At Future Forex, we believe that managing international supplier payments should be secure, simple, and highly cost-effective. Our team has built a refined process for importing goods to South Africa, ensuring your transfers are compliant, transparent, and timely - so you can focus on growing your business. Unlike traditional banking channels that often provide limited guidance, we offer end-to-end support, ensuring a seamless process.
Key regulatory requirements for import payments
When sending funds abroad for imported goods, your payment must strictly comply with South African Reserve Bank (SARB) Exchange Control requirements. These complex regulations govern how and when funds may be sent abroad, and which supporting documents are required.
When you purchase foreign currency from an Authorised Dealer to pay an international supplier, the funds are typically released two business days after the trade is booked. This date is known as the Value Date and reflects the international settlement standard.
All required supporting documents must be submitted by the Value Date to confirm that the transaction meets SARB exchange control regulations. Ensuring this documentation is in order upfront helps prevent delays, rejected payments, or compliance issues.
At Future Forex, we guide you through exactly which documents are required for your payment type, while ensuring they’re submitted timeously.
Types of direct supplier payments:
The nature of your payment determines which documentation and BOP code you’ll need to submit. Choosing the correct code ensures swift approval from SARB and smooth processing.
Here is a simple breakdown:
| Payment Type | Description |
|---|---|
| Advanced Payment (BoP Code 101) | Used when making an advance payment for goods that have not yet been imported into South Africa. The supplier’s invoice must include all required details, and a full set of final shipping documents - including the Invoice, SAD500, Customs Worksheet, and Waybill/Bill of Lading - must be submitted within four months of your payment. |
| Payment on Delivery (BoP code 103/1) | Used when paying for goods that have already arrived in South Africa. A full set of matching import and shipping documents is required - including the Invoice, SAD500, Customs Worksheet, and Waybill/Bill of Lading. Note: These documents must correlate accurately and are reviewed with meticulous attention to detail. |
At Future Forex, our experts help you match the correct BoP code to your payment terms, ensuring every transaction is streamlined and compliant. If you’re booking your payments via our online forex platform, our system will conveniently suggest BoP codes based on your previous transactions, helping you save time and avoid errors.
Streamlining the APN process for importers
In South Africa, importers must obtain an Advance Payment Notification (APN) from SARS for advance import payments valued at R50,000 or more. The APN ensures that all international payments are aligned with SARB Exchange Control Regulations and that import activities are properly recorded. We handle the complexity of SARB compliance and the APN documentation for you as a complimentary service:
- Our team will register your business under the RLA (Registration, Licensing, and Accreditation) on the SARS eFiling system if required. This registration typically takes between 3 and 10 working days for SARS approval.
- We will assist with uploading your supplier’s invoice details to SARS eFiling and generating the APN, which is required before your transaction can be processed.
- Our experts provide comprehensive guidance with all documentation required for SARB approvals (such as BOP codes) and the subsequent APN application.
This process ensures that your transactions are compliant, eliminating bottlenecks and guaranteeing your payment is never held up due to regulatory issues. With Future Forex, you can confidently proceed knowing your Exchange Control requirements are handled accurately and swiftly.
Mitigate currency risk with Forward Exchange Contracts
Exchange rate volatility is often the biggest variable cost in international trade. You can hedge your currency risk through a Forward Exchange Contract (FEC). This allows you to fix an exchange rate for delivery at a future date, protecting you against exchange rate volatility. FECs can be booked for up to 6 months and extended to 12 months with SARB approval.
We offer the following FEC types:
- Fixed: For delivery on a fixed date.
- Semi-Optional: For delivery anytime between two dates following the booking date.
- Fully Optional: For delivery anytime from the booking date until a future date.
We can also set up a CFC (Customer Foreign Currency) account for your business, allowing you to hold, pay and receive foreign currency. With us, you can have peace of mind knowing that you’re getting the best possible rate for your transaction.
Experience seamless direct supplier payments
At Future Forex, we partner with your business to significantly optimise your working capital and take the administrative burden out of your hands.
With us, your business benefits from:
- Competitive, transparent rates: Enjoy exceptional pricing with no hidden costs.
- Complimentary compliance assistance: We handle the cumbersome documentation and regulatory requirements, including APN submissions, and essential SARB approvals.
- Streamlined execution: Our team of Account Managers and Forex Technical Specialists will ensure your payments are processed quickly, securely, and accurately.
- Dedicated support: You’ll be assigned a personal Account Manager who is readily available to guide you through every step of the process.
To learn more about our international money transfer solutions for importers, get in touch with one of our Forex specialists.