How international payments work
The process of sending money overseas or receiving payments from foreign partners works a little differently from a local EFT payment; but can still be processed simply and within a few business days.
If you ever do business overseas, either as a customer or a service provider, you will need to address the problem of payment. Transferring money across borders is subject to numerous laws and regulations put in place by both countries. These are necessary to prevent money laundering and tax evasion, but they can be complex and overwhelming for law-abiding citizens. Fortunately, banks around the world have put systems in place to ease the burden for their clients.
Standard Bank is part of the largest banking group in Africa, so you can be sure that we’ll process your payments quickly and efficiently. Use our Banking App, or sign into Internet Banking to transact with overseas partners in just a few easy steps.
How to process international payments:
If you use the Banking App:
- Tap ‘More’ at the bottom of the screen
- Select ‘Explore products’
- Select ‘Foreign Exchange’
- Select ‘Outward International Payments’ and follow the steps to complete the process
Send money overseas on the app
If you use Internet Banking:
- Sign in and select ‘Transact'
- Select ‘International Payment’
- Follow the steps to complete the payment
What you need to know:
If you are sending money overseas, you will need to ask the recipient for the following information:
- The full name and address of the person or company you are paying
- Their bank account number or IBAN and their bank’s SWIFT code
- Their SORT or routing code, if necessary (dependent on the country)
- The BOP code which matches your reason for payment, to comply with exchange controls
- Supporting documentation, such as an invoice or bill of lading
If you are receiving money from overseas, you will need to provide the following information to the sender:
- Account number / IBAN number: Provide your Standard Bank account number
- Branch/SORT code: Provide the universal Standard Bank code (051001)
- Account type: We recommend that you use a cheque or savings account
- SWIFT code: Standard Bank’s SWIFT address is SBZAZAJ
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