How to Deposit ZAR
What is an International Bank Transfer (SWIFT) for ZAR?
Our bank account for ZAR is located in the UK, your bank will be able to transfer ZAR via international bank transfer (SWIFT payment).
Your bank will require the IBAN and SWIFT code of our bank to process your payment.
South African Residents only:
The South African Reserve Bank (SARB) has currency exchange control rules in place for South African residents. Find detailed information by clicking this link.
Current Situation
Our cashiering account is a non-resident account. Therefore, we are permitted to:
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Receive deposits in ZAR from other non-resident accounts.
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Disburse ZAR from our cashiering account to non-resident accounts.
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Receive deposits from accounts of South African residents.
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Disburse ZAR to accounts of South African residents.
SWIFT payment
The Society for Worldwide Inter-bank Financial Telecommunication - SWIFT - is a network that allows banks to communicate financial information securely.
SWIFT payments are offered by most banks for international money transfers and involve a series of banks which work together to make sure your money arrives at your account.
If you transfer ZAR from a financial institution outside of South Africa, the payment would likely be routed via a correspondent bank located in South Africa before reaching your account. Such payments are know as cross-border payments and often take more time to complete because of the complexity associated with involving multiple banks.
Processing bank transfers involves a number of steps – particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.
There are a number of reasons why cross-border payments may be delayed or held up. First, not all account balances can be updated outside the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.
Difference between domestic and international bank transfer
Banks make a domestic transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.
How long does it usually take for my funds to arrive?
| Payment Type | Timing | Approximate Cost* |
|---|---|---|
| RTGS (Domestic) payment | same day up to 1 business day | free of cost or very low cost |
| International bank transfer (SWIFT) | from 1 to 4 business days | vary by bank |
*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. We do not charge fees for the deposit of funds.
We credit funds real-time upon receipt . We do not have influence on the speed of transfer. You may consult with your bank regarding their processing times. Payments that are subject to additional review may take longer to credit.