International transfers

It’s a big world out there, and although you can probably name a dozen ways to get in touch with people in other countries, many people are at a loss for options when it comes to sending money overseas. Mercato can assist you with quick and effective transfer of your funds without expecting you to complete layers of documents in order to get your request processed.

As a Mercato client, you will receive expert guidance from a dedicated personal relationship manager who has extensive experience in dealing with international payments.

Benefits in partnering with Mercato:

  • Transparent pricing
  • All-inclusive quoted exchange rate
  • We will complete and submit all required forms on your behalf so less paperwork needed from you to get your transfer processed
  • Dedicated personal relationship manager
  • Guaranteed simplicity and security

Step 1 of 3

33%
  • Get a free quote

Pay a beneficiary

This will enable you to send money to a beneficiary in another country making use of the SWIFT transfer service.

We would need the following from you:

The beneficiary’s bank details, account number, name and residential address

Beneficiary details:

  • Individual or Legal Entity Name
  • Country

Beneficiary banking details:

  • Beneficiary account number or IBAN
  • SWIFT BIC
  • Branch code
  • Bank Name
  • Address
  • City/Town
  • Country

Documentation required by the South African Reserve Bank (SARB)

Offshore investing

Allowance without tax clearance (R1 million single discretionary allowance per calendar year -SDA)

  • Signed Mercato mandate
  • Original certified copy of your ID
  • Original certified copy of proof of your residential address (not older than three months)
  • Single Discretionary Allowance (SDA) declaration
  • Balance of Payments (BoP) form

Allowance with tax clearance (R10 million foreign capital allowance per calendar year)

  • Signed Mercato mandate
  • Original certified copy of your ID
  • Original certified copy of proof of your residential address (not older than three months)
  • Foreign Investment Allowance (FIA) declaration
  • Balance of Payments (BoP) form
  • Original SARS tax clearance certificate – Foreign Investment Allowance (FIA)

Receiving money

You need to provide the sender with:

  • a SWIFT address (please contact us for the relevant information); and
  • your CCM bank account details (we can open an account on your behalf)

Once your money has arrived in South Africa, you have up to 30 days from receipt of transfer to convert it into ZAR. We will contact you in order to get the relevant information from you on when to convert and release the funds.

It is important that we have your correct and most recent contact information. If we cannot get hold of you within 30 days we have to send the funds back.

If you are living in another country or you receive funds regularly from the same source you may give us an instruction to convert the funds as soon as they arrive in South Africa.

All clients receiving international payments must ensure that their personal information is up to date on our records; this includes address information, contact details. The information is compulsory for the Balance of Payments (BoP) document and will also reduce delays in processing the inward payments.

Documentation required by the South African Reserve Bank (SARB)

According to SARB’s Exchange Control Regulations, any funds received from abroad must be declared before it may be credited to your account. The declaration of inward funds can only be made by the account holder before the account is credited and not by a third party, so supplementary cardholders or holders of a power of attorney may not make the declaration on behalf of the account holder.

In terms of current Exchange Control Rulings, international payments may not be processed without the client’s declaration of the funds.

  • Signed Mercato mandate
  • Original certified copy of your ID
  • Original certified copy of proof of your residential address (not older than three months)
  • Balance of Payments (BoP) form

Costs involved

Our fees

With our competitive fees you pay an all-inclusive rate with no hidden costs.

SWIFT and banking charges

The sender may choose one of three ways that the SWIFT and banking charges are paid (Mercato does not participate in these fees):

  • Share: the sender and the receiver both pay their own fees
  • Our: the sender will pay the fees for both the sending bank and receiving banks. With the option that part of the fee will be recovered after the funds arrive in South Africa, as the bank will send a request to the bank for the fees.
  • Ben: the beneficiary will pay the fees for both the sending bank and receiving banks