balance of payments user guide think corporate banking ... · the balance of payments (bop) is a...
TRANSCRIPT
What is BoPCUS?
Background 01
What is changing in BoPCUS 3
A. Updates to customer information 02
B. Changes to the BoP codes 03
C. Additional third party information required 04
BoPCUS Inflow Index 07
BoPCUS Outflow Index 27
Frequently asked questions 45
Index I BoPCUS 3 pg
BopCus Version 3
Balance of Payments Reporting (BoP Reporting for short) is an electronic message system used by Authorised Dealers (i.e. banks) to report cross-border transactions to the South African Reserve Bank (SARB). From 19 August 2013 there will be changes to the BoP reporting system. RMB employees assisting clients with cross-border transactions may be prompted to supply additional information or select new BoP codes to describe a client’s transaction. This guide summarises the changes that will be implemented.
01 l BopCUS 3
1. International trade and other international transactions result in a flow of funds between South Africa and other countries.
2. To control, monitor and limit this outflow and inflow of capital, Exchange controls (Excon) are implemented in South Africa and other countries. In SA, Excon is the responsibility of the Treasury, which has largely delegated this authority to the South African Reserve Bank (SARB).
3. The Balance of Payments (BoP) is a systematic record of all economic transactions between the residents of the reporting country (e.g. South Africa) and the rest of the world in a specific period (usually quarterly or yearly). The SARB is officially responsible for the compilation of South Africa's BoP statistics.
4. All transactions relating to the flow of goods, services and funds across national boundaries are recorded in the BoP of South Africa and the countries involved in the transaction or trade. This determines how much money is going in and out of a country.
5. Flows reflected in the BoP affect the total economy’s activities associated with production, generation and distribution of income, consumption, and accumulation activities e.g. credit and debit entries for goods and services in BoP accounts are equivalent to flows of exports and imports of goods and services.
6. These flows are reflected in the economy’s account for goods and services and consequently affect the measurement of gross domestic product (GDP) and its composition in terms of final demand components e.g. final consumption, gross capital formation, etc.
7. Data for these transactions are obtained from various sources, including the South African Revenue Service (SARS), government departments, public corporations, and the private banking sector.
What is BoPCUS?Background
From the Rulings
“The objective of the Reporting System is to ensure accurate and comprehensive reporting of all data by Authorised Dealers on cross-border transactions for compilation of:
− Balance of payments statistics by the Research Department of the South African Reserve Bank
− Foreign debt statistics and repayment profiles to support monetary policy decisions
− Statistical information relating to the nature, volume and values of the various cross-border flows and provide the appropriate information for economic and financial management decisions, as well as planning and policy formulation.”
Excerpt from SA Reserve Bank Rulings, Ruling J
What is changing in BoPCUS 3?
During the first phase of BoPCUS 3, the following changes will be implemented:
A. Updates to customer information
B. Changes to the BoP codes
C Third party information required*
*SA resident information will be required based on the relevant BoP code
A
B
C
BopCUS 3 l 02
Additional personal information fields are mandatory for the completion
of foreign exchange transactions.
Updates to clients’ information
Clients must provide additional information to the bank from 19 August 2013.
A
For example:
− A customer visits a branch to make an outward payment to pay for imported goods. While completing the transaction, the system will require additional information for the transaction to complete successfully.
− A customer wants to complete a MoneyGram transaction on a cellphone. The customer will receive an error message directing them to a branch to update their personal profile with the additional details like the province in which they reside. Thereafter the transaction can be completed.
The impact
− Relevant to all transactions. − Without the additional information, transaction will not be successful. − When completing transactions on systems like Karabo or Vantage, the system will prompt users to supply additional mandatory information.
− Customers may have to be redirected to a branch customer representative to update their personal / entity profile on Hogan.
From Entities:
− Trading name, if applicable − Institutional sector (The main institutional sector of each entity: Financial Corporate / Non-financial Corporate / general Government / Household such as partnerships, trusts and one man businesses)
− Industrial classification (The main production activity of each entity: Agriculture, Mining, Transport, Construction, etc.)
− Loan tenor and interest rate (in the case of repayment of foreign loans)
− Transport document number (in the case of the importation of goods)
− Sub BoP category* − Third party details* − Additional import related data**
From Individuals:
− Gender − Date of birth − Foreign ID number * − Tax clearance certificate reference (in the case of individual foreign investment allowances)
− Loan tenor and interest rate (in the case of foreign loans)
− Transport document number (in the case of the importation of goods)
− Sub BoP category* − Third party details*
*Where applicable**The SARB Import Verification System (IVS) is used by the bank to authenticate customs notification by the importer
03 l BopCUS 3
The BoP Code informs the SARB of the type of payment the client is making or receiving. The client is fully accountable for supplying the correct and accurate BoP Category
or transaction description.
Changes to the BoP codes
The codes that are used to report the nature of foreign exchange transactions will change.
B
The impact
− Relevant to all transactions − When completing a transaction, the system will provide a list of the new BoP codes.
Select the new code from the list that corresponds to the reason for the transaction. − Using the old, familiar codes will result in incorrect reporting to the SARB.
− Current category for gift payments is: 501 − As from 19 August 2013, the BoP Category for gifts will be: 401
For example:
For example:
− Current category for freight payments is: 301
− As from 19 August 2013, the BoP Categories for freight will be as follows:
Payment for passenger services- road 270/01
Payment for passenger services- rail 270/02
Payment for passenger services- sea 270/03
Payment for passenger services- air 270/04
Payment for freight services- road 271/01
Payment for freight services- rail 271/02
Payment for freight services- sea 271/03
Payment for freight services- air 271/04
Categories are completely different
Sub-categories are applicable in some instances
BOP2
3
BopCUS 3 l 04
Third party transactions are transactions made by an RMB account holder, on behalf of another
person or entity, who is not the holder of the transacting account.
Additional information required when doing a transaction on behalf of another party (third party)
When doing a foreign exchange transaction on behalf of a third party, a customer is required to provide information about the third party.
C
The impact
− Relevant only to certain transactions. − When customers do transactions on behalf of other parties, select the option on the system and complete the additional information required as prompted by the system.
− Third party information is mandatory for certain BoP codes, but can be captured for other codes.
For example:
− Where the father is paying for the travel on behalf of a family, the details of the wife and children must be provided as third party details.
− Where an agent is making an import or export payment on behalf of various South African entities, details of the entities must be provided.
− Where the financial institution is making payment in respect of foreign investments of various SA parties, the details of the SA parties must be supplied.
05 l BopCus 3
Index I Inflow pg
A Merchandise
Transaction adjustments 07
Exports: Advance payments 07
Exports 07
Exports: Other 08
B Intellectual property and other services
Transaction adjustments 10
Charges for the use of intellectual property 10
Disposal of intellectual property (Excluding computer related and audiovisual)
10
Research and Development 10
Audiovisual and related items 10
Computer software and related items 11
Technical related services 11
Travel services for non-residents 12
Travel services for residents 12
Travel services in respect of third parties 12
Telecommunication and information services 12
Financial services 13
Construction services 13
Government services 13
Study related services 13
Other business services rendered 13
C Transactions relating to income and yields on financial assets
Transaction adjustments 14
Income receipts 14
D Transfers of a current nature
Transaction adjustments 16
Current payments 16
BopCus 3 l 06
E Transfers of a capital nature
Capital transfers and immigrants
Transaction adjustments 18
Capital transfers relating to government / corporate entities (excluding loans)
18
Capital transfers by non-resident individuals 18
Disinvestment of capital 18
Capital transfers by South African resident individuals
Disinvestment of capital to a resident Foreign Currency Account 20
Disinvestment of capital 20
Immigrants 20
Financial investments / disinvestments and prudential investments
Transaction adjustments 20
Financial investments / disinvestments (excluding local institutional investors)
20
Investment by a non-resident 20
Disinvestment by a resident corporate entity 20
Inward listed investments 21
Prudential investments (institutional investors and banks) 21
Derivatives
Transaction adjustments 22
Derivatives (excluding inward listed) 22
F Loan and miscellaneous payments
Transaction adjustments 24
Loans (capital portion) 24
Loans granted to residents 24
Loans repaid by resident temporarily abroad 24
Loans repaid by non-residents 24
Miscellaneous payments 24
07 l BopCUS 3
Inflow
A. Merchandise
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds applicable to merchandise 100 100 / 950
Exports: Advance payments
Export advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office)
101 01 101
Export advance payment - capital goods 101 02 101
Export advance payment - gold 101 03 101
Export advance payment - platinum 101 04 101
Export advance payment - crude oil 101 05 101
Export advance payment - refined petroleum products 101 06 101
Export advance payment - diamonds 101 07 101
Export advance payment - steel 101 08 101
Export advance payment - coal 101 09 101
Export advance payment - iron ore 101 10 101
Export advance payment - goods exported via the South African Post Office
101 11 101
Exports
Export payments (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office)
103 01 102 / 103
Export payment - capital goods 103 02 102 / 103
Export payment - gold 103 03 201
Export payment - platinum 103 04 102 / 103
Export payment - crude oil 103 05 102 / 103
Export payment - refined petroleum products 103 06 102 / 103
Export payment - diamonds 103 07 114
Export payment - steel 103 08 102 / 103
Export payment - coal 103 09 102 / 103
Export payment - iron ore 103 10 102 / 103
BopCUS 3 l 08
Description BoPCUS 3 Sub-Cat BoPCUS 2
Export payment - goods exported via the South African Post Office
103 11 113
Exports: Other
Consumables acquired in port 105 105
Trade finance repayments in respect of exports 106 407
Export proceeds where the Customs value of the shipment is less than R500
107 112
Export payments where goods were declared as part of passenger baggage and no UCR is available
108 102 / 103 / 112
Proceeds for goods purchased by non-residents where no physical export will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions
109 01 116
Proceeds for gold purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 02 116
Proceeds for platinum purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 03 116
Proceeds for crude oil purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 04 116
Proceeds for refined petroleum purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 05 116
Proceeds for diamonds purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 06 116
Proceeds for steel purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 07 116
Proceeds for coal purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 08 116
Proceeds for iron ore purchased by non-residents where no physical export will take place, excluding merchanting transactions
109 09 116
Merchanting transaction 110 315
BopCUS 3 l 10
B. Intellectual property and other services
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds applicable to intellectual property and service related items
200 902 / 950
Charges for the use of intellectual property
Rights assigned for licenses to reproduce and/or distribute 201 312 / 313 / 605
Rights assigned for using patents and inventions (licensing) 202 312 / 605
Rights assigned for using patterns and designs (including industrial processes)
203 312
Rights assigned for using copyrights 204 312 / 313 / 605
Rights assigned for using franchises and trademarks 205 605
Disposal of intellectual property (excluding computer related and audiovisual)
Disposal of patents and inventions 210 312 / 605
Disposal of patterns and designs (including industrial processes) 211 312 / 605
Disposal of copyrights 212 312 / 313 / 605
Disposal of franchises and trademarks 213 312/ 605
Research and development
Proceeds received for research and development services 220 319
Funding received for research and development 221 504
Audiovisual and related items
Sales of original manuscripts, sound recordings and films 225 323
Receipt of funds relating to the production of motion pictures, radio and television programs and musical recordings
226 323
11 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Computer software and related items
The outright selling of ownership rights of software 230 111 / 112 312 605
Computer-related services including maintenance, repair and consultancy
231 104 / 312 / 319
Commercial sales of customised software and related licences for use by customers
232 101 / 102 / 103 / 112 / 113 / 312
Commercial sales of non-customised software on physical media with periodic licence to use
233 101 / 102 / 103 / 112 / 113 / 312
Commercial sales of non-customised software provided on physical media with right to perpetual (ongoing) use
234 101 / 102 / 103 / 112 / 113 / 312
Commercial sales of non-customised software provided for downloading or electronically made available with periodic licence
235 111 / 312
Commercial sales of non-customised software provided for downloading or electronically made available with single payment
236 111 / 312
Technical related services
Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore)
240 01 320 / 321
Fees for processing - processing done on gold 240 02 321
Fees for processing - processing done on platinum 240 03 321
Fees for processing - processing done on crude oil 240 04 321
Fees for processing - processing done on refined petroleum products
240 05 321
Fees for processing - processing done on diamonds 240 06 321
Fees for processing - processing done on steel 240 07 321
Fees for processing - processing done on coal 240 08 321
Fees for processing - processing done on iron ore 240 09 321
Repairs and maintenance on machinery and equipment 241 104
Architectural, engineering and other technical services 242 320
Agricultural, mining, waste treatment and depollution services 243 321
BopCUS 3 l 12
Description BoPCUS 3 Sub-Cat BoPCUS 2
Travel services for non-residents
Travel services for non-residents - business travel 250 253
Travel services for non-residents - holiday travel 251 254
Foreign exchange accepted by residents from non-residents 252 255
Travel services for residents
Travel services for residents - business travel 255 303
Travel services for residents - holiday travel 256 304
Travel services in respect of third parties
Proceeds for travel services in respect of third parties - business travel
260 260
Proceeds for travel services in respect of third parties - holiday travel
261 260
Telecommunication and information services
Proceeds for telecommunication services 265 307
Proceeds for information services including data, news-related and news agency fees
266 313 / 314
Transportation services
Proceeds for passenger services - road 270 01 302
Proceeds for passenger services - rail 270 02 302
Proceeds for passenger services - sea 270 03 302
Proceeds for passenger services - air 270 04 302
Proceeds for freight services - road 271 01 301
Proceeds for freight services - rail 271 02 301
Proceeds for freight services - sea 271 03 301
Proceeds for freight services - air 271 04 301
Proceeds for other transport services - road 272 01 301 / 308
Proceeds for other transport services - rail 272 02 301 / 308
Proceeds for other transport services - sea 272 03 301 / 308
Proceeds for other transport services - air 272 04 301 / 308
Proceeds for postal and courier services - road 273 01 308
Proceeds for postal and courier services - rail 273 02 308
13 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Proceeds for postal and courier services - sea 273 03 308
Proceeds for postal and courier services - air 273 04 308
Financial services provided
Commission and fees 275 311
Proceeds for financial services charged and advice provided 276 311
Construction services
Proceeds for construction services 280 309
Government services
Proceeds for government services 281 325 / 901
Diplomatic transfers 282 325
Study related services
Tuition fees 285 305
Other business services rendered
Proceeds for legal services 287 317
Proceeds for accounting services 288 317
Proceeds for management consulting services 289 317
Proceeds for public relation services 290 317
Proceeds for advertising and market research services 291 318
Proceeds for managerial services 292 317
Proceeds for medical and dental services 293 326
Proceeds for educational services 294 319
Operational leasing 295 316
Proceeds for cultural and recreational services 296 324
Proceeds for other business services not included elsewhere 297 901
BopCUS 3 l 14
C. Transactions relating to income and yields on financial assets
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to income and yields on financial assets
300 902 / 950
Income receipts
Dividends 301 401
Branch profits 302 403
Compensation paid by a non-resident to a resident employee temporarily abroad (excluding remittances)
303 404
Compensation paid by a non-resident to a non-resident employee in South Africa (excluding remittances)
304 404
Compensation paid by a non-resident to a migrant worker employee (excluding remittances)
305 404
Compensation paid by a non-resident to a foreign national contract worker employee (excluding remittances)
306 404
Commission or brokerage 307 405
Rental 308 406
Interest received from a resident temporarily abroad in respect of loans
309 01 407
Interest received from a non-resident in respect of individual loans 309 02 407
Interest received from a non-resident in respect of study loans 309 03 407
Interest received from a non-resident in respect of shareholders loans
309 04 407
Interest received from a non-resident in respect of third party loans
309 05 407
Interest received from a non-resident in respect of trade finance loans
309 06 407
Interest received from a non-resident in respect of a bond 309 07 407
Interest received not in respect of loans 309 08 402
Income in respect of inward listed securities equity individual 310 01 408
Income in respect of inward listed securities equity corporate 310 02 408
Income in respect of inward listed securities equity bank 310 03 408
15 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Income in respect of inward listed securities equity institution 310 04 408
Income in respect of inward listed securities debt individual 311 01 408
Income in respect of inward listed securities debt corporate 311 02 408
Income in respect of inward listed securities debt bank 311 03 408
Income in respect of inward listed securities debt institution 311 04 408
Income in respect of inward listed securities derivatives individual 312 01 408
Income in respect of inward listed securities derivatives corporate 312 02 408
Income in respect of inward listed securities derivatives bank 312 03 408
Income in respect of inward listed securities derivatives institution 312 04 408
Income earned abroad by a resident on an individual investment 313 402
BopCUS 3 l 16
D. Transfers of a current nature
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to transfers of a current nature
400 902 / 950
Current payments
Gifts 401 501
Annual contributions 402 502
Contributions in respect of social security schemes 403 503
Contributions in respect of charitable, religious and cultural (excluding research and development)
404 504
Other donations / aid to Government (excluding research and development)
405 501
Other donations / aid to private sector (excluding research and development)
406 501
Pensions 407 505
Annuities (pension-related) 408 506
Inheritances 409 508
Alimony 410 509
Tax - Income Tax 411 01 510
Tax - VAT Refunds 411 02 510
Tax - Other 411 03 510 / 604
Insurance premiums (non life / short term) 412 511
Insurance claims (non life / short term) 413 512
Insurance premiums (life) 414 310
Insurance claims (life) 415 310
Migrant worker remittances (excluding compensation) 416 404
Foreign national contract worker remittances (excluding compensation)
417 404
BopCUS 3 l 18
E. Transfers of a capital nature
Description BoPCUS 3 Sub-Cat BoPCUS 2
Capital transfers and immigrants
Transaction adjustments
Adjustments / Reversals / Refunds related to capital transfers and immigrants
500 902 / 950
Capital transfers relating to government / corporate entities (excluding loans)
Donations to SA Government for fixed assets 501 601
Donations to corporate entities - fixed assets 502 603
Investment into property by a non-resident corporate entity 503 602
Disinvestment of property by a resident corporate entity 504 602
Capital transfers by non-resident individuals
Investment into property by a non-resident individual 510 01 602
Investment by a non-resident individual - other 510 02 602
Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)
Disinvestment of capital by a resident individual - Shares 511 01 602
Disinvestment of capital by a resident individual - Bonds 511 02 602
Disinvestment of capital by a resident individual - Money market instruments
511 03 602
Disinvestment of capital by a resident individual - Deposits with a foreign bank
511 04 602
Disinvestment of capital by a resident individual - Mutual funds / collective investment schemes
511 05 602
Disinvestment of capital by a resident individual - Property 511 06 602
Disinvestment of capital by a resident individual - Other 511 07 602
19 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Disinvestment of capital to a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 above are preferred to the use of categories 514/01 to 514/07, which will be discontinued in future)
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Shares
514 01 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Bonds
514 02 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Money Market Instruments
514 03 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Withdrawal from a foreign bank account
514 04 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes
514 05 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Property
514 06 602
Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Other
514 07 602
Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of use categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)
Disinvestment of capital repatriated in respect of an individual investment - Shares
515 01 602
Disinvestment of capital repatriated in respect of an individual investment - Bonds
515 02 602
Disinvestment of capital repatriated in respect of an individual investment - Money market Instruments
515 03 602
Disinvestment of capital repatriated in respect of an individual investment - Deposits with a foreign bank
515 04 602
BopCUS 3 l 20
Description BoPCUS 3 Sub-Cat BoPCUS 2
Disinvestment of capital repatriated in respect of an individual investment - Mutual funds / collective investment schemes
515 05 602
Disinvestment of capital repatriated in respect of an individual investment - Property
515 06 602
Disinvestment of capital repatriated in respect of an individual investment - Other
515 07 602
Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual in respect of cross-border flows
516 606
Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual originating from an account conducted in foreign currency held at an Authorised Dealer in South Africa
517 607
Immigrants
Immigration 530 01 609
Transaction adjustments
Adjustments / Reversals / Refunds related to financial investments / Disinvestments and Prudential investments
600 902 / 950
Financial investments / disinvestments (excluding local institutional investors)
Investment by a non-resident
Investment in listed shares by a non-resident 601 01 701
Investment in non-listed shares by a non-resident
601 02 701
Investment into money market instruments by a non-resident 602 703
Investment into listed bonds by a non-resident (excluding loans) 603 01 702
Investment into non-listed bonds by a non-resident (excluding loans)
603 02 702
Disinvestment by a resident corporate entity
Disinvestment of shares by a resident - Agricultural, hunting, forestry and fishing
605 01 701
Disinvestment of shares by a resident - Mining, quarrying and exploration
605 02 701
Disinvestment of shares by a resident - Manufacturing 605 03 701
21 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Disinvestment of shares by a resident - Electricity, gas and water supply
605 04 701
Disinvestment of shares by a resident - Construction 605 05 701
Disinvestment of shares by a resident - Wholesale, retail, repairs, hotel and restaurants
605 06 701
Disinvestment of shares by a resident - Transport and communication
605 07 701
Disinvestment of shares by a resident - Financial services 605 08 701
Disinvestment of shares by a resident - Community, social and personal services
605 09 701
Inward listed investments
Inward listed securities equity individual buy back 610 01 706
Inward listed securities equity corporate buy back 610 02 706
Inward listed securities equity bank buy back 610 03 706
Inward listed securities equity institution buy back 610 04 706
Inward listed securities debt individual redemption 611 01 706
Inward listed securities debt corporate redemption 611 02 706
Inward listed securities debt bank redemption 611 03 706
Inward listed securities debt institution redemption 611 04 706
Inward listed securities derivatives individual proceeds 612 01 706
Inward listed securities derivatives corporate proceeds 612 02 706
Inward listed securities derivatives bank proceeds 612 03 706
Inward listed securities derivatives institution proceeds 612 04 706
Prudential investments (Institutional Investors and Banks)
Disinvestment by resident institutional investor - Asset Manager 615 01 704
Disinvestment by resident institutional investor - Collective Investment Scheme
615 02 704
Disinvestment by resident institutional investor - Retirement Fund 615 03 704
BopCUS 3 l 22
Description BoPCUS 3 Sub-Cat BoPCUS 2
Disinvestment by resident institutional investor - Life Linked 615 04 704
Disinvestment by resident institutional investor - Life Non-Linked 615 05 704
Bank prudential disinvestment 616 705
Not allocated 617
Not allocated 618
Derivatives
Transaction adjustments
Adjustments / Reversals / Refunds related to derivatives 700 902 / 950
Derivatives (excluding inward listed)
Options - listed 701 01 804
Options - unlisted 701 02 804
Futures - listed 702 01 805
Futures - unlisted 702 02 805
Warrants - listed 703 01 806
Warrants - unlisted 703 02 806
Gold hedging - listed 704 01 202
Gold hedging - unlisted 704 02 202
Derivative not specified above - listed 705 01 202 / 804 / 805 / 806 / 901
Derivative not specified above - unlisted 705 02 202 / 804 / 805 / 806 / 901
BopCUS 3 l 24
F. Loan and miscellaneous payments
Description BoPCUS 3 Sub-Cat BoPCUS 2
Loans (Capital portion)
Loans granted to residents
Trade finance loan drawn down in South Africa 801 999
International Bond drawn down 802 999
Loan made to a resident by a non-resident shareholder 803 999
Loan made to a resident by a non-resident third party 804 999
Loans repaid by residents temporarily abroad
Repayment by a resident temporarily abroad of a loan granted by a resident
810 306 / 901 / 998
Loans repaid by non-residents
Repayment of individual loan to a resident 815 998
Repayment of a study loan to a resident 816 306 / 998
Repayment of a shareholders loan to a resident 817 998
Repayment of a third party loan to a resident (excluding shareholders)
818 998
Repayment of a trade finance loan to a resident 819 998
Miscellaneous payments
Details of payments not classified 830 901
Rand drafts/cheques drawn on vostro accounts (Only applicable if no description is available)
832 904
Credit/Debit card company settlement as well as money remitter settlements
833 901
25 l BopCus 3
Index I Outflow pg
A Merchandise
Transaction adjustments 27
Imports: Advance payments not in terms of import undertaking 27
Imports: Advance payments in terms of import undertaking 27
Imports: Excluding advance payments and not in terms of import undertaking 28
Imports: Excluding advance payments but in terms of import undertaking 28
Imports: Other 29
B Intellectual property and other services
Transaction adjustments 30
Charges for the use of intellectual property 30
Acquisition of intellectual property (excluding computer related and audiovisual)
30
Research and development 30
Audiovisual and related items 30
Computer software and related items 31
Technical related services 31
Travel services for non-residents 31
Travel services for residents 31
Travel services in respect of third parties 32
Telecommunication and information services 32
Transportation services 32
Financial services obtained 32
Construction service 32
Government services 33
Study related services 33
Other business services 33
C Transactions relating to income and yields on financial assets
Transaction adjustments 34
Income payments 34
BopCus 3 l 26
D Transfers of a current nature
Transaction adjustments 36
Current payments 36
E Transfers of a capital nature
Capital transfers and immigrants
Transaction adjustments 38
Capital transfers relating to government / corporate entities (excluding loans)
38
Capital transfers by non-resident individuals 38
Capital transfers by South African resident individuals
Investment not related to the investment allowance 38
Investment in terms of investment allowance 39
Investment from a resident Foreign Currency Account 40
Re-transfer of capital repatriated 40
Immigrants 40
Financial investments / disinvestments and prudential investments
Transaction adjustments 41
Disinvestment by a non-resident 41
Investment by a resident corporate entity 41
Inward listed investments 42
Prudential investments (Institutional Investors and Banks) 42
Derivatives
Transaction adjustments 43
Derivatives (excluding inward listed) 43
F Loan and miscellaneous payments
Transaction adjustments 44
Loans (capital portion) 44
Loan repayments by residents 44
Loans granted to residents temporarily abroad 44
Loans granted to non-residents 44
Miscellaneous payments 44
27 l BopCUS 3
Outflow
. A. Merchandise
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds applicable to merchandise 100 100 / 950
Imports: Advance payments (not in terms of import undertaking)
Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)
101 01 101
Import advance payment - capital goods 101 02 101
Import advance payment - gold 101 03 101
Import advance payment - platinum 101 04 101
Import advance payment - crude oil 101 05 101
Import advance payment - refined petroleum products 101 06 101
Import advance payment - diamonds 101 07 101
Import advance payment - steel 101 08 101
Import advance payment - coal 101 09 101
Import advance payment - iron ore 101 10 101
Import advance payment - goods imported via the South African Post Office
101 11 101
Imports: Advance payments (in terms of import undertaking)
Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)
102 01 108
Import advance payment - capital goods 102 02 108
Import advance payment - gold 102 03 108
Import advance payment - platinum 102 04 108
Import advance payment - crude oil 102 05 108
Import advance payment - refined petroleum products 102 06 108
Import advance payment - diamonds 102 07 115
Import advance payment - steel 102 08 108
Import advance payment - coal 102 09 108
BopCUS 3 l 28
Description BoPCUS 3 Sub- Cat BoPCUS 2
Import advance payment - iron ore 102 10 108
Import advance payment - goods imported via the South African Post Office
102 11 108
Imports: Excluding advance payments and not in terms of import undertaking
Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)
103 01 102 / 103
Import payment - capital goods 103 02 102 / 103
Import payment - gold 103 03 201
Import payment - platinum 103 04 102 / 103
Import payment - crude oil 103 05 102 / 103
Import payment - refined petroleum products 103 06 102 / 103
Import payment - diamonds 103 07 114
Import payment - steel 103 08 102 / 103
Import payment - coal 103 09 102 / 103
Import payment - iron ore 103 10 102 / 103
Import payment - goods imported via the South African Post Office
103 11 113
Imports: Excluding advance payments but in terms of import undertaking
Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)
104 01 109 / 110
Import payment - capital goods 104 02 109 / 110
Import payment - gold 104 03 203
Import payment - platinum 104 04 109 / 110
Import payment - crude oil 104 05 109 / 110
Import payment - refined petroleum products 104 06 109 / 110
Import payment - diamonds 104 07 115
Import payment - steel 104 08 109 / 110
Import payment - coal 104 09 109 / 110
Import payment - iron ore 104 10 109 / 110
Import payment - goods imported via the South African Post Office
104 11 109 / 110
29 l BopCUS 3
Description BoPCUS 3 Sub- Cat BoPCUS 2
Imports: Other
Consumables acquired in port 105 105
Repayment of trade finance for imports 106 107
Import payments where the customs value of the shipment is less than R500
107 112
Import payments where goods were declared as part of passenger baggage and no MRN is available
108 102 / 103 / 112
Payments for goods purchased from non-residents in cases where no physical import will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions
109 01 116
Payments for gold purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 02 116
Payments for platinum purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 03
Payments for crude oil purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 04 116
Payments for refined petroleum products purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 05 116
Payments for diamonds purchases from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 06 116
Payments for steel purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 07 116
Payments for coal purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 08 116
Payments for iron ore purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions
109 09 116
Merchanting Transaction 110 315
BopCUS 3 l 30
B. Intellectual property and other services
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds applicable to intellectual property and service related items
200 902 / 950
Charges for the use of intellectual property
Rights obtained for licences to reproduce and/or distribute 201 312 / 313 / 605
Rights obtained for using patents and inventions (licencing) 202 312 / 605
Rights obtained for using patterns and designs (including industrial processes)
203 312
Rights obtained for using copyrights 204 312 / 313 / 605
Rights obtained for using franchises and trademarks 205 605
Acquisition of intellectual property (excluding computer related and audiovisual)
Acquisition of patents and inventions 210 312 / 605
Acquisition of patterns and designs (including industrial processes)
211 312 / 605
Acquisition of copyrights 212 312 / 313 / 605
Acquisition of franchises and trademarks 213 312 / 605
Research and development
Payments for research and development services 220 319
Funding for research and development 221 504
Audiovisual and related items
Acquisition of original manuscripts, sound recordings and films 225 323
Payment relating to the production of motion pictures, radio and television programs and musical recordings
226 323
31 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 3
Computer software and related items
The outright purchasing of ownership rights of software 230 111 / 112 / 312 / 605
Computer-related services including maintenance, repair and consultancy
231 104 / 312 / 319
Commercial purchases of customised software and related licences to use
232 101 / 102 / 103 / 112 / 113 / 312
Commercial purchases of non-customised software provided on physical media with right to perpetual (ongoing) use
234 101 / 102 / 103 / 112 / 113 / 312
Commercial purchases of non-customised software downloaded or electronically acquired with periodic licence
235 111 / 312
Commercial purchases of non-customised software downloaded or electronically acquired with single payment
236 111 / 312
Technical related services
Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore)
240 01 320 / 321
Fees for processing - processing done on gold 240 02 321
Fees for processing - processing done on platinum 240 03 321
Fees for processing - processing done on crude oil 240 04 321
Fees for processing - processing done on refined petroleum products
05 321
Fees for processing - processing done on diamonds 240 06 321
Fees for processing - processing done on steel 240 07 321
Fees for processing - processing done on coal 240 08 321
Fees for processing - processing done on iron ore 240 09 321
Repairs and maintenance on machinery and equipment 241 104
Architectural, engineering and other technical services 242 320
Agricultural, mining, waste treatment and depollution services 243 321
Travel services for non-residents
Travel services for non-residents - business travel 250 253
Travel services for non-residents - holiday travel 251 254
Travel services for residents
Travel services for residents - business travel 255 303
Travel services for residents - holiday travel 256 304
BopCUS 3 l 32
Description BoPCUS 3 Sub-Cat BoPCUS 3
Travel services in respect of third parties
Payment for travel services in respect of third parties - business travel
260 260
Payment for travel services in respect of third parties - holiday travel
261 260
Telecommunication and information services
Payment for telecommunication-services 265 307
Payment for information services including data, news related and news agency fees
266 313 / 314
Transportation services
Payment for passenger services - road 270 01 302
Payment for passenger services - rail 270 02 302
Payment for passenger services - sea 270 03 302
Payment for passenger services - air 270 04 302
Payment for freight services - road 271 01 301
Payment for freight services - rail 271 02 301
Payment for freight services - sea 271 03 301
Payment for freight services - air 271 04 301
Payment for other transport services - road 272 01 301 / 308
Payment for other transport services - rail 272 02 301 / 308
Payment for other transport services - sea 272 03 301 / 308
Payment for other transport services - air 272 04 301 / 308
Payment for postal and courier services - road 273 01 308
Payment for postal and courier services - rail 273 02 308
Payment for postal and courier services - sea 273 03 308
Payment for postal and courier services - air 273 04 308
Financial services obtained
Commission and fees 275 311
Financial service fees charged for advice provided 276 311
Construction services
Payment for construction services 280 309
33 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Government services
Payment for government services 281 325 / 901
Diplomatic transfers 282 325
Study related services
Tuition fees 285 305
Other business services obtained
Payment for legal services 287 317
Payment for accounting services 288 317
Payment for management consulting services 289 317
Payment for public relation services 290 317
Payment for advertising and market research services 291 318
Payment for managerial services 292 317
Payment for medical and dental services 293 326
Payment for educational services 294 319
Operational leasing 295 316
Payment for cultural and recreational services 296 324
Payment for other business services not included elsewhere 297 901
BopCUS 3 l 34
C. Transactions relating to income and yields on financial assets
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to income and yields on financial assets
300 902 / 950
Income payments
Dividends 301 401
Branch profits 302 403
Compensation paid by a resident to a resident employee temporarily abroad (excluding remittances)
303 404
Compensation paid by a resident to a non-resident employee (excluding remittances)
304 404
Compensation paid by a resident to a migrant worker employee (excluding remittances)
305 404
Compensation paid by a resident to a foreign national contract worker employee (excluding remittances)
306 404
Commission or brokerage 307 405
Rental 308 406
Interest paid to a non-resident in respect of shareholders loans 309 04 407
Interest paid to a non-resident in respect of third party loans 309 05 407
Interest paid to a non-resident in respect of trade finance loans 309 06 407
Interest paid to a non-resident in respect of a bond 309 07 407
Interest paid not in respect of loans 309 08 402
Fee in respect of inward listed securities derivatives individual 312 01 311
Fee in respect of inward listed securities derivatives corporate 312 02 311
Fee in respect of inward listed securities derivatives bank 312 03 311
Fee in respect of inward listed securities derivatives institution 312 04 311
BopCUS 3 l 36
D. Transfers of a current nature
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to transfers of a current nature
400 902 / 950
Current payments
Gifts 401 501
Annual contributions 402 502
Contributions in respect of social security schemes 403 503
Contributions in respect of foreign charitable, religious and cultural (excluding research and development)
404 504
Other donations / aid to a foreign Government (excluding research and development)
405 501
Other donations / aid to a foreign private sector (excluding research and development)
406 501
Pensions 407 505
Annuities (pension related) 408 506
Inheritances 409 508
Alimony 410 509
Tax - Income Tax 411 01 510
Tax - VAT Refunds 411 02 510
Tax - Other 411 03 510 / 604
Insurance premiums (non life / short term) 412 511
Insurance claims (non life / short term) 413 512
Insurance premiums (life) 414 310
Insurance claims (life) 415 310
Migrant worker remittances (excluding compensation) 416 404
Foreign national contract worker remittances (excluding compensation)
417 404
BopCUS 3 l 38
E. Transfers of a capital nature
Description BoPCUS 3 Sub-Cat BoPCUS 2
Capital transfers and emigrants
Transaction adjustments
Adjustments / Reversals / Refunds related to capital transfers and emigrants
500 902 / 950
Capital transfers relating to government / corporate entities (excluding loans)
Donations by SA Government fixed assets 501 601
Donations by corporate entities – fixed assets 502 603
Disinvestment of property by a non-resident corporate entity 503 602
Investment into property by a resident corporate entity 504 602
Capital transfers by non-resident individuals
Disinvestment of property by a non-resident individual 510 01 602
Disinvestment by a non-resident individual - other 510 02 602
Capital transfers by South African resident individuals
Investment not related to the investment allowance (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)
Investment by a resident individual not related to the investment allowance - Shares
511 01 602
Investment by a resident individual not related to the investment allowance - Bonds
511 02 602
Investment by a resident individual not related to the investment allowance - Money market instruments
511 03 602
Investment by a resident individual not related to the investment allowance - Deposits with a foreign bank
511 04 602
Investment by a resident individual not related to the investment allowance - Mutual funds / collective investment schemes
511 05 602
Investment by a resident individual not related to the investment allowance - Property
511 06 602
Investment by a resident individual not related to the investment allowance - Other
511 07 602
39 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Investment in terms of investment allowance
Foreign investment by a resident individual in respect of the investment allowance - Shares
512 01 606
Foreign investment by a resident individual in respect of the investment allowance - Bonds
512 02 606
Foreign investment by a resident individual in respect of the investment allowance - Money market instruments
512 03 606
Foreign investment by a resident individual in respect of the investment allowance - Deposits with a foreign bank
512 04 606
Foreign investment by a resident individual in respect of the investment allowance - Mutual funds / collective investment schemes
512 05 606
Foreign investment by a resident individual in respect of the investment allowance - Property
512 06 606
Foreign investment by a resident individual in respect of the investment allowance - Other
512 07 606
Investment by a resident individual originating from a local source into an account conducted in foreign currency held at an Authorised Dealer in South Africa
513 607
Investment from a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Shares
514 01 608
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Bonds
514 02 608
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Money market instruments
514 03 608
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Deposit into a foreign bank account
514 04 608
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes
514 05 608
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Property
514 06 608
BopCUS 3 l 40
Description BoPCUS 3 Sub-Cat BoPCUS 2
Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Other
514 07 608
Re-transfer of capital repatriated (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)
Re-transfer of capital repatriated in respect of an individual investment - Shares
515 01 602
Re-transfer of capital repatriated in respect of an individual investment - Bonds
515 02 602
Re-transfer of capital repatriated in respect of an individual investment - Money market Instruments
515 03 602
Re-transfer of capital repatriated in respect of an individual investment - Deposit with a foreign bank
515 04 602
Re-transfer of capital repatriated in respect of an individual investment - Mutual funds / collective investment schemes
515 05 602
Re-transfer of capital repatriated in respect of an individual investment - Property
515 06 602
Re-transfer of capital repatriated in respect of an individual investment - Other
515 07 602
Emigrants
Emigration foreign capital allowance - Fixed property 530 01 609
Emigration foreign capital allowance - Listed investments 530 02 609
Emigration foreign capital allowance - Unlisted investments 530 03 609
Emigration foreign capital allowance - Insurance policies 530 04 609
Emigration foreign capital allowance - Cash 530 05 609
Emigration foreign capital allowance - Debtors 530 06 609
Emigration foreign capital allowance - Capital distribution from trusts
530 07 609
Emigration foreign capital allowance - Other assets 530 08 609
41 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Financial investments /disinvestments and prudential investments
Transaction adjustments
Adjustments / Reversals / Refunds related to financial investments / disinvestments and prudential investments
600 902 / 950
Financial investments / disinvestments (excluding institutional investors)
Disinvestment by a non-resident
Listed shares - sale proceeds paid to a non-resident 601 01 701
Non-listed shares - sale proceeds paid to a non-resident 601 02 701
Disinvestment of money market instruments by a non-resident 602 703
Disinvestment of listed bonds by a non-resident (excluding loans) 603 01 702
Disinvestment of non-listed bonds by a non-resident (excluding loans)
603 02 702
Investment by a resident corporate entity
Investment into shares by a resident entity - Agricultural, hunting, forestry and fishing
605 01 701
Investment into shares by a resident entity - Mining, quarrying and exploration
605 02 701
Investment into shares by a resident entity - Manufacturing 605 03 701
Investment into shares by a resident entity - Electricity, gas and water supply
605 04 701
Investment into shares by a resident entity - Construction 605 05 701
Investment into shares by a resident entity - Wholesale, retail, repairs, hotel and restaurants
605 06 701
Investment into shares by a resident entity - Transport and communication
605 07 701
Investment into shares by a resident entity - Financial services 605 08 701
Investment into shares by a resident entity - Community, social and personal services
605 09 701
BopCUS 3 l 42
Description BoPCUS 3 Sub-Cat BoPCUS 2
Inward listed investments
Inward listed securities equity - Individual 610 01 706
Inward listed securities equity - Corporate 610 02 706
Inward listed securities equity - Bank 610 03 706
Inward listed securities equity - Institution 610 04 706
Inward listed securities debt - Individual 611 01 706
Inward listed securities debt - Corporate 611 02 706
Inward listed securities debt - Bank 611 03 706
Inward listed securities debt - Institution 611 04 706
Inward listed securities derivatives - Individual 612 01 706
Inward listed securities derivatives - Corporate 612 02 706
Inward listed securities derivatives - Bank 612 03 706
Inward listed securities derivatives - Institution 612 04 706
Prudential investments (Institutional Investors and Banks)
Investment by resident institutional investor - Asset Manager 615 01 704
Investment by resident institutional investor - Collective Investment Scheme
615 02 704
Investment by resident institutional investor - Retirement Fund 615 03 704
Investment by resident institutional investor - Life Linked 615 04 704
Investment by resident institutional investor - Life Non-Linked 61 5
05 704
Bank prudential Investment 616 705
43 l BopCUS 3
Description BoPCUS 3 Sub-Cat BoPCUS 2
Derivatives
Transaction adjustments
Adjustments / Reversals / Refunds related to derivatives 700 902 / 950
Derivatives (excluding inward listed)
Options - listed 701 01 804
Options - unlisted 701 02 804
Futures - listed 702 01 805
Futures - unlisted 702 02 805
Warrants - listed 703 01 806
Warrants - unlisted 703 02 806
Gold hedging - listed 704 01 202
Gold hedging - unlisted 704 02 202
Derivative not specified above - listed 705 01 202 / 804 / 805 / 806 / 901
Derivative not specified above - unlisted 705 02 202 / 804 / 805 / 806 / 901
BopCUS 3 l 44
F. Loan and miscellaneous payments
Description BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to loan and miscellaneous payments
800 902 / 950
Loans (Capital portion)
Loan repayments by residents
Repayment of trade finance drawn down in South Africa 801 999
Repayment of an international bond drawn down 802 999
Repayment by a resident of a loan received from a non-resident shareholder
803 999
Repayment by a resident of a loan received from a non-resident third party
804 999
Loans granted to residents temporarily abroad
Loan made by a resident to a resident temporarily abroad 810 306 / 901 / 998
Loans granted to non-residents
Individual loan to a non-resident 815 998
Study loan to a non-resident 816 306 / 998
Shareholders loan to a non-resident 817 998
Third party loan to a non-resident (excluding shareholders) 818 998
Trade finance to a non-resident 819 998
Miscellaneous payments
Details of payments not classified 830 901
Rand collections for the credit of vostro accounts 831 903
Not allocated 832
Credit / Debit card company settlement as well as money remitter settlements
833 901
45 l BopCUS 3
1. What is BoPCUS?
› Balance of Payments Customer Transaction Report Message (BoPCUS) means an electronic data interchange which is the agreed message standard used by banks to send balance of payment messages in respect of customers to the South African Reserve Bank (SARB).
2. What is a cross-border foreign exchange transaction?
› The purchase or sale of foreign exchange with or for Rands (flow of money between South Africa and other countries).
3. Why do we have to report Balance of Payment (BoP) details when transferring funds abroad or receiving funds from abroad?
› The information is used by the South African Reserve Bank (SARB) to inform macro-economic decisions.
4. How does BoPCUS Version 3 impact me as a client?
The changes include, but are not limited to: › Change in BoP category codes › Additional data to be provided for personal as well as payment details › Third party details to be provided where a resident third party is involved in a transaction
5. What is the target date for the implementation of the new BoP reporting requirements?
› 19 August 2013
6. What is the bank’s role in BoP Reporting?
› We are an authorised dealer in foreign exchange. We report all cross-border transactions to the SARB for statistical, regulatory and information purposes.
7. Why is it mandatory to provide the information when making a payment abroad or receiving funds from abroad?
› BoP data is most important for national and international policy formulation. The SARB uses the information to understand the factors that influence the BoP of South Africa
› To be in compliance with the International Monetary Fund (IMF) standards › To comply with Financial Intelligence Act (FICA) requirements
Frequently asked questions
Below you will find a list of frequently asked questions with answers which will assist in understanding the requirements for BoPCUS Version 3.
?
?
?
?
?
?
?
?
BopCUS 3 l 46
8. Please provide more details on the change in BoP category codes
The BoP codes will inform the SARB of the type of payment the client is making or receiving. The client is fully accountable for supplying the correct and accurate BoP category or BoP description.
Changes to the current BOP codes: › Categories are completely different › Sub-categories are applicable in some instances
Examples:
1. Current BoP category for freight payments is: 301
As from 19 August 2013, the BoP categories for freight will be as follows:
› 270/01: Payment for passenger services – road › 270/02: Payment for passenger services – rail › 270/03: Payment for passenger services – sea › 270/04: Payment for passenger services – air › › 271/01: Payment for freight services – road › 271/02: Payment for freight services – rail › 271/03: Payment for freight services – sea › 271/04: Payment for freight services – air › › 272/01: Payment for other transport services – road › 272/02: Payment for other transport services – rail › 272/03: Payment for other transport services – sea › 272/04: Payment for other transport services – air › 272/04: Payment for other transport services – air › › 273/01: Payment for postal and courier services – road › 273/02: Payment for postal and courier services – rail › 273/03: Payment for postal and courier services – sea › 273/04: Payment for postal and courier services - air
2. Current BoP category for Gift payments is: 501
As from 19 August 2013, the BoP category for Gifts will be: 401
9. Please provide more details on the third party details required
Where a resident third party is involved in a transaction, their details must be provided.
Examples:
› Where the father is paying for the travel on behalf of the family, the details of the wife and children must be provided as third party details.
› Where an agent is making an import or export payment on behalf of various South African entities, details of the SA entities must be provided.
› Where a financial institution is making payment in respect of foreign investments for various South African parties, the details of the SA parties must be supplied.
?
?
47 l BopCUS 3
10. Please provide more details on the additional information required
Some additional information to be provided to your Bank as from 19 August 2013, is as follows:
In the case of Entities: › Trading name, if applicable › Institutional sector (The main institutional sector of each entity: Financial Corporate / Non
financial Corporate / general Government / Household such as partnerships, trusts and one man businesses)
› Industrial classification (The main production activity of each entity: Agriculture, Mining, Transport, Construction, etc)
› Loan tenor and interest rate (in the case of foreign loans) › Transport document number (in the case of the importation of goods) › Sub BoP category, where applicable › Third party details, where applicable
In the case of Individuals: › Gender › Date of birth › Foreign ID number, where applicable › Tax clearance certificate reference (in the case of individual foreign investment allowances) › Loan tenor and interest rate (in the case of foreign loans) › Transport document number (in the case of the importation of goods) › Sub BoP category, where applicable › Third party details, where applicable
11. Will I need to provide all my information again? (Know Your Client (KYC) process)
› No, but to enable us to keep your records accurate and updated, we need to be provided with any changes to your details (i.e. street and postal addresses, contact name and numbers, etc.).
12. Is there a change to the BoP rules that specify which transactions are reportable?
› There is no change to the current reporting rules. The non resident reporting rules will change in phase 2 of the project which is to be implemented in 2014.
13.. Has BoPCUS version 3 introduced an impact or change to Exchange Control?
› No, current Exchange Control rules and regulations remain the same.
14. Is there any additional documentation I need to provide?
› The BoP details are required to be captured on an integrated form (paper-based or electronic or any other format approved by the SARB). The form will cater for all fields required by the SARB. The integrated form is a contract between the Bank and its customer and includes a declaration to the effect that the information provided is true and correct and that the information may be supplied to the SARB, SARS and FICA.
?
?
?
?
?
BopCUS 3 l 48
15. What about my privacy?
› The data submitted is intended to satisfy regulatory SARB, SARS and FICA requirements. Data will not be divulged to other third parties.
16. What are the implications of not providing the information required by the SARB?
› In accordance with our mandate as an Authorised Dealer, we will not be able to process a payment without the required information being supplied.
?
?