This article covers specific information you need to be aware of when sending money to South Africa.
Overview
GlobalWebPay is registered with the South African Reserve Bank (SARB) enabling us to provide a local payment service into South Africa.
As part of that registration, we are required to partner with a local bank. GlobalWebPay have partnered with Bidvest Bank as the provider of currency and accounts
The operational part of the service is managed locally by E4F who run the operations and act as customer liaison, ensuring all the documentation is in place to facilitate the prompt processing of payments into the recipient accounts.
The key to successful payments into South Africa is the completion of a mandate form. More information on this is shown below.
1. What’s the SARB (South African Reserve Bank) reporting mandate form?
The first time your recipient receives money each year, they’ll need to complete a SARB (South African Reserve Bank) reporting mandate form. It’s required to be renewed annually. FOR EACH PAYEE
2. Why is the reporting mandate form required?
The South African Reserve Bank requires the recipient of funds in South Africa to sign a reporting mandate confirming the details and nature of the funds received from overseas. This only takes a minute to complete, is done electronically, and once completed there is no need to call your bank to receive funds, which will be delivered without further action required.
3. When does the recipient get the mandate form?
Your recipient will get an email from E4F (Exchange4free), who are our administration partner in South Africa. The email will contain a link to the form online. If your recipient does not receive this email, they can call Exchange4Free at 011-453-7818 or email reporting@exchange4free.co.za. Once the mandate form is signed and processed, money will be deposited into your recipient’s account by the next working day.
The front of the mandate form looks like this:
4. It is critical to ensure the sender uses the correct details for the bank account otherwise the payment will be cancelled by Bidvest
5. How long will it take for funds to arrive with the beneficiary?
Payments should be received by the next working day once a mandate is in place
6. Are there any recipient fees taken?
No, as a result of signing the mandate form, the exact amount you send in ZAR will arrive in the beneficiary account.