Cross-Border Rand-to-Rand Business Payment System

Cut exchange costs by invoicing and making payments to other African countries in Rands.


Are you a small to medium sized company or a large corporate doing business within Southern Africa? SIRESS, a new Rand-to-Rand cross-border payment solution, lets you save money when you make or receive payment from South Africa to other participating banks in Southern Africa. 

No matter the type of payment, you will pay a single flat fee of R125 per transaction. Depending on the type of transaction, we will require certain supporting documents from you.

Why SIRESS?

Are you a South African based company doing business elsewhere in Southern Africa? Maybe you’re importing goods from Harare in Zimbabwe? While your goods may only travel just over 1100 kilometres from Harare to Johannesburg, the money used to pay for the imports would probably take a much longer route – and would be much more expensive.

With the new SADC Integrated Regional Electronic Settlement System (SIRESS) payment system, you’re transferring Rands from South Africa to Rands into the account of the foreign bank. This means you save money by only paying once for the exchange to happen. There are also no commission fees involved at Bidvest Bank.

How does it work

You’ll send money in Rands to a bank in another African country where the recipient company is based (Current Exchange Control requirements still apply).

Once the bank receives the payment, your beneficiary simply needs to go to that bank and draw out the money in their own currency. And if you’re invoicing a foreign company, you can now do it in Rands as well.

Where can I make a SIRESS payment?

Simply go into any Bidvest Bank branch in South Africa to process your SIRESS payment. You don’t need to go into any special foreign exchange branch, and you don’t even need a bank account with Bidvest Bank. All you need is a bank account number for wherever your company is sending the payment, as well as your company documentation* if you’re not a Bidvest Bank customer.

*Documentation required in terms of the Financial Intelligence Centre Act, 2001

Can I transfer money to anywhere in Southern Africa?

You can make a SIRESS payment to a selected range of participating banks within certain Southern African countries.

Want to do business in Southern Africa while saving on your bottom line? Visit a Bidvest Bank branch and make a SIRESS payment today.

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