Sending business payments from the US to South Africa
A US company pays a South African supplier by SWIFT wire in US dollars to the supplier's Customer Foreign Currency (CFC) account, or to its rand account where the dollars are converted on arrival. South African exchange control requires export proceeds within six months of shipment and reports every cross-border receipt to the Reserve Bank with a balance of payments code. This guide covers the details to collect, the rules, timing, documents and fees.
- A South African business can receive US dollars into a CFC account held onshore at a South African bank and keep them there indefinitely.
- Under section 7.1 of the SARB guidelines, exporters must receive full proceeds within six months of shipment and sell them within 30 days or retain them in a CFC account.
- Section 8.1 of the SARB guidelines states that foreign currency may not be retained abroad without FinSurv approval, unless the Authorized Dealer Manual provides for it.
- Every cross-border receipt is reported to the SARB with a balance of payments code, and supporting documents must be available on request.
- Standard Bank's 2026 pricing guide charges 0.448% for an inward international payment on the electronic channel, with a minimum of R180 and a maximum of R600.
Details to collect from your recipient in South Africa
A CFC account is a foreign currency account a South African resident holds onshore with an authorized dealer, a bank the South African Reserve Bank (SARB) allows to deal in foreign exchange. Ask the supplier whether to pay its CFC account, to keep dollars, or its rand account, and collect the bank's inbound instructions in writing.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The registered name, exactly as on the account | Name mismatches lead to queries |
| Account number | The CFC account to keep dollars, or the rand account | A dollar wire to a rand account is converted on arrival |
| Bank name, address and SWIFT code | 8 or 11 characters | Routes the wire |
| Intermediary bank | The bank's US correspondent and its SWIFT code | A missing correspondent can hold the payment |
| Reference | Invoice number, and for exports the shipment reference | Helps the bank assign the balance of payments code |
Sources: SARB Currency and Exchanges guidelines for business entities; Nedbank CFC brochure; field list compiled by the Helm Editorial Team. As published on 29 October 2026.
USD or rand: what South African exchange control says
South Africa's rules for companies sit in the SARB's Currency and Exchanges guidelines for business entities and the Authorized Dealer Manual, administered by its Financial Surveillance Department (FinSurv). They decide where the supplier's proceeds must go and how fast. The US dollar to rand page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Export proceeds | Full proceeds within six months of shipment (section 7.1) | Pay within the agreed term |
| After receipt | Offered for sale within 30 days, or retained indefinitely in a CFC account | The supplier can keep your dollars onshore |
| Accounts abroad | No retention abroad without FinSurv approval, unless the Authorized Dealer Manual provides for it (section 8.1) | Pay the supplier's account in South Africa |
| Reporting | Every cross-border receipt is reported to the SARB with a balance of payments code | Give a clear purpose and invoice number |
| Dollar payments between residents | Need a FinSurv authority, which banks may extend or renew under Circular 13/2026 | A South African subsidiary of yours pays locals in rand |
Sources: SARB Currency and Exchanges guidelines for business entities, sections 7.1 and 8.1 (version of 28 October 2025); SARB Exchange Control Circular No. 13/2026; FNB, PayPal service page. As published on 29 October 2026.
Nedbank's CFC brochure states that there is no longer a regulatory requirement to convert the currency into rand. For the recipient's view, see how South African businesses receive USD.
Rails and arrival times to South Africa
A dollar wire settles in the United States on Fedwire, which opens at 9:00 p.m. ET on the previous calendar day, takes customer transfers until 6:45 p.m. ET and closes at 7:00 p.m. ET, Monday to Friday. Johannesburg is 6 hours ahead of New York in the US summer and 7 hours ahead in the US winter.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to a CFC account | US dollars, held onshore | Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour; crediting follows once the bank has the BoP details | The route to keep dollars |
| SWIFT wire in USD to a rand account | Rand, converted by the bank | Credited on a South African business day | The bank's rate on the day |
| Letter of credit or collection | Dollars against documents | On presentation of documents | Suits larger exports |
Sources: Federal Reserve Financial Services, Fedwire operating hours; Swift, 22 August 2023; Standard Bank pricing guide 2026. As published on 29 October 2026.
Standard Bank charges R479.25 for an unpaid, returned or non-STP inward payment. STP means straight-through processing: a payment with complete, correctly formatted details that the bank can credit without manual repair.
Documents, screening and why payments to South Africa are held
The supplier's bank reports your payment to the SARB with a balance of payments code and may ask the supplier for the invoice before it credits the funds. For exports, it also tracks the six-month window. Quote the invoice number and a plain description of the goods or service in the payment.
On the US side, sanctions screening applies to every payment: OFAC states that all US persons, including US-incorporated entities and their foreign branches, must comply with its sanctions, so check the payee and its bank against OFAC's lists (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Purpose unclear | The bank asks the supplier for the BoP category and invoice | Describe the goods or service and quote the invoice |
| Incomplete or badly formatted details | Treated as non-STP; R479.25 at Standard Bank | Copy the bank's inbound instructions exactly |
| Dollars sent to the rand account | Converted on arrival | Ask for the CFC account |
| Payment to an account abroad | Section 8.1 restricts retention abroad | Pay the supplier's account in South Africa |
| Wire sent as SHA | Arrives short of the invoice and export value | Use OUR charges |
Sources: SARB guidelines; Standard Bank Trade and Forex External Pricing Guide 2026. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to South Africa
Standard Bank's 2026 guide, with fees including VAT, charges 0.448% for an inward international payment on the electronic channel, minimum R180 and maximum R600, and R220 for CFC account management. Under SHA, that charge and any intermediary deductions reduce what the supplier receives; under OUR you pay the banks in the chain. For account options, see USD business accounts in South Africa.
From a Helm account you can send payments to suppliers abroad by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I send a business payment from the US to South Africa?
Send a SWIFT wire in US dollars to the supplier's CFC account to let it keep dollars, or to its rand account, with the bank's SWIFT code, its US correspondent and the invoice number.
What is a CFC account?
A Customer Foreign Currency account is a foreign currency account a South African resident holds onshore with an authorized dealer bank. Export proceeds can be retained in it indefinitely.
How long does a South African exporter have to receive payment?
Section 7.1 of the SARB guidelines requires full export proceeds within six months of shipment, then sale within 30 days or retention in a CFC account.
What is a BoP code?
A balance of payments code is the category a South African bank reports to the SARB for every cross-border transaction. A clear purpose and invoice number help the bank assign it.
How much do South African banks charge to receive a wire?
Standard Bank's 2026 guide charges 0.448% for an inward international payment on the electronic channel, minimum R180 and maximum R600, including VAT. Other banks set their own charges.
What does Helm charge to send money to South Africa?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- South African Reserve Bank: Currency and Exchanges guidelines for business entities (version of 28 October 2025)
- South African Reserve Bank: Exchange Control Circular No. 13/2026, customer foreign currency accounts (8 April 2026)
- Nedbank: Customer Foreign Currency Account brochure
- Standard Bank: Trade and Forex External Pricing Guide 2026
- FNB: PayPal service
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.