To comply with South African Reserve Bank (SARB) regulations and banking partner requirements, all non-resident clients receiving funds from a South African remitter into their account must submit supporting documentation.
Below is a guide to the required documents and submission process to ensure your payments are cleared without delay.
1. Why do I need to provide documents for incoming funds from South Africa?
Under South African Reserve Bank (SARB) Exchange Control regulations, all inbound payments from a local South African party (remitter) to a non-resident client require documentary evidence. This documentation verifies the underlying business rationale and confirms that the funds comply with local exchange control laws.
2. What basic documents are required for B2B payments?
At a minimum, all business-to-business (B2B) transactions require:
Commercial Invoice: A valid invoice covering the transaction.
Service Agreement / Contract: If the payment is service- or fee-related, a formal contract or agreement may be requested. Note: If a contract or agreement is explicitly referenced on your invoice, providing it is mandatory.
3. What additional documentation is needed for recurring payments?
If you are receiving ongoing or recurring service payments from a South African entity, our banking partner requires evidence that the remitter's bank is aware of and approves the arrangement.
You must provide one of the following from the South African company’s bank:
An Internal Bank Approval Letter: An official letter from the remitter's SA bank confirming the service agreement, services rendered, and that the fees are fair and market-related.
An Official Bank Email Confirmation: If the remitter's bank does not issue formal approval letters, an official email from their bank confirming the same details is fully acceptable.
4. How should I submit my documents?
Please upload your documents directly through your account portal or reply with the attachments when our team reaches out regarding an incoming payment. Ensuring your invoice and contract details match your payment amounts will speed up the clearance process.
5. What happens if I do not provide the required documentation?
If the necessary exchange control documents or bank approvals are not provided, we cannot process or credit the incoming South African Rand (ZAR) funds to your account. To avoid payment delays or potential returns, please ensure your paperwork is up to date before or immediately after a payment is initiated.