Receiving offshore payments simplified with Standard Bank

Standard Bank, Africa’s largest bank by assets, has introduced an internet banking solution that offers SA customers a convenient, simple and fast way to process international payments. 

Inward Telegraphic Transfer (ITT) is the electronic transfer of funds from an overseas sender. ITTs can be received by businesses for goods exported or by individuals receiving money from family or friends outside SA. 

“The new inward international payment functionality on internet banking places the power back in the customer’s hands, allowing them to process incoming funds on internet banking at their own convenience,” says Henry Dhliwayo, head of foreign exchange, solutions and integration, global markets at Standard Bank. 

Incoming foreign currency payments are converted into SA rand at the exchange rate at the time of processing the transaction. Clients have up to 30 days to choose when they convert their incoming foreign payment into rand.  

“Standard Bank client and service teams continuously work at transforming the client experience, hence the focus on digitisation of the bank’s solutions. Simplifying and bringing convenience to customers remains top of mind,” says Rosh Sundram, head of international payments client experience at Standard Bank.

The benefits of receiving inward payments on Standard Bank’s internet banking channel are: 

• Clients can manage incoming international payments at their convenience, anytime, from anywhere.
• They are able to view live exchange rates. 
• They have the flexibility of having up to 30 days to convert foreign currency to rand.
• They can view a 60-day history of their incoming international payments.
• The digital process is intuitive and has built-in prompts to assist clients through every step of the process, including exchange control reporting. 

“Standard Bank’s focus is delivering what really matters to clients. The ITT feature on internet banking can resolve any difficulties experienced when receiving offshore payments. This will allow for a seamless cross-border experience and will ultimately drive growth and prosperity in Africa,” says Sundram.