Please note that once you have registered as a user of the Inter Africa Bureau de Change services, your relation to Inter Africa Bureau de Change may be terminated at any time, with or without notice to you, if:
- Your conduct is deemed to be harmful to the business of Inter Africa Bureau de Change or any of its affiliates
- Your use of the Inter Africa bureau de Change service is harmful to any other party.
A company which is engaged in the business of dealing with monetary transactions, such as deposits, loans, investments and currency exchange.
Stand for the Financial Intelligence Centre which was established in terms of FICA to administer the Financial Intelligence Centre Act. The FIC is South Africa’s national centre for the development of financial intelligence in accordance with international standards and requirements.
The Financial Intelligence Centre Act No 38 of 2001.
The Financial Services Board, an independent institution established in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 to oversee the South African Non-Banking Financial Services Industry in the public interest.
“Know Your Customer” which is the process of a business identifying and verifying the identity of its clients.
The denomination of a country’s currency that, by law, must be accepted as a medium for commercial exchange and payment for money debt.
The South African Reserve Bank, the central bank of South Africa.
The Republic of South Africa
In terms of Regulation 2(2)a, an Authorised Dealer shall not buy, borrow or receive or sell, lend or deliver any foreign currency or gold except for such purposes or on such conditions as the Treasury may determine. The Currency and Exchanges Manual for ADLAs (ADLA Manual) is issued by the Financial Surveillance Department to ADLAs under the powers
delegated by the Minister of Finance. The ADLA Manual provides an overview of the application form and procedures to be followed to conduct the business of an ADLA. The ADLA Manual contains the permissions, conditions and limits applicable to transactions in foreign exchange that may be undertaken by ADLAs as well as details of the related administrative responsibilities. The ADLA Manual is not a legal document, is amended from time to time by way of the issuance of Circulars (Circulars) by the Financial Surveillance Department and serves as general terms and conditions and does not replace or supersede the Regulations or the norms and policies as applied by the Financial Surveillance Department from time to time.
The ADLA Manual must always be read in conjunction with the Regulations. The Financial Surveillance Department views any contravention of the Regulations and the ADLA Manual, as well as any actions to circumvent the permissions, conditions and limits contained in the ADLA Manual, where an application for such permission would have been refused, in a very serious light. The Financial Surveillance Department has appointed Inter Africa Bureau de Change (Pty) (Ltd) (Inter Africa) to act as a category two ADLA as defined in the ADLA Manual. Inter Africa is authorised to operate Bureau de Change as well as offer certain transactions under the single discretionary allowance facility. In addition to the above, as a category two ADLA, Inter Africa may offer money remittance services in partnership with external Money Transfer Operators. In instances where an ADLA is not able to buy or sell foreign currency in terms of the permissions and conditions set out in the ADLA Manual, an official application with full details applicable to the request must be submitted to the Financial Surveillance Department.
3. Important Notices
4. Legal Requirements
By registering as a user of the Inter Africa Bureau de Change services and by initiating any foreign exchange, you declare that:
- All information furnished by you to Inter Africa Bureau de Change whether directly or indirectly is true and correct in all respects.
4.2. KYC and FICA
To register as a user of the Inter Africa Bureau de Change services, you will be required to provide certain personal data (proof of identity, proof of income and proof of residence) to enable your identity to be verified and to ensure compliance with FICA and the internal KYC policies of Inter Africa Bureau de Change, where applicable. All documents confirming such personal data are referred to as KYC documents. KYC information and verification may also be required in respect of your designated Recipient. You agree that all personal data, information and documentation which you provide to Inter Africa Bureau de Change, whether directly or indirectly, during the registration process and at all other times will be true, accurate, current, and complete. You also agree that you will ensure that this information and documentation is kept accurate and up-to-date at all times. If, at any time, Inter Africa Bureau de Change has reason to believe that the information or documentation provided is false or altered in any way, your Inter Africa Bureau de Change account will be closed immediately, and the relevant authority notified. You acknowledge that the FIC may, at any time, request your personal data, information and documentation from Inter Africa Bureau de Change in respect of a FICA audit or on any other grounds and that Inter Africa Bureau de Change, whichever is applicable, is obliged to and will provide the FIC with such personal data, information and documentation upon request.
4.3. Single Discretionary Allowance
South African residents (natural persons) who are 18 years and older may be permitted to avail of a single discretionary allowance within an overall limit of R1 million per individual per calendar year without the requirement to obtain a tax clearance certificate in respect of foreign investments from the South African Revenue Service. Resident individuals who are under the age of 18 years may only be accorded a travel allowance of R200 000 per calendar year.
4.4. Omnibus Travel Facility
• ADLAs may approve in writing applications by entities (companies/CCs/partnerships) for omnibus travel facilities within the limit of R20 million per calendar year to be accorded at the discretion of the entity to its representatives who will be travelling on behalf of the entity.
• The entity must state that the amount applied for is reasonable in relation to their business and that they have not applied for similar facilities at another ADLA/AD.
• Full CIV of the company must be done in terms of the FIC Act.
• CIV documentation of the administrative employees who are authorised by the entity to deal with the ADLA must be viewed.
• The funds may be allocated at the discretion of the client.
• ADLAs must view an official letter from the company/firm authorising the proposed business visits.
• ADLAs must maintain a schedule of the visits undertaken, the amount of foreign exchange accorded and subsequently resold on each occasion.
• Passport of the traveller and if travelling by air their eticket.
• Documentation to be retained for five years for inspection purposes.
• The omnibus facility may not be deposited into any foreign bank account.
4.5. Reporting to SARB
Every Transaction successfully completed via the Inter Africa Bureau de Change services must be reported to SARB. This report includes the personal details of the sender and the recipient and the details of the completed transaction (order, payment and pay-out). When compiling the report, the sender’s personal details are obtained from the KYC documents submitted upon registration. By submitting your KYC documents and using the Inter Africa Bureau de Change services, you agree to allow Inter Africa Bureau de Change to use your personal details as reflected on the KYC documents when submitting the prescribed reports to SARB.
Inter Africa Bureau de Change will not be responsible for any legal proceedings of any kind brought against you by any private, government or financial institution or body of any kind, due to the information that it has passed on to these institutions or bodies. For further information, please visit www.resbank.co.za.
4.6. Disclosure of Personal Information
Inter Africa Bureau de Change may disclose your personal information if required to do so by:
law (including, without limitation, when responding to a subpoena or request from law enforcement, court or government agency) or in the good faith belief that such action is necessary to:
- Comply with a legal obligation
- Protect and defend Inter Africa Bureau de Change’s rights or property
- Act in urgent circumstances to protect the personal safety of other users of the Inter Africa Bureau de Change service or the public
- Protect against legal liability.
Third party companies or entities with which Inter Africa Bureau de Change contracts, whether directly or indirectly, to provide the Inter Africa Bureau de Change services where such companies or entities require access to your personal information to perform their own regulatory functions and not for any other purposes.
5. Operation of the Inter Africa Bureau de Change Service
As stated in 4.2 above, you will need to submit certain personal data, information and documentation when transacting as a user of the Inter Africa Bureau de Change services to ensure compliance with FICA, Inter Africa Bureau de Change KYC Policy and, where applicable, Inter Africa Bureau de Change’s KYC Policy. There are two types of registration:
- A “light” registration in terms of which you will only be required to submit a recognised proof of identity document
- A “full” registration in terms of which you will be required to submit a recognised proof of identity document, proof of income and proof of residence.
5.2. Verification and Checks
5.3. Transaction Processing and Delivery Schedule
After Inter Africa Bureau de Change has verified your identity, completed a screening for proper compliance with the various applicable laws and regulations, and received payment of the amount of the transaction can take place to be completed the following may take place. Inter Africa Bureau de Change will attempt to process transactions promptly, but any transaction may be delayed or cancelled for several reasons, including, without limitation, its efforts to verify your identity, compliance with applicable law or variations in business hours and currency availability. Inter Africa Bureau de Change may, in its sole discretion, refuse transactions from certain clients including, without limitation, individuals or companies on restricted or prohibited lists. Inter Africa Bureau de Change cannot be held responsible for:
- If the exchange rate fluctuates Inter Africa Bureau de Change is in no way liable for any perceived or real historical loss in value of the Receive Amount
- The rate will be determined by the daily available rate and Inter Africa Bureau de Change accepts no responsibility for any losses incurred to the recipient during the foreign exchange. No refunds will be issued.
5.4. Restrictions for Transactions
Inter Africa Bureau de Change reserves the right, in its sole discretion, to:
- Reject a proposed transaction
- Limit the amount of a transaction
- Require additional information to complete a transaction
- Take reasonable measures with respect to a transaction to comply with applicable laws and regulations.
If a transaction was created, you are obliged to contact Inter Africa Bureau de Change to correct any errors in the information provided. Inter Africa Bureau de Change cannot be held responsible for losses in rate or inflation due to incorrect details being supplied.
- A user of the Inter Africa Bureau de Change who was subject to a “light” registration will be limited to sending a maximum amount of R5 000 once off.
- A user of the Inter Africa Bureau de Change service who was subject to a “full” registration will only be limited to transacting an amount equal to the client’s discretionary allowance.
- For each transaction fees may vary per branch, due to branch locations.
Inter Africa Bureau de Change may suspend or terminate your relations if it suspects that you have engaged in or are about to engage in or have been in any way involved in or linked to, fraudulent activity in connection with Inter Africa Bureau de Change. In addition to the conduct stipulated in 1.3, Inter Africa Bureau de Change may limit your activity, immediately issue a warning, suspend or terminate your relations without notice if:
- Despite its reasonable endeavours, Inter Africa Bureau de Change is unable to verify or authenticate any information you have provided
- Inter Africa Bureau de Change believes that your actions may cause Inter Africa Bureau de Change to suffer financial loss or incur legal liability.
By registering as a user of the Inter Africa Bureau de Change service, you agree to allow Inter Africa Bureau de Change to send you marketing messages from time to time. Inter Africa Bureau de Change will not allow third parties to send marketing messages to you using the information you have provided.
8. Electronic Communications
- The record of your Transactions which have been processed through the Inter Africa Bureau de Change services
- Any initial, periodic or other disclosures or notices provided in connection with the Inter Africa Bureau de Change services including, without limitation, those required by law
- Any customer service communications including, without limitation, communications with respect to claims of error or unauthorised use of the Inter Africa Bureau de Change services
- Any other communication related to the Inter Africa Bureau de Change services.
9. Collection of Information
10. Intellectual Property
The Inter Africa Bureau de Change services and all intellectual property incorporated in or related to the Inter Africa Bureau de Change services (including without limitation copyrights, patents, database rights, trademarks and service marks) are owned by or licensed to Inter Africa Bureau de Change. All right, title and interest in and to such intellectual property shall remain the property of Inter Africa Bureau de Change and/or the property of such third-party licensor.
11. No Warranty
Inter Africa Bureau de Change, officers, directors, agents and employees do not guarantee continuous, uninterrupted or secure access to the Inter Africa Bureau de Change services, and operation of the Inter Africa Bureau de Change services may be interfered with by numerous factors outside of Inter Africa Bureau de Change’s control. The Inter Africa Bureau de Change services are provided “as is” and as and when available and, to the extent permissible by law, Inter Africa Bureau de Change excludes all implied warranties, conditions or other terms, whether implied by statute or otherwise, including without limitation, any terms as to skill and care or timeliness of performance. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimer may not apply to you.
12. Limitation of Liability
In no event will Inter Africa Bureau de Change or their respective licensors, service providers, business partners, employees, agents, officers or directors be liable for damages of any kind, arising out of or in connection with your use, or inability to use, the Inter Africa Bureau de Change services. Including any direct, indirect, special, incidental, consequential or punitive damages, including, without limitation, loss of revenue, loss of profits, loss of business or anticipated savings, loss of use, loss of goodwill, loss of data. Whether caused by delict (including negligence), breach of contract or otherwise, even if foreseeable.
Inter Africa Bureau de Change, their respective licensors, service providers, business partners, employees, agents, officers and directors, will not be liable for damages of any kind (including liability for negligence) for the acts or omissions of other providers of telecommunications services or for faults in or failures of the networks and equipment of such providers. Inter Africa Bureau de Change liability to you or any third party, and the liability of their officers, directors, agents and employees in any circumstance is limited to the total Inter Africa Bureau de Change Service Fee paid by you in relation to the transaction giving rise to liability or R1 000, whichever is the greater. The abovementioned provisions do not affect any liability which cannot be excluded or limited under applicable law.
14. Comments and Complaints
If you wish to make a comment or complaint about any aspect of the Inter Africa Bureau de Change services, please email your complaint to email@example.com.
15.1. Entire Agreement
15.3. Applicable Law and Jurisdiction
- No Waiver
16.1 Placing Orders
Orders will only be processed if all the required documentation has been provided before 12pm on the day the order was placed and has been verified by Inter Africa.
Orders will only be delivered after the electronic funds are visible in Inter Africa’s account.
Payment arrangements will be finalised prior to the delivery being made.
Amounts accumulating to more than R 50 000.00 may be payed using the card machine accessible to the driver.
16.2 Time & Location
Deliveries are made from the following areas:
- Cape Town
Please note that deliveries are only made to business premises and travel agencies during business working hours (9am-15pm).
Orders which are placed before 12pm will be delivered the following business day, subject to currency availability.
If the delivery address or time changes it may result in the delivery schedule changing, therefore, orders may not be delivered the following business day, as previously stated.
Orders will be cancelled if you are not present at the delivery address within 15 minutes of the agreed time; or if the required documentation e.g. ID book/passport cannot be produced at the delivery address.
Upon delivery the driver will have a card machine available for payment of transactions.
For orders greater than R 25 000.00 no delivery fee will be charged.
Delivery fees may be charged depending on the delivery address and currency amounts smaller than R 25 000.00.
No deliveries will be made over weekends and public holidays.
Cancellations will be accepted 12 hours before the delivery drop-off time.
Cancellations made 6 hours before the delivery drop-off time will not be accepted, and the customer will be responsible for the cost.
Orders will be cancelled, prior to delivery, if there is any reason to suspect that the safety of the driver/staff may be at risk.