Accepting foreign currency

What do I do if a customer/guest wants to pay me in foreign currency?
If your business is related to tourism, such as hotel, retailer or restaurants, you may accept foreign currency.

What do I need to do for my business to be able to accept foreign currency?
You do however need to sign an undertaking with us. We will pass this on to the South African Reserve Bank as stipulated by the Exchange Control Rulings.

Click here for a copy of the declaration to accept foreign currency. Please complete it, print it on your letterhead and hand it to a consultant at a Standard Bank foreign exchange, bureau de change or Money Change outlet.

How long can may I keep the foreign currency?
You must convert the foreign currency into rand on the next business day after receiving it.

What type of foreign exchange can I convert at Standard Bank?
You can exchange foreign notes or travellers cheques.

Foreign notes
We will accept notes in the following currencies

  • British sterling
  • Euro
  • United States dollar
  • Australian dollar
  • Botswana pula
  • Canadian dollar/li>
  • Chinese Yuan
  • Swiss franc
  • Danish kroner
  • Hong Kong dollar
  • Israeli shekel
  • Japanese yen
  • Lesotho loti
  • Mauritian rupee
  • Mozambique Metrical
  • Namibian dollar
  • Norwegian kronor
  • New Zealand dollar
  • >Saudi riyal
  • Swedish kroner
  • Singapore dollar
  • Swaziland lilange

Travellers cheques

Standard Bank is an agent for American Express Travellers Cheques and we also accept other travellers cheques such Thomas Cook and Visa. 

The process for depositing travellers cheques is similar to depositing rand cheques and it could be a lengthy process as the cheques may need to be cleared before your account is credited (terms and conditions apply).

What fees are involved?
You will be charged a fee for converting foreign banknotes and travellers cheques.

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