International EFT

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Messugga

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What would be the easiest way of performing an international EFT? There are some goods that I'd like to pay for, located in France, but the FNB website's version to do this is request SARB declarations and whatnot, and that's a giant pain in the ass for R500 worth of goods.
Is there a better way of doing this?
 
Swift transfer with their IBAN number.

Mark it as GIFT. FNB themselve's told me to do this :erm:
 
Standard SWIFT tranfers don't require SARB approval
 
I did a wire transfer to Germany over the weekend. I'm with Standard Bank. It was easy and straightforward. I just needed their IBAN and BIC codes, then just mark as Gift and done.
 
Messugga said:
Hah okay, so trying to do it correctly is what was screwing me.
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Yup. For student fee's, I had to upload supporting documentation and wait +/- 5 days for FNB to get approval from SARB.

Then the agent stated to mark it as Gift to clear within an hour.
 
SYNERGY said:
Yup. For student fee's, I had to upload supporting documentation and wait +/- 5 days for FNB to get approval from SARB.

Then the agent stated to mark it as Gift to clear within an hour.
Click to expand...
So what did you use as recipient name? Organisation's name? It's asking for first name, last name, etc.

401 (gift) isn't valid for business recipients, apparently.
 
Fnb fees are crazy. Think my total came to R800 to transfer R5000. The money has not even cleared yet , been waiting more than a week now.

I settled using bitcoin and https://www.cashila.com/ for EU transfers. Transfer showed the next day in the account.
 
Gtx Gaming said:
Fnb fees are crazy. Think my total came to R800 to transfer R5000. The money has not even cleared yet , been waiting more than a week now.

I settled using bitcoin and https://www.cashila.com/ for EU transfers. Transfer showed the next day in the account.
Click to expand...

Okay, that's a good idea. Not that I have Bitcoin but might as well get that set up.
 
Messugga said:
Okay, that's a good idea. Not that I have Bitcoin but might as well get that set up.
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Easy to buy it on luno. Fee is just 1 euro for the transfer. Only loss I made, was the different in prices of the exchanges. So total cost was around R180.
 
Messugga said:
So what did you use as recipient name? Organisation's name? It's asking for first name, last name, etc.

401 (gift) isn't valid for business recipients, apparently.
Click to expand...

I've paid Uni fee's as personal recipient.
I split the name between first/last.

The IBAN & Swift codes are most important.
 
Hosehead said:
SARB is privately owned so who gives them the right to authorize this or that I ve always wondered.
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Nothing about authorising, you just need to report to them. It's the whole Balance of Payments thing.
Big thorn in the flesh of the banks, at the moment.
 
They don't have credit card?

JStrike said:
Standard SWIFT tranfers don't require SARB approval
Click to expand...
Not approval no but the mandatory reporting thing is almost just as bad.
 
Several of the payment services including Paypal have methods to transfer money to a bank account. Maybe use one of them to transfer to the business account?
 
Hosehead said:
SARB is privately owned so who gives them the right to authorize this or that I ve always wondered.
Click to expand...

The Exchange Control Act by which National Treasury (who by the way appoints the board and the management of SARB) delegates this duty to SARB.
 
Yea, you will run into problems if you are transferring money directly to a merchant to pay for commercial services. Even Western Union have this restriction that you are not allowed to pay for commercial services using the wire transfer (i assume you need to go through an entirely different service for that).
 
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