Frequently Asked Questions

Here are the most frequently asked question about FX Banking.

  • Name and surname or entity name
  • Account number or International Bank Account Number (IBAN)
  • SWIFT code /BIC code
  • Residential address
  • Postreet address
  • City
  • Country
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  • Some countries use an International Bank Account Number (IBAN) to identify the beneficiary's bank account. An IBAN consists of an alphabetical country code, followed by two digits, and then up to 35 characters which includes information to identify both the beneficiary bank and the beneficiaries account number. Example: GB25SBIC40523378945612
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  • BIC and SWIFT codes are related. SWIFT is used for sending money overseas. The BIC (Bank Information Code) is used by the SWIFT system to identify specific banks worldwide. A SWIFT/BIC code consists of either 8 or 11 characters. Example: SBZAZAJJ
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  • Internet Banking has validations built into the system. If you enter the incorrect combination of Country and swift code or vice versa, you will see an error message and the system will not allow you to proceed.
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  • Namibia legislation requires Authorised Dealers to provide a reason why Cross Border Payments are made. Namibia Reserve Bank uses a set of predetermined codes to identify why money is paid overseas. This code is called a Balance of Payment (BoP) code. Example: 401 � Gift. For more information on BoP codes, please visit our website.
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  • BOP Category Codes are prescribed by Bank of Namibia to categorise the type or purpose of a Cross Border Payment.
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  • The process of reporting known as Balance of Payments Reporting, which is required by Bank of Namibia for Cross Border Payments.
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  • Internet Banking / Enterprise Online gives a �live rate�. This rate is fetched from e-Market Trader at the time of the payment. The Exchange Rate applicable to a Cross Border Payment is determined by Global Markets (GM).
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  • You can be offered a �live rate�. This rate is fetched from e-Market Trader at the time of the payment.
  • You can also be offered exchange rates according to your segment. In this scenario you are not bound to the rate until the last approver confirms the payment by accepting the rate on the �Confirm Details� page.
  • How do you know when you are being offered a �live rate� or exchange rates according to your segment / tier? Live rate: Your receipt will read �upon submission of your transaction Exchange rates according to your segment�. Your receipt will read: �upon submission by the last approver�
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  • Yes, you can use the replace� link� to replace a document that you already uploaded during the upload phase. You cannot replace a document once the transaction and document/shave been sent for approval. You will need to request that the transaction be �rejected� by the approver, and you will need to create a NEW transaction with the correct documents. Approvers are only applicable to Enterprise Online and not Internet Banking
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  • Your normal Electronic Account Payment (EAP) limit will apply. This means that you will not be able to make a Cross Border Payment if you have exceeded your daily or monthly transactional EAP limit. The same rules to increase your Internet Banking limit still applies, visit your nearest branch, or contact your relationship manager to increase / decrease your EAP limit.
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  • A Proof of Payment can be generated from the Receipts menu.
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  • The fees that we will charge for Cross Border Payments can be found in our online pricing guide at https://www.standardbank.com.na/namibia/personal and click on �Pricing Guides�
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  • We charge a commission fee to process the transaction. Commission fees can�t be refunded. This fee is calculated based on the total amount that will be sent.
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  • We charge a SWIFT fee to send payments using the SWIFT network. This is a set fee irrespective of the amount sent.
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  • Sometimes Cross Border Payments need to be routed through an Intermediary Bank or Correspondent Bank to reach your beneficiary�s bank. In such cases, the Intermediary Bank or Correspondent Bank will deduct their fees from the amount sent to the beneficiary. This means that the beneficiary will not receive the full amount you send them.
  • The fees charged by the beneficiary�s bank, Correspondent Bank and Intermediary Bank are different from bank to bank and we are unable to predict what they will be.
  • You authorise us to debit your Account with all amounts for the Cross Border Payments, including our fees and the fees charged by the beneficiary�s bank, where applicable in some instances, well after the payment has been received by the beneficiary.
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  • BENEFICIARY - the beneficiary that I am sending the money to, will pay the fee.
  • The beneficiary�s bank will charge a fee to process the incoming payment and the beneficiary will be liable for this. If the Cross Border Payment is delayed by the beneficiary�s bank, a Correspondent Bank or Intermediary Bank, we cannot recall or reverse it.
  • BOTH - (Shared between Beneficiary and I) - You can pay for Stanbic Bank�s fees and the beneficiary will pay for their own bank�s fees.
  • If you choose to pay for the beneficiary�s bank�s fees, your account will be debited with this fee once the beneficiary�s bank has processed the Cross Border Payment.
  • ME � Sender can choose to pay all the fees. We will charge you the commission fees, which are based on a percentage of the value of the Cross Border Payment at the time of the transaction; and a SWIFT fee for Cross Border Payments sent using the SWIFT network.
  • The beneficiary banker�s fees/commissions - You can choose to pay for the beneficiary�s bank�s fees. Please refer to the latest pricing guide for more details on Cross Border Payment fees.
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  • Once a transaction has been submitted for processing, there is no guarantee that the transaction can be cancelled. Contact our Call Centre as soon as possible. Standard Bank will then send a cancellation request to the foreign bank, requesting them to stop/cancel the transaction. CCC contact: 92860
  • Only once confirmation from the foreign bank has been received that they have cancelled the transaction and the funds credited into our account, would the funds be credited back to you.
  • You will not be refunded the SWIFT and Commission fees charged by Standard bank.
  • The foreign bank might charge a cancellation fee which will be for your account, and this will be deducted from the original payment amount.
  • Currency bought back and converted into local currency is at a lower rate where applicable.
  • This period may be extended and/or the Cross Border Payment may be cancelled due to circumstances beyond our control, including in terms of Applicable Laws or the laws in the jurisdiction of the beneficiary�s bank or any Correspondent Bank or Intermediary Bank.
  • If this happens, we will contact you and you must provide, where required, the information required by the beneficiary�s bank, Intermediary Bank or Correspondent Bank. If you do not provide the information immediately, the Cross Border Payment may be cancelled or delayed
  • If the Cross Border Payment is delayed by the beneficiary�s bank, a Correspondent Bank or Intermediary Bank, we cannot recall or reverse it.
  • If we are required to cancel a Cross Border Payment because of any Applicable Laws or the laws in the jurisdiction of the beneficiary�s bank or any Correspondent Bank or Intermediary Bank after your Account has been debited, we may refund you, but you will not receive the full value of the Cross Border Payment due to (i) our fee charges and/or (ii) exchange rate fluctuations. We will not be liable (responsible) for any loss you or any third party may suffer in this regard, and you indemnify us against any loss or damage which we may suffer as a result thereof.
  • An Cross Border Payment may be cancelled if you give us incorrect details about the beneficiary or the beneficiary�s bank. In this case, we will try to contact you to let you know that the Cross Border Payment cannot be processed. You will have to pay all costs for cancelling the Cross Border Payment or making it at a later date
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  • If your exchange control and supporting documentation checks are successful, your Cross Border Payment can take up to a few days after the date of submission/approval of the transaction.
  • Delays in the beneficiary bank processing the payment.
  • Please note that no interest will be paid to you whilst the transaction is being processed.
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  • Currency holidays
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  • Public holidays
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  • Time differences
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  • Incomplete or incorrect payment information
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  • Incomplete or incorrect supporting documentation
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  • Exchange Control issues
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  • Insufficient funds on value date
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