Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Bank how and when you choose to, with the low fees or extra benefits you want.
Shop online or instore and earn rewards for it, with up to 55 days interest-free credit.
Buy foreign banknotes, transfer funds or shop globally with a travel card.
Great interest rates, with great flexibility and access to your money when you need it.
Personalised interest rates for affordable loans from R2,000 to R300,000.
Loan up to 100% of the property value or up to 105% if you are a first-time home buyer.
Choose a plan for yourself, family or build your own cover to suit your needs.
Get cover for your car, building, house contents, valuables and more.
Cover your bond, credit card, overdraft, loan and car repayments.
Choose a plan for yourself, family or build your own cover to suit your needs.
Take the right steps to achieve your financial goals with expert financial planning.
Plan for everything you own and owe, so your estate is in order when you’re gone.
Accounts
-
Everyday banking Safety, convenience and rewards
-
Youth banking For under 16s, or under 25s
-
Accounts -
Digital wallet Your phone is your bank account
-
Private Wealth The globally integrated account
-
Goal saving Easy access to interest earned
Credit cards
Digital banking
Switch to Nedbank
Fraud awareness
Forex
Rewards
Accounts
-
On demand Money available at any time
-
In 24 hours Cash in your hand the next day
-
In 32 days Funds ready within a month
-
End of term Investments left until maturity
Investment services
Share trading
Personal loans
Home loans
Student loans
Overdrafts
Vehicle finance
Solar finance
Life cover
Funeral cover
Short term insurance
Credit Life
Travel insurance
Is your business covered?
Secure Investments
Financial planning
Estate, wills & trust services
Nedbank Private Wealth
Speak to a financial adviser
Blog
Talk to us
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Rewards
- Explore Bank
- Accounts
- Everyday banking
- Youth banking
- Accounts
- Digital wallet
- Private Wealth
- Goal saving
- See all accounts
- Get help choosing
- Family Banking
- Refugees and asylum seekers
- FAQ
- How-to guides
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Discontinued accounts
- Youth banking
- Nedbank4Me
- Digital wallet
- MobiMoney
- Private Wealth
- Private Wealth Bundle
- Goal saving
- MyPocket
- American Express
- Amex Gold
- Amex Platinum
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Send and receive
- Rewards
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- On demand
- Club
- Money Market
- Stokvel
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Explore Borrow
- Personal loans
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Explore home loans
- FAQ
- How to guides
- Track application
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Is your business covered?
- Secure Investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Is your business covered?
- Secure Investments
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
Managing the risks of cross-border payments
Managing the risks of cross-border payments
Staff writer
Posted 26/01/2023 3 mins
Due diligence and personal relationships can improve your global trade prospects.
Traders have been trying to simplify global payments since before the days of Marco Polo, the 13th century Venetian merchant famed for travelling and trading in Asia. Great advances have been made over the past 800 years, with recent efforts by the G20 setting out targets to meet the 4 challenges of simplifying and securing international trade payments. The so-called cross-border roadmap aims to improve the cost, speed, access to and transparency of international payments between consumers and businesses.
Global efforts like this are crucial to unlock international trade for many South African businesses looking beyond our borders to grow their revenue. Streamlining these processes will take on greater significance once the African Continental Free Trade Agreement is fully operational. This initiative aims to lower trade barriers across the continent, for which streamlined cross-border payments are essential.
There are, of course, many more potential stumbling blocks when engaged in global trade. Here are some tips from our commercial banking experts on how to minimise your risk.
Build trusted partnerships to counter threats to global trade
Securing sales deals is difficult enough without having to worry about whether and when you’re going to get paid.
The most water-tight legal agreements and contracts are of little use if a foreign customer is unable or unwilling to pay, and the chances of a quick resolution are limited. You could rely on legal action, but this process can be costly, time-consuming and not always guaranteed to deliver the outcome you want.
You can reduce your risk of these types of problems by taking simple precautionary steps. The first of these is to build a relationship of trust and understanding with the other party. Strong relationships are central to any successful business partnership. Our partnership with Opportunity Network gives you access to a global networking platform to help you establish overseas networks and find trading opportunities for your business.
It’s not worth placing your business at risk by not doing the right checks with the necessary rigour
More than 44,000 international business owners in 140 countries use the platform, each carefully vetted by reputable banks. You can interact with any of them on this easy-to-use desktop or mobile platform, and filter business opportunities according to different factors like the size or type of transaction, geographical location, or specific industry.
Due diligence is essential before any deal
Your best defence against fraudulent, illegal or tainted business deals is to be certain the person or company you’re dealing with is a legitimate enterprise engaged in legitimate business.
While personal connections support the brokering of a deal, don’t be fooled into believing that a personal connection means you don’t need to undertake a thorough due-diligence process. These checks take on greater significance if there’s a chance that you could be dealing with sanctioned persons or companies listed on the Office of American Controls (OFAC) list, which is publicly available.
Business chambers and associations are a good source of local information to contact when doing your due diligence. Apart from these checks, it’s crucial that you also have valid and binding sales agreements with international clients.
It helps to set up processes for onboarding new international clients that allow you to gather and verify all the necessary information. Claiming ignorance would be a weak defence if your company were to be caught dealing with customers of ill repute, which in turn could taint your reputation.
The bottom line is that it’s not worth placing your business at risk by not doing the right checks with the necessary rigour. If you’re trading globally or are planning to do so, speak to Nedbank Commercial Banking to find out how you can shore up your due diligence checks.