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ZAR – South African Rand

Overview

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

  • "NTNRC" otherwise

Instructions, technical guidelines & more

To consult the Technical Guidelines of this currency, click here

TECHNICAL GUIDELINES

To consult the Appendix(es) click here

Appendix 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