We offer various ways to make or receive international payments, from robust electronic channels to an extensive branch network.
We provide secure, reliable and cost-effective solutions that will enable you to manage international payments between South Africa and your suppliers abroad.
Features and benefits
- Streamline your international payments using our automated electronic Balance of Payment (BoP) form and document upload service.
- Our electronic services provide clear guidance on your local SARB FinSurv obligations and international regulation according to the latest standards.
- Comprehensive range of services are available to manage your import payments, advance payments, third party payments or payments for services rendered to your foreign suppliers.
- Flexibility to optimally support your business process through our online and host-to-host channels.
- Market leading foreign exchange trading capabilities.
- Tailor your payments using your resident or non-resident local currency or foreign currency account.
- Manage your payment through the Absa group currency capabilities (40+) and reach virtually any destination.
Contact your Relationship Executive\Business Banker for further details on how we can help your business.
Receiving international payments from your suppliers abroad is easy and reliable through our global network of trusted partner banks that operate securely via the interbank SWIFT communication network.
What you need to know
Upon arrival in South Africa, each payment needs to be reported to the SARB with the relevant Balance of Payment (BoP) category. To perform this task as efficiently as possible, we obtain the purpose of payment from you by:
- Automatically allocating a Purpose of Payment through Standard Settlement Instructions. (SSI)*.
- Enabling you to provide the Purpose of Payment and FX conditions through online channels.
- Phoning and emailing confirmations through our dedicated Transactions Inbound Service (TRIS) team.
What your customer needs to know
Your suppliers or customers need to provide the following information to their bank to make payments into your account:
- Absa’s Bank Identifier Code (BIC): ABSAZAJJ
- Absa’s Branch code: 632005
- Your account number
- Your account name and the address details related to the account
- Purpose of Payment
*SSI’s can be established for recurring payments to be credited to your South African (with or without automatic FX conversion) or your Foreign Currency Account. This saves valuable time and enables you to perform FX conversions on a net basis in case you have both receipts and payment obligations in foreign currencies.
For further details on setting up SSI’s please call the TRIS team on +27(0)11 335 4020 or email TRIS@absa.co.za.
- International payments are regulated locally by the South African Reserve Bank (SARB) and internationally by the Financial Action Task Force (FATF), the Office of Foreign Assets Control (OFAC) and other agencies.
- We apply internal policies to ensure compliance with these regulations to combat financial crime, money laundering, financing of terrorism and sanctions policy.
- We support our cross-border transactions with highly sophisticated IT solutions and a specialised team of experts to support your business effectively.
ABSA is a proud member of SWIFT GPI (Global Payments Innovation) offering transformed cross-border payment services to our customers. SWIFT GPI is a fast moving initiative working at transforming the global payments world with a specific focus on cross-border payments.
- This enables full track and trace on cross boarder payments.
- Should the beneficiary bank also be a member we will provide you a notification with a beneficiary credit confirmation.
- Includes a list of participating banks worldwide