Selling USD to Investec Private Bank
Remittance of USD to your Investec Private Bank Account held in South Africa
Step 1: Provide the requisite information to Investec and the offshore bank
When transferring your USD to Investec's USD correspondent bank account, please ensure that:
- The information supplied to your offshore bank is correct
- Your funds are sent by telegraphic transfer and that this transfer is in USD
- An MT103 is sent to Investec by your offshore bank
Please also provide the following information:
- Beneficiary account name: (name of your account with Investec)
- Beneficiary account number: (your account number with Investec)
- Beneficiary bank: Investec Bank, 100 Grayston Drive, Sandton
- S.W.I.F.T. code: IVESZAJJXXX
- Correspondent bank: Citibank, NA , New York
- S.W.I.F.T. code: CITIUS33XXX
- FEDWIRE NUMBER 021000089
Step 2: Complete a Balance of Payments (BoP) form
Once your USD have reached Investec’s USD correspondent bank account, you will need to complete a Balance of Payments Form (BoP form) and either fax it to BoP reporting on (2711) 291 1532 or email it to bopreporting@investec.co.za. These forms are required for each transaction.
Important information
- Please be advised that we do not receive our US dollar statement in real time i.e. today’s statement will be received the next working day. Therefore, we are only able to convert your funds once we have received our statement, are able to see your credit and have received your completed BoP form
- You will have 30 calendar days from the date of credit in which to convert your USD to ZAR. During this period, should you wish to wait before converting, please note that
Investec:
- Does not offer a rate watching service
- Trades in a live market, so rates change frequently. Should the rate move against you,
- Investec will not be held liable and you indemnify Investec against any losses or damages which you may incur as a result of any exchange rate fluctuation
- Does not pay interest on funds pending conversion
- A fee will be charged for all foreign transactions (0.5%, minimum R200, maximum R300) excluding VAT
Investec does not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.
Investec Private Bank. A division of Investec Bank Limited registration number 1969/004763/06. Investec Private Bank is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and Ombudsman’s details are available on request. An authorised financial services provider. A registered credit provider registration number NCRCP9.