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A guide for businesses as outlined by the South African Reserve Bank (SARB)

Rules regarding depositing foreign banknotes

Where the nature of your business requires receipt of foreign bank notes as payment from clients, for goods sold and/or services rendered:

  • Entities with no SARB exemption are required to bank their foreign currency within one business day of receipt.
  • Those who have received exemption will get dispensation to deposit foreign currency after one business day (the number of days will depend on the exemption granted by SARB).

Documents required when depositing foreign banknotes

In line with SARB regulations, entities who need to deposit foreign banknotes into a Nedbank Business account must adhere to the following conditions for a Nedbank branch to accept their foreign banknotes:

  • Produce a completed new Foreign Currency Deposit form
  • Produce receipts for cash received

 

Your Relationship Manager can help you with the following

  • The Foreign Currency Deposit template, which must be completed for every foreign currency deposit. You will need to ensure that your template is customised with your company letterhead.
  • Guidance on ways to complete your form to SARB standard, as well as guidance on any supporting documents to submit along with your banknote deposits.

Special dispensation

Certain Balance of Payment (BOP) categories in the tourism, imports and export arena require entities to deposit foreign banknotes at an authorised dealer within one business day of receipt. If you are unable to meet this requirement, your Relationship Manager can assist you by applying for a special dispensation at SARB.

 

Take note that the application may take up to 6-8 weeks to complete. For more information on special dispensations, you may refer to the SARB website.