ZAR – South African Rand
The payment processing of this currency is considered to be highly standardised.
It is important to note that this currency is also accepted in Lesotho, Swaziland & Namibia which are CMA Countries (Common Monetary Area).
- Currency Guidelines
Besides the standard information, the beneficiary’s physical address is mandatory.
A clear reason / purpose of payment is recommended and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing and invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
For international payments intitated from South Africa, for all currencies, a BOP purpose code (see Appendix XV) is mandatory and should be instructed in the regulatory reporting field. In addition, if the the payment is initiated in ZAR (from SA), a REC code is required. The REC code is a 5-digit code and should be instructed in field 72. The following REC codes are available:
"DTCUS" if the beneficiary is resident in South Africa
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
To consult the Appendix(es) click hereAppendix XV: Purpose of Payment Codes (ZAR)
- Additional information
• Available charge options: OUR/SHA/BEN
• Central bank of South Africa: https://www.resbank.co.za/Pages/default.aspx