Incoming international payments made easy

Receiving money from friends or family abroad is easy using the Nedbank Money app or Online Banking. The money is converted into rands automatically and deposited into your account once you’ve approved the international transfer – it’s that simple.

What are the rules governing international payments?

If you’re 18 or older and you have a Nedbank transactional or business account, you can approve international transfers into your bank account seamlessly on your computer, laptop or mobile device.

There’s no limit to how much money you can receive from overseas, but only rand transfers can be paid directly into your account. At least, that is the case until the end of June 2022, when the South African Reserve Bank (SARB) will decide whether to continue this policy or revise it. For any payments in foreign currency, you need to complete additional exchange control paperwork before the money can be released.

Banks are required to report all foreign exchange transactions to SARB, whether you’re buying or selling foreign currencies. You must provide the reason for receiving money from abroad when you approve the transaction to ensure the payment is reported correctly to SARB.

Important details to remember

Firstly, make sure that you provide the correct banking details to the sender. The money can be transferred only into the account specified, so be sure all the information is correct. These details include your name or your business name as it appears on your bank account, the SWIFT code for Nedbank (NEDSZAJJ), your account number and your full address. Note also that this transfer will attract fees at both ends of the transaction that either you or the sender will need to pay, or that you can agree to split.

International transfer fees are typically based on the value of the transaction, with each bank charging its own rates. These fees are deducted before the money is transferred to your account, so if you’re paying all or part of the fees, you’ll receive less than the full amount transferred. If your payment is routed to other banks before it arrives, the intermediary bank may deduct fees from the capital amount.

How to approve a payment

Once an international payment has been made, you’ll be alerted that your money has arrived. It can sometimes take a few days to appear in South Africa. You’ll then need to log in to the Money app or use Online Banking, navigate to International Banking, select International Payments and then Receive Payments. You can also click on Pay, then International Payments to receive a payment. If you choose to accept the payment, you’ll also be asked why you’re receiving it. 


You have 30 days to approve the transfer


Common reasons include a gift from a loved one living abroad, income from selling your offshore investments, or income from working abroad. If you’re a retired foreign national living in South Africa as a permanent resident, then you’d probably get your monthly pension paid into your local account in this way. Businesses usually receive international payments from exports or providing their services internationally, and possibly even foreign loans. This information is used in the declaration to SARB that we make on your behalf.

There are a few instances, like receiving money for a loan, when you may be required to provide additional information. In these instances, the bank will contact you to get the additional information and supporting documents before the payment is completed.

Once you’ve provided all the necessary information, you will be asked to approve the payment – and if the payment was made in a foreign currency, the conversion of the money into rands at the current exchange rate.

You have 30 days to approve the transfer. If you do not accept the payment in 30 days, it will be returned to the sender.

Recurring payments

You can simplify this process further if you receive regular payments from abroad. You can complete a standing instruction mandate that authorises us to convert the incoming money and deposit it into your account automatically.

You’ll need to give the reason for receiving the payments, which you can do by contacting us on 0860 111 055.