Receiving international payments from your suppliers abroad is easy and reliable through our global network of trusted partner banks that operate securely via the interbank SWIFT communication network.
What you need to know
Upon arrival in South Africa, each payment needs to be reported to the SARB with the relevant Balance of Payment (BoP) category. To perform this task as efficiently as possible, we obtain the purpose of payment from you by:
- Automatically allocating a Purpose of Payment through Standard Settlement Instructions. (SSI)*.
- Enabling you to provide the Purpose of Payment and FX conditions through online channels.
- Phoning and emailing confirmations through our dedicated Transactions Inbound Service (TRIS) team.
What your customer needs to know
Your suppliers or customers need to provide the following information to their bank to make payments into your account:
- Absa’s Bank Identifier Code (BIC): ABSAZAJJ
- Absa’s Branch code: 632005
- Your account number
- Your account name and the address details related to the account
- Purpose of Payment
*SSI’s can be established for recurring payments to be credited to your South African (with or without automatic FX conversion) or your Foreign Currency Account. This saves valuable time and enables you to perform FX conversions on a net basis in case you have both receipts and payment obligations in foreign currencies.
For further details on setting up SSI’s please call the TRIS team on +27(0)11 335 4020 or email TRIS@absa.co.za.
