going to be receiving money regularly for the same reason (i.e. salary) from abroad and wish to have this money credited to your account automatically, complete the Standing Instruction and Indemnity Form. Download, print and complete the form; then email the completed form to [email protected] or fax it to 0860 88 88 15. The Standing Instruction form remains valid until you have cancelled it in writing. Note: the sender of the money must match the sender on the form to release the funds. 1.1MbStanding Instruction and Indemnity form

Exchange Control Application form for inward foreign loans

If you’re going to be receiving a foreign loan from abroad, download, print and complete the form below. Forms and the formal loan agreement between you and the lender must be emailed to [email protected] or faxed to 0860 88 88 15.254.0kbExchange Control Application form

Settlement arrangements

The local correspondent banks facilitate payments to our clients from abroad. These payments, where necessary, will be converted to rand before being deposited. Capitec Bank is responsible to submit the Balance of Payments report on your behalf to SARB for the international transactions.

Payments received in foreign currency

All foreign currency denominated payments will be converted into rand when money is received at the telegraphic transfer buying rate of exchange as quoted by relevant correspondent bank’s system at the time of processing.

Payments template for sending foreign currency to Capitec Bank clients

The bank or person paying money into your Capitec Bank account must make a SWIFT payment to one of the local correspondent banks for further credit to Capitec Bank. The payment requires specific information, which is indicated below.

The foreign bank must use the local bank’s SWIFT code in the Receiver and Intermediary Institution fields and Capitec Bank’s SWIFT code (CABLZAJJ) only in the Account with Institution field to reduce the risk of delayed and returned payments. The money must preferably be paid in South African Rand (ZAR).

Ensure that we have your latest contact details. If we can’t contact you within 30 days, the money will be returned to the sender. Costs for the return of money will be for the sender’s account. To update your details, visit your nearest Capitec Bank branch. See the table below for more information and an example of the proposed SWIFT message.

SWIFT field	Payment info	Specific details to be inserted in the payment message received if processed by us
Sender	Sending bank’s BIC code
Message type	103
Receiver	SWIFT code for rand correspondent bank in SA (e.g. NEDSZAJJ if Nedbank is used)
Message text
20	Transaction reference number
23B	Bank operation code
32A	Value date, currency code, amount
50K	Ordering client	Payer’s account number, name and address
52A	Ordering institution
53A	Sender’s correspondent
56	Intermediary institution	SWIFT code for rand correspondent bank in SA (e.g. NEDSZAJJ if Nedbank is used)
57	Beneficiary bank
57A	Account with institution	CABLZAJJ
59	Beneficiary client	Capitec Bank’s client account number, name and full address
70	Remittance information	Reason for payment (e.g. gift, allowance, etc.)
71A	Details of charges

Fees

The cost associated with payments from abroad will be deducted by the processing bank(s) from the value received before it is credited to your account (the beneficiary) unless otherwise indicated in the payment instruction.

Fees for international payments cannot be determined or quoted before the payment being received due to the number of other banks that might be involved to make the payment to Capitec Bank.

Certain Balance of Payments categories may require that the Financial Surveillance department of SARB give their approval and authorisation in terms of the Currency and Exchanges Manual of SARB before such transactions and/or payments may be executed. The timeframe for the applications to SARB is about 6 – 8 weeks and costs R885 – R1 500 to process, payable in advance.

Clearing times

Since we depend on a number of local banks to process these international payments, we can’t guarantee the exact clearing times.

Payments from abroad normally take 3 – 7 working days from the time that the money is sent. If the sender or the foreign bank provides the authorised dealer in South Africa with too little account information, the transaction will take longer and could even be returned.

It is important that our SWIFT code (CABLZAJJ) be included in field 57A of the SWIFT payment instruction as this helps automate the processing of the payment. If it’s not included, the payment will be returned to the sending bank as an invalid payment instruction.

Returned payments could incur fees and these cannot be determined or quoted due to the number of local and foreign banks involved in the payment. The fees will be deducted from the value of the payment.

Get more info on Reserve Bank rules and regulations.

Bank accounts for foreign nationals

Not from South Africa? Here’s what you need to know to open a Capitec Bank Savings Account.