Global payments made easy

This is a Bidvest Bank promotional feature

International trade facilitation through secure, convenient and prompt global payment is a core corporate offering at Bidvest Bank, the foreign exchange specialists.

Bidvest Bank introduced South Africa’s first web-based real-time payment system back in 2006 and transaction volumes have been growing ever since – testimony to the bank’s competitive rates and the reliability of the system.

Clients making use of the online service are given a user name and password, and access via the bank’s online portal. Access can be achieved from any point offering a secure internet connection.

In addition to the online option, corporate clients can make global payments by calling the Bidvest Bank dealing room or by visiting one of the bank’s 100 branches nationwide. The online and dealer channels are generally preferred as they enable clients to secure realtime, up-to-the-minute rates.

The crucial requirement when making global payments is that they are handled by an authorised foreign exchange dealer such as Bidvest Bank.

Bidvest Bank systems are subject to rigorous scrutiny by the authorities to confirm compliance with all pertinent regulations. The bank has to follow strict ‘know your client’ requirements when setting up a client’s account. Furthermore, before any transfer can take place the bank must have sight of balance of payment (BOP) forms and a copy of the invoice for payment.

Usually, these documents have to be provided on the same day the payment request is made; but next day provision is also acceptable.

Clients should not only provide the necessary documentation, it is also advisable to ensure that the banking details of the other party are accurate and are given in full.

Bidvest Bank prides itself on high quality service and will assist clients to ensure all procedures are properly and promptly completed.