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Learning curve – when you’re working abroad for the first time

Money | Personal Finance

A secondment is a great personal and professional adventure. To ensure you spend more time enjoying the experience and less time worrying about your international banking requirements, here are a few things to keep in mind.

Give us your new contact details

To ensure you continue to receive emails and statements from Investec Private Banking, please send us your new international cellphone number details and email address. Alternatively, you can activate international roaming through your network provider.

Using your Investec Visa card

To ensure your Investec Visa card will process transactions effortlessly and we can monitor for any potential fraudulent transactions, please let us know the duration of your secondment and which countries you plan to travel to. You will not pay additional fees if you use your Investec Visa card abroad.

You can withdraw cash at any Visa ATM and your daily withdrawal limit will increase to R20 000 to cater for currency conversions. Please note that international bank charges will apply.

Chip and PIN technology is not that common abroad and places card users at risk for fraud. Always be vigilant with your card.

Logging into Investec Online and the Investec App

While abroad, you can still log into Investec Online as you normally do, through your computer or your Investec App. The most secure and reliable way to do this is through In App messaging on your Investec App. All you need is access to a valid Wi-Fi or network (not international roaming).

To activate this, log into the Investec App and click on ‘Menu’, ‘Settings’, ‘Devices’ and then toggle on the ‘In App authentication’. The next time you log into Investec Online, open the Investec App too. A notification will appear instantly asking you to ‘Accept’ or ‘Reject’.

Foreign exchange

You can order Foreign Exchange within 60 days of your departure. We’ll deliver it to you within 48 hours or have it waiting for you at OR Tambo International Airport.

We can also assist you if you want to transfer funds into an offshore account or need to transfer offshore funds into your South African Private Bank Account.

Depositing funds into your South African Private Bank Account

To honour your debit orders and pay your monthly fee, you can deposit funds from abroad into your South African Private Bank Account. Please follow these steps.

Step 1: Give the offshore bank the following information

Beneficiary account name (Name of your account with Investec)
Beneficiary account number (Your account number with Investec)
Beneficiary bank Investec Bank, 100 Grayston Drive, Sandton
SWIFT code IVESZAJJXXX

 

Step 2: Complete a Balance of Payments (BoP) form when your funds arrive in South Africa

  • Log into Investec Online and click on the ‘International Transfers’ tab (next to ‘Payments & Transfers’)
  • Choose the ‘Inward receipts‘ tab
  • Submit the completed BoP form online

Fees apply to all foreign transactions.

South African temporarily abroad

If you’re on secondment for six months or longer, we recommend you update your residence status to ‘South African temporarily abroad’. This gives you the option to convert your account to electronic transactions only and reduce your monthly fee. We will deactivate your Investec Visa card, but will continue to process your debit orders and online transactions.

We are available 24/7

If you have any questions, want to update your details or request foreign exchange, you’re welcome to contact your Private Banker or our 24/7 global Client Support Centre on +27 11 286 9663.

While you are abroad, remember we’re always just a call away.

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