This allows for transfer of money cross border via an authenticated swift advice issued by the Bank on behalf of its client (the remitter) to another Bank's client (the beneficiary) in a different Monetary Zone, for a specified amount of money on a specified date. Al Baraka clients may choose to send or receive cross border telegraphic transfers subject to South African Exchange Control Regulations.

Al Baraka Bank South Africa's SWIFT BIC is ALBRZAJJ

This is a process where a supplier entrusts its Bank with shipment documents to be forwarded for collection to the Collecting Bank for presentation to the client (buyer) in accordance with the collection instructions accompanying the documents. Al Baraka South Africa can receive foreign Bills for Collection for clients that intend importing using this payment method.

Al Baraka South Africa's SWIFT BIC is ALBRZAJJ and Bills for Collections maybe routed to our Head office situated at 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street (Stanger Street), Durban, 4001

This is an undertaking issued by the Bank on behalf of the client to pay the supplier the value of the letter of credit provided that the terms and conditions of the LC have been fulfilled within a prescribed period of time.

Al Baraka South Africa's SWIFT BIC is ALBRZAJJ and Bills for Collections maybe routed to our Head office situated at 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street (Stanger Street), Durban, 4001

The LC is based on negotiations between two parties and is sent via swift advice. A letter of credit is very similar to a bill for collection, with the exception that the bank has an obligation to make payment to the supplier bank, as long as conditions required by the customer are met by the supplier.

• Authorised Dealer in Foreign Currency and can assist with your Cross Border transactions
• Global footprint allows for easier facilitation of Cross Border transactions
• Competitive rates and transparency of margins applied on spot and forward cover rates
• Competitive fees on Cross Border transactions

• Open a business, corporate or classic banking account
• Call our international trading desk on 0313649450

To assist you with better understanding the Exchange Control regulations applicable to you and your transaction please read the following guidelines as published by the SARB

Click here