Return a foreign overpayment ??

[dunkyd]

A customer of mine over paid an invoice for goods supplied to him in Botswana. An extra R60,000.

He is too small for me to keep it in credit.

How to pay back to avoid problems with VAT,TAX, Profit made etc

A Standard Bank account.

Thanks

 

[Brown Fox]

A customer of mine over paid an invoice for goods supplied to him in Botswana. An extra R60,000.

He is too small for me to keep it in credit.

How to pay back to avoid problems with VAT,TAX, Profit made etc

A Standard Bank account.

Thanks

First thing to do is make sure the Money clears 100%
We have had "over payments" where they put in a Cheque which shows the Money in your account but it bounces.

By then you have already paid them the money "over paid" back.

So you could be out of pocket by 60K

 

[The_Unbeliever]

First thing to do is make sure the Money clears 100%
We have had "over payments" where they put in a Cheque which shows the Money in your account but it bounces.

By then you have already paid them the money "over paid" back.

So you could be out of pocket by 60K

^ this.

Wait for the money to clear first. Then come back and we can take it from there.

Not saying your customer is a scammer, but in this age and time you can't be too careful.

 

[Arthur]

I've just had to pay back an overpayment from a customer in East Africa.

Nothing unusual. Get their bank details and complete the Outward BoP form at your bank using the same BoP code for the original (over)payment. Attach the original commercial invoice and proof of the funds receipt transaction.

 

[dunkyd]

Thanks guys, money should be "useable" in 20 minutes so I will pay my suppliers as normal to check.
He's been buying from me in drips and drabs for 20 years but is a road builder and I sell locks