'SWIFT' International payment

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FreeStanler

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Hi All,

Our business needs to make a once-off international payment using the 'SWIFT' method, to a Chinese vendor. They bank with HSBC and we've got their SWIFT code and all necessary data.

ABSA customer service has been lacking and I got pushed from one dept to the next this morning.

Does anyone know what the easiest procedure is to make this payment? Can it be done with internet banking?
 
No, not from SA commercial banks.

You will need to complete an Outward BOP form. Ask your bank to email you a blank one.

Required for each transaction. Cannot be done from online banking.

(It is possible to make special arrangements with your bank and the Reserve Bank. This is for certain businesses only, and very rare.)
 
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It's a pity your company doesn't bank with FNB. They have a forex option in Internet banking for individuals and business accounts.
 
I am with ABSA and have no problem. I worked out the amount in total until year end and added some to it. Got tax clearance from SARS for the amount and handed it in with all the SWIFT stuff at the bank and filled in the amount to be sent. This amount then gets deducted from the tax clearance amount monthly. As simple as that.
 
Devill said:
How much is it that you are paying?
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R150K pa. Not much and I use my CR Card for smaller payments of about R1500.00 every 2'nd month that I don't need SARS permission for.
 
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SARB allows you to invest abroad up to R1mil per annum without tax clearance certificate, but it must be done in your personal capacity.

Payment from a business account will depend on the purpose of payment. If importation of goods, you would need to provide the bank with an invoice with description of goods and terms of payment/delivery.

It will take about 1-2 working days for a SWIFT transfer and for the funds to be credited to beneficiary and you are looking at approx R600 in transfer costs for that amount, well at least with ABSA Bank.
 
ABSA will not do it without a SARS clearance certificate because they need to know your limit as you might have used up some of your yearly allowance via another bank.
 
marco said:
ABSA will not do it without a SARS clearance certificate because they need to know your limit as you might have used up some of your yearly allowance via another bank.
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Are you not confusing the Foreign Investment Allowance? This is only needed for foreign investments. If you're paying for imports or services, you just need to complete the BOP form with your bank, and provide supporting documents (which the bank will advise you, depending on exactly what you're doing).

@FreeStanler I'd advise going into the closest branch which has a foreign exchange department, and deal with them face-to-face. They'll give you all the information you need.
 
marco said:
ABSA will not do it without a SARS clearance certificate because they need to know your limit as you might have used up some of your yearly allowance via another bank.
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Thats only applicable for Foreign Investments and if the amount exceeds R1mil.

you are allowed to send out R1mil without tax clearance certificate per annum.

PS SARS tax clearance would also be required for Emigrations irrelevant of the amount.
 
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