PRIUZAJ1

Payment Instructions

General instructions for international payments to banks in SOUTH AFRICA:

• Obtain all required bank information from the Beneficiary such as SWIFT BIC, account number, and beneficiary bank address.
• All foreign currency transactions between residents and non-residents must be reported to the South African Reserve Bank. Additionally, payments made to and from accounts held by residents abroad must also be reported.
• Non-residents are permitted to open and maintain domestic or foreign currency accounts locally, however, approval from the reserve bank is required for any foreign currency account. Residents are not permitted to open ZAR accounts abroad and resident or foreign currency accounts cannot exceed ZAR 2,000,000 equivalent.
• For the ordering customer (SWIFT MT103 F50), include the account number, full name (no initials), and address. Use of initials can delay receipt of funds.
• For the beneficiary customer (SWIFT MT103 F59), include the account number, full name (no initials), and address. Use of initials may delay receipt of funds.
• For the beneficiary bank (SWIFT MT103 F57), include the sort code, SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. The sort code should always be preceded with “//ZA” followed by the 6-digit bank code (Example: //ZA123456).
• For SWIFT BIC, use 8 or 11 alphanumeric characters in the format xxxxZAxx or xxxxZAxxxxx.
• It is recommended to include the purpose of payment as a reason for payment (SWIFT MT103 F70).
• For tax payments, include a unique 19 character Payment Reference Number (PRN) in the format /PRN/xxxxxxxxxxxxxxxxxxx.
• Ensure to use the SWIFT/BIC code of the beneficiary's bank and provide the beneficiary's address as required. Check with the bank for any additional requirements or changes in regulations.

IBAN: No

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of PROTEA INSURANCE CO. LTD for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from PROTEA INSURANCE CO. LTD, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.