International payments

Key features

Note: There are no limits to receiving international payments.

What you need to know

The South African Reserve Bank has made changes to the settlement process of incoming international payments. From 1 July 2023, incoming international payments of less than R300,000 will not be settled automatically. You can easily finalise your payments via the Money app or Online Banking. T&Cs apply.

Restrictions

• Funds can be paid only into the account stipulated by the sender's bank.
• You can use the Money app or Online Banking only for payments into a Nedbank current or savings account.
• You have up to 30 days to accept the payment. If you do not accept it within this time, the payment will be returned to the sender.
• Exchange control regulations apply.

Additional information

• If you receive a payment from abroad every month for the same purpose [same balance-of-payment (BoP) category], such as a pension, you can contact the Nedbank Contact Centre on 0800 555 111 to have a standing instruction mandate set up. Your money will be converted automatically without any further action from you.
• If you would like to receive email notifications of incoming or outgoing cross-border payments as well as your debit and credit advices (copies of SWIFT MT103 standard payment messages), you can complete a Global e-Messenger Form and submit it to any Nedbank branch, or scan and email it to transactionalbankingmaintenance@nedbank.co.za if you have a fax or email indemnity in place.

Key features

Payments made easy

You can use your R1 million single discretionary allowance to make personal outgoing international payments from the comfort of your own home.

Limits

• South African residents over the age of 18 may use their R1 million discretionary allowance to make international payments without having to provide supporting documents.
• South African residents over the age of 18 may also use their R10 million investment allowance to invest in funds abroad. To make use of this allowance, you will need to get a tax compliance status PIN letter from the South African Revenue Service (SARS). 
• The South African Reserve Bank (SARB) requires supporting documentation for all other payments.

Restrictions

• Exchange control regulations apply.

Additional information

• When you make an outgoing international payment to Australia, Canada, India or the United States of America, you must include the recipient's branch code. This is to make sure that the correct recipient receives their money on time.
• If you do not want to use the Money app, complete an application form, save it to your desktop and email the form to servicedeskpayments@nedbank.co.za. We will call you for verification. Please note: Depending on the reasons for payment (balance of payments or BoP), you may have to provide supporting documents. The email service is currently not available for business transactions. 
• If you would like to receive email notifications of incoming or outgoing crossborder payments as well as your debit and credit advices (copies of SWIFT MT103 standard payment messages), you can complete a Global eMessenger Form and submit it to any Nedbank branch or scan and email it to transactionalbankingmaintenance@nedbank.co.za if you have a fax or email indemnity in place.

For more information, read the FAQs and Reason For Payments (Balance of Payment).

Click here to complete the Outgoing Payment Form

Due to an industry processing change, effective 9 September 2024, South African banks will no longer be able to facilitate payments to and receive payments from the Common Monetary Area (CMA) using the South African domestic payments EFT system. This means that you will need to use international payments to make payments to or receive payments from the CMA.

Use outgoing international payments to send money to friends and family, pay for goods and services or transfer funds to your offshore bank account. It is an easy, convenient and secure way to send money overseas for both business and personal transactions.

SARS APN

From 1 December 2023, you must provide a unique advance payment notification number for advance import cross-border payments that are related to your small-business services or commercial banking account.