Paying overseas invoice - banking nightmare!

A

ant101

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I hate banks.
Our company needs to pay and invoice for some packaging to some guy in Italy.
After presenting the invoice to Nedbank Global offices they, refused to pay it, because they say "we don't have the goods". ... and we need clearance from the reserve bank which could take up 6 weeks.

Eermmm, that kinda defeats the purpose of a business transaction since we have to pay BEFORE we get the goods!

Our company has been in business over 20 years and I can't believe the amount of red tape thats gets thrown in such a simple transaction.:mad:
They suggest use a credit card? The guy doesn't have those facilities, so thats a no go.
Is it just Nedbank thats so full of crap ? Could I do a wire transfer at Rennies at the mall or something?

Whats the point of restricting the outward flow of funds of the country whilst hampering business transactions ?
/rant off
 
I do this regularly, if you have to pay BEFORE receiving the goods, the invoice must state "Payment in Advance" or "Prepayment Required", then it will get past Nedbank and the Reserve Bank. Also, you will need the full physical address of the bank that you are paying this into, if you don't have it already. There are SWIFT and other codes involved, but they will tell you what they need.

We also bank with Nedbank.

B
 
I do this alot also, Bismuth is right.

But as far as i know credit cards have a limit as to how much you can transact with overseas.

This process should take no more than 10 minutes in the bank. Any longer and you are with the wrong bank.
 
If you think THAT'S weird...

I recently tried to pay a deposit to someone in Austria... bank refused. Apparently the Reserve Bank has made the nice little rule that any overseas invoice you want to pay must be in english... so if your invoice is in german, and the person your trying to pay doesnt speak english nevermind write it... your screwed :(

i now have to translate the invoice, mail it to austria so other person can sign it and send it back to me... guess who has to pay for that bit?
 
ant101 said:
I hate banks.
Our company needs to pay and invoice for some packaging to some guy in Italy.
After presenting the invoice to Nedbank Global offices they, refused to pay it, because they say "we don't have the goods". ... and we need clearance from the reserve bank which could take up 6 weeks.

Eermmm, that kinda defeats the purpose of a business transaction since we have to pay BEFORE we get the goods!

Our company has been in business over 20 years and I can't believe the amount of red tape thats gets thrown in such a simple transaction.:mad:
They suggest use a credit card? The guy doesn't have those facilities, so thats a no go.
Is it just Nedbank thats so full of crap ? Could I do a wire transfer at Rennies at the mall or something?

Whats the point of restricting the outward flow of funds of the country whilst hampering business transactions ?
/rant off
Click to expand...

You need:
1 pro forma invoice
2 swift code of bank
3 physical address of the branch

bob's your uncle.
 
thedoc! said:
The OP said:

They suggest use a credit card? The guy doesn't have those facilities, so thats a no go.
Click to expand...

There is ways around it.

This just doesn't sound right. He works for a company that does dealing with a supplier who doesn't have a credit card facility :eek:
 
It's best if you do a wire transfer through someone like Rennies or Western Union (any foreign exchange places really)

No idea why you're having this much trouble just for paying someone overseas. They're in it for the money, the concept from keeping your money safe has long been forgotten and now it's only "what is our profit margin"
 
Last edited by a moderator:
Bismuth said:
I do this regularly, if you have to pay BEFORE receiving the goods, the invoice must state "Payment in Advance" or "Prepayment Required", then it will get past Nedbank and the Reserve Bank. Also, you will need the full physical address of the bank that you are paying this into, if you don't have it already. There are SWIFT and other codes involved, but they will tell you what they need.

We also bank with Nedbank.

B
Click to expand...

Ja, I also do this almost every day. I have the Nedbank OBF documents saved on my computer with all of our suppliers detailed entered and I just have to update them with the necessary info as needed.

Timing is of the essence as well as very precise and clear wording and all the details on the foreign beneficiary that you can find.

As stated, you need to clearly specify the nature of the transaction and all supporting documentation.

It gets easier and easier the more Nedbank gets to know you.

Getting off of the M2 West at the Crown Interchange is a nightmare though! :mad:
 
Well then I'm really screwed on this one!
Because:
1. The supplier is Italian and speaks no english, so is the invoice! (a supplier of machinery has been kind enough to translate instructions to him)
2. I requested "advance payment" on the invoice, Italian?
3. As mentioned supplier has no credit card, as he offers a service.

We purchased machinery with no problem with the overseas payment 1 week prior to this payment, this invoice is from the guy doing the packing and dismantling of this machinery. Apparently the bank has a bigger problem with that, since there's no physical goods involved, that's another regulation mentioned by the global office of nedbank (Maybe I should describe the items as a "crate and paper" ..for 1000 euros!)


I too have the "outward flow funds" docs saved on my pc. And we do use them from time to time as we buy equipment.
What really hacks me off, is how the rules constantly get changed and tightened, delaying transactions and causing more red tape.
It seems that the reserve bank's views on the countries monies are leaning to the same paranoid views and regulations as Zim!
I'm going to try western union or a monies transfer from one of the mall travel places, even if it costs more, it might just work.
 
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