Investec is a reputable South African bank that offer a diverse product bouquet.This bank has diversified its product portfolio to offer products and services which cater for international payments.These services are divided into two different categories of sending money offshore and receiving money from abroad.
If you are sending money offshore, you can make transactions through various channels such as the Global Client Support Centre, Private Banker and the Investec Online banker. Investec allows you to expand your investment portfolio internationally by using your foreign capital investment allowance of up to R10 million per year as of 1 April 2015.
The R1 million single discretionary allowance is valid from 1 January to 31 December every year and can be used for travel, monetary gifts and loans as well as subsistence allowances for students studying abroad. Investec can also assist you to settle international invoices.When it comes to receiving money from abroad, Investec can assist with the repatriation of your funds from a foreign country more conveniently and efficiently, as well as facilitate funds into your Investec account.
Through its international payments services, foreign capital allowance has been increased from R4 million to R10 million per calendar year. Emigration allowance has been increased from R4 million to R10 million per calendar year and R20 million per family unit.The sub-categories under the single discretionary allowance are being removed, the dispensation for credit card usage, currently limited to individuals is being extended to corporate. Investec may also approve foreign direct investment up to R1 billion per year, increased from only R500 million, as well as carrying forward any unused allowance.