USD Wire Transfer

[TheRidDlerX]

So im wanting to purchase some stuff from the Middle East... ominous i know haha... and the method of payment is USD Wire only. What way of paying them would work out the cheapest for me in terms of fees / commissioning etc?

Today the exchange quoted is 13.26/$ which is a win from the 13.76 two days ago.

Any recommendations / tips please? Im with FNB

Thank you

Edit : What BoP code should i use? Its electronic hardware for personal use. If i can avoid hefty import fees it wud be awesome

 

[Arthur]

You can do it online. Click Forex on top menu and follow Payments. You will need to complete the online BoP form, specify a Customs Code, and attach the invoice.

 

[TheRidDlerX]

You can do it online. Click Forex on top menu and follow Payments. You will need to complete the online BoP form, specify a Customs Code, and attach the invoice.

Thanks for the reply. Yea i got that far in the last hour or so. Then got stuck on which BoP code. And was just too late to phone FNB to confirm. Dont want to pick something wrong and its held at customs and what not.

 

[Arthur]

The BoP code is only for Reserve Bank tracking and stats, ie it's a financial classification and declaration. It's not the same as the Tariff Code, which is used by Customs to assess any duties or Ad Valorem charges which might be due at entry. Also, remember to budget Customs VAT, which is due on clearance, calculated at 14% on 110% of invoice value on that day's forex rate.

Good luck.

 

[SYNERGY]

FNB advises you to send it as a GIFT most of the time, to avoid delays. Multiple agents have told me this before.

 

[The_Traveller]

FNB advises you to send it as a GIFT most of the time, to avoid delays. Multiple agents have told me this before.

Well if it's something insignificant like a fidget spinner or cheap cell phone, sure it could work, getting away with paying no duty.

He however needs to know that even a gift needs to be accompanied by an invoice with a value, because every country in this world wants to charge you a tax. If you don't provide it, you risk the package being held until you provide it.

OP also must account for TT/swift fees etc. although a small fee, but a fee nonetheless (also taking into account what Arthur said above )...