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Thread: International money transfers

  1. #1
    just me duncan drennan's Avatar
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    International money transfers

    What is involved in making an international money transfer? I need to buy a device for a project I am working on and the guys I want to buy it from have had credit card fraud in the past with South Africans (arg), and would like an upfront payment.

    I had a quick look at the exchange control info on FNB's site, and was a bit bothered by this in particular:

    Foreign exchange may be provided for advance payments not exceeding 33.3% of the factory cost of the goods
    Is there an easy way to make transfers to foreign countries?
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    You need SA Reserve Bank approval anyway so rather contact the forex department of your local commercial bank who will (should) have all the required paperworks and answers at the tips of their fingers.

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    Gold Member daveob's Avatar
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    Hi Duncan

    What value ( amount ) do you need and in what currency does your supplier work in ?
    Watching the ships passing by.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Morticia View Post
    contact the forex department of your local commercial bank who will (should) have all the required paperworks and answers at the tips of their fingers.
    And take a bucketload of patience with you. It's a process
    The trouble with opportunity is it normally comes dressed up as work.

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    just me duncan drennan's Avatar
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    Quote Originally Posted by Morticia View Post
    You need SA Reserve Bank approval anyway so rather contact the forex department of your local commercial bank who will (should) have all the required paperworks and answers at the tips of their fingers.
    Have done that, waiting for the correct person to phone me back

    Quote Originally Posted by daveob View Post
    What value ( amount ) do you need and in what currency does your supplier work in ?
    USD and it will be about $150USD.

    Would have been really easy to order by credit card....damn fraudsters.
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    Site Caretaker Dave A's Avatar
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    I know some USA suppliers are windy about Paypal. I'm surprised they wouldn't take a direct credit card transaction, though.

    I had a similar experience with Hostgator. I'd paid by Paypal for hosting and they came back wanting a wire transfer. Apparently if I'd gone directly via credit card it wouldn't have been a problem, but once "flagged" they were unmoving.

    I ended up placing my business elsewhere and they had to refund me.
    The trouble with opportunity is it normally comes dressed up as work.

  7. #7
    just me duncan drennan's Avatar
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    Quote Originally Posted by Dave A View Post
    I know some USA suppliers are windy about Paypal. I'm surprised they wouldn't take a direct credit card transaction, though.
    This would have been a direct credit card transaction. Once they noted that the shipment was to SA they said sorry, they don't ship to SA. I followed up and they came back that it is due to past fraudulent activities.
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    Site Caretaker Dave A's Avatar
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    Frustrating. They can be surprisingly paranoid at times, though. I remember being in Orlando and meeting folks who were living in fear that they might be the next victim of the Washington sniper.

    Talk about a long shot
    The trouble with opportunity is it normally comes dressed up as work.

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    Full Member derrickm's Avatar
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    What about a service like escrow.com? Owned by the eBay/Paypal conglomerate, sure, but probably quicker than getting Reserve Bank approval...

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    Gold Member daveob's Avatar
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    Might be a stupid question, but how does the Reserve Bank regulate things if I can use my Credit Card to buy things online ?

    Have been buying software and services for years and never been questioned about it.
    Watching the ships passing by.

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