Payments to South Africa are sent as a local payment via our South African partner Exchange4Free (E4F).
Due to regulatory requirements in South Africa, a payment cannot be completed to a recipient until they have signed the South African Reserve Bank (“SARB”) Reporting Mandate.
- The SARB requires each recipient of a payment to sign a reporting mandate per calendar year confirming details and nature of the funds received from overseas (the “Electronic Mandate”)
- Accordingly, E4F must obtain the Electronic Mandate from each beneficiary, before it can successfully complete the payment to your beneficiary.
In the process of obtaining the Electronic Mandate from the beneficiaries, E4F shall contact the beneficiaries using the contact details you provided when making the transaction.
- Via an automated generated email and SMS upon receiving the payment instructions from us and again every 24 hours.
- Via phone call within 24 hours from receipt of the payment instructions and the first email.
- The beneficiaries will only be required to sign the Electronic Mandate once per calendar year and reporting data and electronic signatures will be stored in the database for the relevant calendar year and used to report to the SARB.
If the information is not provided on time, the bank may reject the payment. If this happens, we will let you know.