BOP code when doing bank transfer

[whatwhat]

When you transfer money into SA from foreign bank account, you need to specify the BOP code when it gets here before it clears.

A lot of my friends working overseas send money back using the code for gift or some other random one. So far they haven't had any issues when doing their tax in SA over the last couple of years.

How important are these codes really? And what impact can it have when you use the wrong one (ie gift everything)

 

[beefymoocow]

When you transfer money into SA from foreign bank account, you need to specify the BOP code when it gets here before it clears.

A lot of my friends working overseas send money back using the code for gift or some other random one. So far they haven't had any issues when doing their tax in SA over the last couple of years.

How important are these codes really? And what impact can it have when you use the wrong one (ie gift everything)

Remember sometimes Sars don't query it and leave it till the last minute when they have enough evidence and when it's worth the penalties and time even when they kinda know about it. They just put you on a watch list for a heavy penalty.

 

[Arthur]

Use the right BoP code. It's for reporting the txn to SARB.