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Companies in need of Foreign Exchange.

Exchange Control Service

FNB's exchange control regulation guidelines state that, all sales and purchases of foreign exchange are governed by the Exchange Control Regulations, Orders and Rules, 1961.

Through FNB's Exchange Control Department, you can:

  • Obtain foreign exchange from FNB - an authorised dealer
  • Receive exchange control regulation guidelines
  • Receive advice from Exchange Control Department
  • Request an agreement with the Reserve Bank whereby exemption is granted from producing documentation on each occasion

Exchange control requirements on import trade transactions

All sales and purchases of foreign exchange are governed by the Exchange Control Regulations, Orders and Rules, 1961. Certain transactions can be handled by Authorised Dealers in foreign exchange, without referring to the Exchange Control Department of the South African Reserve Bank.

Any transactions not covered by the Exchange Control rulings must be referred to the Reserve Bank for approval via an Authorised Dealer, such as First National Bank.

Our Exchange Control Department can be contacted should you have any doubts regarding a particular transaction, for advice and guidance.

Imports

On presentation of the following documents, foreign exchange can be purchased from FNB to pay for imports:

  • A copy of the transport document evidencing the transportation of the goods to the Republic
  • A copy of the commercial invoice from the foreign supplier
  • A signed BoP form (see below)
  • An import permit, if required, or confirmation that same is not required
  • A SAD500 or Release Notification is required

BoP Form

This form must be completed for all transactions, to enable the information to be electronically transferred to the database of the Reserve Bank, for statistical purposes.

Imports Letter of Undertaking

On application, an importer can enter into an agreement with the Reserve Bank whereby exemption is granted from producing documentation on each occasion. However, the aforementioned BoP form must still be completed. Our Exchange Control Department can be contacted for more information on this special consideration.

Merchanting Trade

These are transactions where the South African entity is acting as an agent or trader, facilitating trade between foreign suppliers and foreign buyers. Documentation required is as follows:

  • Copies of the relative contracts between the parties concerned
  • A commercial invoice from the seller
  • A commercial invoice from the South African entity

Benefits

  • Obtain foreign exchange from FNB - an authorised dealer
  • Receive exchange control regulation guidelines
  • Receive advice from Exchange Control Department
  • Request Reserve Bank agreement for exemption from producing documentation on each occasion

Problems/Queries:

Contact Forex on: 08601 FOREX (36739)

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