Glossary of terms

Authorised Dealer

In line with South African Reserve Bank (SARB) regulations, the offices of select banks in the Republic, of which Investec is one, are authorised to act, for the purposes of Exchange Control Regulations, as Authorised Dealers in foreign exchange.

BIC/SWIFT code

A bank identifier code

BSB / Routing No / Sort Code / ABA code

A bank branch identifier codes

Dividends points

Dividends points are accrued when clients who belong to the Investec Dividends rewards programme pay for cash and travellers’ cheques using their Investec Private Bank Account card

Donations to missionaries

Before the donation can be made, a letter from an official or recognised religious body confirming that the person receiving the donation is a missionary who is abroad must be viewed by the Authorised Dealer

Gifts and loans

Authorised Dealers may allow resident individuals to transfer monetary gifts and loans within the limit specified during a calendar year to:

• Non-resident individuals and
• Resident individuals who are overseas temporarily (this excludes those residents who are abroad for holiday or business travel)

IBAN

International Bank Account number

Intermediary/Correspondent bank:

This is a bank (local or foreign) that Investec Private Bank has a relationship with and holds accounts at, in order to facilitate the remittance of funds abroad and to receive funds from abroad

Maintenance transfers

These transfers can only be made to a family member (mother, father, brother or sister) who find themselves in necessitous circumstances. Before a transfer(s) can be made, the Authorised Dealer must view documentary evidence signed by a magistrate or civil official in the town or city where the beneficiary lives which states:

• The full names of the beneficiary
• The address of the beneficiary
• The family relationship with the remitter in the Republic and confirming that the beneficiary is in necessitous circumstances

SPOT trade

All currency trades are dealt for value spot.  This means that ZAR or currency settlement will take place within two working days.  This is an international trading norm and was initiated to allow for time differences between the remitting and receiving countries involved in the transaction

S.W.I.F.T/Telegraphic Transfer

Society for Worldwide Interbank Financial Telecommunication – electronic payment / messaging system

Travel

A foreign exchange allowance for travel outside South Africa may normally only be provided to residents (excluding persons proceeding abroad to study) within the prescribed limit of the Single Discretionary Allowance of R500 000.00 per year, as prescribed by the SARB.

Travellers’ Cheque

It is a foreign bank note that contains the following security features:

• Serial number
• Countersignature and endorsement
• Watermarks and holograms

Value tomorrow trade

Conversion for currency to ZAR when ZAR allocation will take place the following working day.  This type of trading is done for inbound currency (when you sell currency to Investec Private Bank) deals only

For more information, contact the Investec Client Support Centre or Investec Private Bank Foreign Exchange:

Telephone: (2711) 290 8842 (select option 1)
Email: bopreporting@investec.co.za