NH
Nial H
1 reviews | Active since Jul 2009
09 Dec 2020, 12:55
If doing international payments don't use Capitec Bank
If you're wanting to conduct international business avoid Capitec Bank.
I made a payment for goods in South Africa and after much delay Capitec has sent the funds back to Malawi without making any effort to contact me - or more correctly, respond to my email to their forex email address
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Replies (2)
Capitec Bank's replyOfficial
09 Dec 2020, 17:26Good day Nial
Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day.
Kind regards
Capitec Bank
Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day.
Kind regards
Capitec Bank
Capitec Bank's reply09 Dec 2020, 17:26
Official
Good day Nial
Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day.
Kind regards
Capitec Bank
Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day.
Kind regards
Capitec Bank
NH
Nial H's updateReviewer Update
19 Dec 2020, 15:58I was contacted via a complaints manager on the day of posting. I had to wait 5 working days to to receive confirmation that my funds had been transferred back to Malawi. No explanation was given for this action or for ignoring my email to Capitec's forex section. The information posted below was obtained by other means, note the delay in response. I can obtain this information via Nedbank's online chat within 10 minutes:
"Please excuse the delayed response.
South Africa is one of very few countries in the world where there are Exchange Control Regulations. This means that Capitec Bank is not licensed by the South African Reserve Bank (SARB) to make transfers to any other country in the world. Unfortunately, clients who wish to transfer funds to other countries must approach a foreign exchange department at one of the other authorised dealers such as Absa, FNB, Standard Bank or Nedbank in order to make such a transfer. An authorised dealer is a bank or institution which has been authorised by the SARB to deal in foreign currency (Authorised dealers are banks and institutions such as Travelex, Western Union, etc.).
We are not permitted to deal or negotiate in foreign exchange; any payment received in foreign currency will be converted automatically on the same day that it is received. Clients should note that the Interbank Office Department has no authority to negotiate exchange rates with any local bank and that their funds will be converted at that bank’s market-related Rate of Exchange.
Kindly note that should the funds represent a foreign loan or forex trading funds, that approval from the SARB will be required prior to the introduction of these funds.
A foreign bank cannot transfer money directly to Capitec Bank. The sender has to advise his or her bank (the foreign bank) to make the payment via their Rand (ZAR) correspondent bank (normally Nedbank, Standard Bank, ABSA or FNB) in South Africa. The correspondent bank in South Africa will then transfer the funds to Capitec Bank. The funds will automatically be converted to Rand by the corresponding bank, if it was sent in currency, as Capitec Bank may not convert the currency. All payments must be made to Capitec Bank via a South African authorised dealer. We have agreements in place with Nedbank, Standard Bank, First National Bank.
Required information when making this type of payment:
Bank name: CAPITEC BANK
Bank country: South Africa
SWIFT code for Capitec Bank: CABLZAJJ (or NEDSZAJJ with 470010 added at the back of the Capitec Bank account number)
Branch code: 470010
Clients Account number: (Receiver’s Capitec Bank account number)
Client’s Full Name and Surname: (Full name of the Capitec Bank account holder)
Client’s Physical Address: (Address of the account holder as provided to Capitec Bank)
Receiver/Intermediary Institution: NEDSZAJJ
Account with institution (Field 57A): CABLZAJJ (NB: The SWIFT code for Capitec Bank MUST be in field 57A of the SWIFT message to ensure fast processing)
International Sort/Routing/Clearing Code: 470010
IBAN: Capitec Bank account number with 470010 added at the back (only if required, otherwise leave open)
No incoming international transfer received for a client’s account may be automatically credited to a client’s account as South African banks are obliged to comply with the terms of the Exchange Control Regulations. You will be contacted in order to obtain a reason, or balance of payment (BOP) category, for each payment. Only once this information has been confirmed can the funds be released and credited to your account. Capitec Bank does not offer clients the option of keeping their funds for 30 days.
Processing of an international transfer normally within 3-7 working days from payment date. Clients who are expecting international funds and have not received the funds or a call from the Interbank Office Department within 5 days should be contact Capitec Bank’s Interbank Office Department at:
Ø Telephone ***
Ø National Contact Number ***
Ø Email ***
Ø Facsimile: ***
I trust that the above has provided clarity in your enquiry."
"Please excuse the delayed response.
South Africa is one of very few countries in the world where there are Exchange Control Regulations. This means that Capitec Bank is not licensed by the South African Reserve Bank (SARB) to make transfers to any other country in the world. Unfortunately, clients who wish to transfer funds to other countries must approach a foreign exchange department at one of the other authorised dealers such as Absa, FNB, Standard Bank or Nedbank in order to make such a transfer. An authorised dealer is a bank or institution which has been authorised by the SARB to deal in foreign currency (Authorised dealers are banks and institutions such as Travelex, Western Union, etc.).
We are not permitted to deal or negotiate in foreign exchange; any payment received in foreign currency will be converted automatically on the same day that it is received. Clients should note that the Interbank Office Department has no authority to negotiate exchange rates with any local bank and that their funds will be converted at that bank’s market-related Rate of Exchange.
Kindly note that should the funds represent a foreign loan or forex trading funds, that approval from the SARB will be required prior to the introduction of these funds.
A foreign bank cannot transfer money directly to Capitec Bank. The sender has to advise his or her bank (the foreign bank) to make the payment via their Rand (ZAR) correspondent bank (normally Nedbank, Standard Bank, ABSA or FNB) in South Africa. The correspondent bank in South Africa will then transfer the funds to Capitec Bank. The funds will automatically be converted to Rand by the corresponding bank, if it was sent in currency, as Capitec Bank may not convert the currency. All payments must be made to Capitec Bank via a South African authorised dealer. We have agreements in place with Nedbank, Standard Bank, First National Bank.
Required information when making this type of payment:
Bank name: CAPITEC BANK
Bank country: South Africa
SWIFT code for Capitec Bank: CABLZAJJ (or NEDSZAJJ with 470010 added at the back of the Capitec Bank account number)
Branch code: 470010
Clients Account number: (Receiver’s Capitec Bank account number)
Client’s Full Name and Surname: (Full name of the Capitec Bank account holder)
Client’s Physical Address: (Address of the account holder as provided to Capitec Bank)
Receiver/Intermediary Institution: NEDSZAJJ
Account with institution (Field 57A): CABLZAJJ (NB: The SWIFT code for Capitec Bank MUST be in field 57A of the SWIFT message to ensure fast processing)
International Sort/Routing/Clearing Code: 470010
IBAN: Capitec Bank account number with 470010 added at the back (only if required, otherwise leave open)
No incoming international transfer received for a client’s account may be automatically credited to a client’s account as South African banks are obliged to comply with the terms of the Exchange Control Regulations. You will be contacted in order to obtain a reason, or balance of payment (BOP) category, for each payment. Only once this information has been confirmed can the funds be released and credited to your account. Capitec Bank does not offer clients the option of keeping their funds for 30 days.
Processing of an international transfer normally within 3-7 working days from payment date. Clients who are expecting international funds and have not received the funds or a call from the Interbank Office Department within 5 days should be contact Capitec Bank’s Interbank Office Department at:
Ø Telephone ***
Ø National Contact Number ***
Ø Email ***
Ø Facsimile: ***
I trust that the above has provided clarity in your enquiry."
NH
Nial H's update19 Dec 2020, 15:58
Reviewer Update
I was contacted via a complaints manager on the day of posting. I had to wait 5 working days to to receive confirmation that my funds had been transferred back to Malawi. No explanation was given for this action or for ignoring my email to Capitec's forex section. The information posted below was obtained by other means, note the delay in response. I can obtain this information via Nedbank's online chat within 10 minutes:
"Please excuse the delayed response.
South Africa is one of very few countries in the world where there are Exchange Control Regulations. This means that Capitec Bank is not licensed by the South African Reserve Bank (SARB) to make transfers to any other country in the world. Unfortunately, clients who wish to transfer funds to other countries must approach a foreign exchange department at one of the other authorised dealers such as Absa, FNB, Standard Bank or Nedbank in order to make such a transfer. An authorised dealer is a bank or institution which has been authorised by the SARB to deal in foreign currency (Authorised dealers are banks and institutions such as Travelex, Western Union, etc.).
We are not permitted to deal or negotiate in foreign exchange; any payment received in foreign currency will be converted automatically on the same day that it is received. Clients should note that the Interbank Office Department has no authority to negotiate exchange rates with any local bank and that their funds will be converted at that bank’s market-related Rate of Exchange.
Kindly note that should the funds represent a foreign loan or forex trading funds, that approval from the SARB will be required prior to the introduction of these funds.
A foreign bank cannot transfer money directly to Capitec Bank. The sender has to advise his or her bank (the foreign bank) to make the payment via their Rand (ZAR) correspondent bank (normally Nedbank, Standard Bank, ABSA or FNB) in South Africa. The correspondent bank in South Africa will then transfer the funds to Capitec Bank. The funds will automatically be converted to Rand by the corresponding bank, if it was sent in currency, as Capitec Bank may not convert the currency. All payments must be made to Capitec Bank via a South African authorised dealer. We have agreements in place with Nedbank, Standard Bank, First National Bank.
Required information when making this type of payment:
Bank name: CAPITEC BANK
Bank country: South Africa
SWIFT code for Capitec Bank: CABLZAJJ (or NEDSZAJJ with 470010 added at the back of the Capitec Bank account number)
Branch code: 470010
Clients Account number: (Receiver’s Capitec Bank account number)
Client’s Full Name and Surname: (Full name of the Capitec Bank account holder)
Client’s Physical Address: (Address of the account holder as provided to Capitec Bank)
Receiver/Intermediary Institution: NEDSZAJJ
Account with institution (Field 57A): CABLZAJJ (NB: The SWIFT code for Capitec Bank MUST be in field 57A of the SWIFT message to ensure fast processing)
International Sort/Routing/Clearing Code: 470010
IBAN: Capitec Bank account number with 470010 added at the back (only if required, otherwise leave open)
No incoming international transfer received for a client’s account may be automatically credited to a client’s account as South African banks are obliged to comply with the terms of the Exchange Control Regulations. You will be contacted in order to obtain a reason, or balance of payment (BOP) category, for each payment. Only once this information has been confirmed can the funds be released and credited to your account. Capitec Bank does not offer clients the option of keeping their funds for 30 days.
Processing of an international transfer normally within 3-7 working days from payment date. Clients who are expecting international funds and have not received the funds or a call from the Interbank Office Department within 5 days should be contact Capitec Bank’s Interbank Office Department at:
Ø Telephone ***
Ø National Contact Number ***
Ø Email ***
Ø Facsimile: ***
I trust that the above has provided clarity in your enquiry."
"Please excuse the delayed response.
South Africa is one of very few countries in the world where there are Exchange Control Regulations. This means that Capitec Bank is not licensed by the South African Reserve Bank (SARB) to make transfers to any other country in the world. Unfortunately, clients who wish to transfer funds to other countries must approach a foreign exchange department at one of the other authorised dealers such as Absa, FNB, Standard Bank or Nedbank in order to make such a transfer. An authorised dealer is a bank or institution which has been authorised by the SARB to deal in foreign currency (Authorised dealers are banks and institutions such as Travelex, Western Union, etc.).
We are not permitted to deal or negotiate in foreign exchange; any payment received in foreign currency will be converted automatically on the same day that it is received. Clients should note that the Interbank Office Department has no authority to negotiate exchange rates with any local bank and that their funds will be converted at that bank’s market-related Rate of Exchange.
Kindly note that should the funds represent a foreign loan or forex trading funds, that approval from the SARB will be required prior to the introduction of these funds.
A foreign bank cannot transfer money directly to Capitec Bank. The sender has to advise his or her bank (the foreign bank) to make the payment via their Rand (ZAR) correspondent bank (normally Nedbank, Standard Bank, ABSA or FNB) in South Africa. The correspondent bank in South Africa will then transfer the funds to Capitec Bank. The funds will automatically be converted to Rand by the corresponding bank, if it was sent in currency, as Capitec Bank may not convert the currency. All payments must be made to Capitec Bank via a South African authorised dealer. We have agreements in place with Nedbank, Standard Bank, First National Bank.
Required information when making this type of payment:
Bank name: CAPITEC BANK
Bank country: South Africa
SWIFT code for Capitec Bank: CABLZAJJ (or NEDSZAJJ with 470010 added at the back of the Capitec Bank account number)
Branch code: 470010
Clients Account number: (Receiver’s Capitec Bank account number)
Client’s Full Name and Surname: (Full name of the Capitec Bank account holder)
Client’s Physical Address: (Address of the account holder as provided to Capitec Bank)
Receiver/Intermediary Institution: NEDSZAJJ
Account with institution (Field 57A): CABLZAJJ (NB: The SWIFT code for Capitec Bank MUST be in field 57A of the SWIFT message to ensure fast processing)
International Sort/Routing/Clearing Code: 470010
IBAN: Capitec Bank account number with 470010 added at the back (only if required, otherwise leave open)
No incoming international transfer received for a client’s account may be automatically credited to a client’s account as South African banks are obliged to comply with the terms of the Exchange Control Regulations. You will be contacted in order to obtain a reason, or balance of payment (BOP) category, for each payment. Only once this information has been confirmed can the funds be released and credited to your account. Capitec Bank does not offer clients the option of keeping their funds for 30 days.
Processing of an international transfer normally within 3-7 working days from payment date. Clients who are expecting international funds and have not received the funds or a call from the Interbank Office Department within 5 days should be contact Capitec Bank’s Interbank Office Department at:
Ø Telephone ***
Ø National Contact Number ***
Ø Email ***
Ø Facsimile: ***
I trust that the above has provided clarity in your enquiry."