Balance of Payments User Guide
Think Corporate Banking. Think RMB.
BopCUS 3 l 1
Index I BoPCUS 3 pg
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
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.
BopCus Version 3
What is BoPCUS?
Background
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.
01 l BopCUS 3
From the Rulings
“The objective of the Reporting System is to
ensure accurate and comprehensive reporting
of all data by Authorised Dealers on crossborder 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 crossborder 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
A. Updates to customer information
B Changes to the BoP codes
B.
CC Third party information required*
*SA resident information will be required
based on the relevant BoP code
A
Updates to clients’ information
Clients must provide additional information to the bank from 19 August 2013.
Additional personal information fields are mandatory for the completion
of foreign exchange transactions.
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*
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.
*Where applicable
**The SARB Import Verification System (IVS) is used by the bank to authenticate customs notification by the importer
BopCUS 3 l 02
B
Changes to the BoP codes
The codes that are used to report the nature of foreign exchange transactions will change.
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.
Categories are completely different
For example:
Sub-categories are applicable in some instances
For example:
−− Current category for gift payments is: 501
−− As from 19 August 2013, the BoP Category
for gifts will be: 401
2
BOP
3
−− 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
Payment for passenger services- rail
Payment for passenger services- sea
Payment for passenger services- air
Payment for freight services- road
Payment for freight services- rail
Payment for freight services- sea
Payment for freight services- air
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.
03 l BopCUS 3
270/01
270/02
270/03
270/04
271/01
271/02
271/03
271/04
C
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.
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.
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.
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.
BopCUS 3 l 04
Index I Inflow
A
B
C
D
05 l BopCus 3
pg
Merchandise
Transaction adjustments
07
Exports: Advance payments
07
Exports
07
Exports: Other
08
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
Transactions relating to income and yields on financial assets
Transaction adjustments
14
Income receipts
14
Transfers of a current nature
Transaction adjustments
16
Current payments
16
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
F
Transaction adjustments
22
Derivatives (excluding inward listed)
22
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
BopCus 3 l 06
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, 101
crude oil, refined petroleum products, diamonds, steel, coal, iron
ore and goods exported via the South African Post Office)
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
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
Exports
07 l BopCUS 3
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 107
than R500
112
Export payments where goods were declared as part of passenger 108
baggage and no UCR is available
102 / 103 /
112
Proceeds for goods purchased by non-residents where no physical 109
export will take place, excluding gold, platinum, crude oil, refined
petroleum products, diamonds, steel, coal and iron ore as well as
merchanting transactions
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 08
09 l BopCUS 3
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
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 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
Proceeds received for research and development services
220
319
Funding received for research and development
221
504
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
Charges for the use of intellectual property
Disposal of intellectual property (excluding computer related and
audiovisual)
Research and development
Audiovisual and related items
BopCUS 3 l 10
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 232
use by customers
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
235
downloading or electronically made available with periodic licence
111 / 312
Commercial sales of non-customised software provided for
236
downloading or electronically made available with single payment
111 / 312
Technical related services
Fees for processing - processing done on materials (excluding
240
gold, platinum, crude oil, refined petroleum products, diamonds,
steel, coal and iron ore)
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
11 l BopCUS 3
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 - business travel
255
303
Travel services for residents - holiday travel
256
304
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
Proceeds for telecommunication services
265
307
Proceeds for information services including data, news-related
and news agency fees
266
313 / 314
Travel services for residents
Travel services in respect of third parties
Telecommunication and information services
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
BopCUS 3 l 12
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
280
309
Proceeds for government services
281
325 / 901
Diplomatic transfers
282
325
285
305
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
Construction services
Proceeds for construction services
Government services
Study related services
Tuition fees
Other business services rendered
13 l BopCUS 3
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 300
financial assets
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 304
in South Africa (excluding remittances)
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 309
loans
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
BopCUS 3 l 14
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
15 l BopCUS 3
313
402
D. Transfers of a current nature
Description
BoPCUS 3 Sub-Cat BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to transfers of a current 400
nature
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 16
17 l BopCUS 3
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 500
immigrants
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 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 511
foreign bank
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
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)
BopCUS 3 l 18
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 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
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)
19 l BopCUS 3
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 516
Department, of a foreign investment by a resident individual in
respect of cross-border flows
606
Repatriation of capital, on instruction by the Financial Surveillance 517
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
607
Immigrants
Immigration
530
01
609
Transaction adjustments
Adjustments / Reversals / Refunds related to financial investments 600
/ Disinvestments and Prudential investments
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
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 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
703
Disinvestment by a resident corporate entity
BopCUS 3 l 20
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 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
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
Inward listed investments
Prudential investments (Institutional Investors and Banks)
21 l BopCUS 3
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
Not allocated
617
Not allocated
618
705
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 22
23 l BopCUS 3
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 810
a resident
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
830
901
Rand drafts/cheques drawn on vostro accounts (Only applicable if 832
no description is available)
904
Credit/Debit card company settlement as well as money remitter
settlements
901
Miscellaneous payments
Details of payments not classified
833
BopCUS 3 l 24
Index I Outflow
A
B
C
25 l BopCus 3
pg
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
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
Transactions relating to income and yields on financial assets
Transaction adjustments
34
Income payments
34
D
E
Transfers of a current nature
Transaction adjustments
36
Current payments
36
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
F
Transaction adjustments
43
Derivatives (excluding inward listed)
43
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
BopCus 3 l 26
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,
101
platinum, crude oil, refined petroleum products, diamonds, steel,
coal, iron ore and goods imported via the South African Post
Office)
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
Import advance payment (excluding capital goods, gold,
102
platinum, crude oil, refined petroleum products, diamonds, steel,
coal, iron ore and goods imported via the South African Post
Office)
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
Imports: Advance payments (in terms of import undertaking)
27 l BopCUS 3
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
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
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
Imports: Excluding advance payments and not in terms of import
undertaking
Imports: Excluding advance payments but in terms of import
undertaking
BopCUS 3 l 28
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 107
than R500
112
Import payments where goods were declared as part of
passenger baggage and no MRN is available
102 / 103 /
112
108
Payments for goods purchased from non-residents in cases
109
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
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
29 l BopCUS 3
315
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
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 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
Payments for research and development services
220
319
Funding for research and development
221
504
225
323
Payment relating to the production of motion pictures, radio and 226
television programs and musical recordings
323
Charges for the use of intellectual property
Acquisition of intellectual property (excluding computer related
and audiovisual)
Research and development
Audiovisual and related items
Acquisition of original manuscripts, sound recordings and films
BopCUS 3 l 30
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
240
gold, platinum, crude oil, refined petroleum products, diamonds,
steel, coal and iron ore)
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
05
321
Fees for processing - processing done on refined petroleum
products
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 - business travel
250
253
Travel services for non-residents - holiday travel
251
254
Travel services for residents - business travel
255
303
Travel services for residents - holiday travel
256
304
Travel services for non-residents
Travel services for residents
31 l BopCUS 3
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
Payment for telecommunication-services
265
307
Payment for information services including data, news related
and news agency fees
266
313 / 314
Telecommunication and information services
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
280
309
Construction services
Payment for construction services
BopCUS 3 l 32
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
Government services
Payment for government services
281
325 / 901
Diplomatic transfers
282
325
285
305
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
Study related services
Tuition fees
Other business services obtained
33 l BopCUS 3
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
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
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
Income payments
406
BopCUS 3 l 34
35 l BopCUS 3
D. Transfers of a current nature
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
Transaction adjustments
Adjustments / Reversals / Refunds related to transfers of a current 400
nature
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 36
37 l BopCUS 3
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
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 relating to government / corporate entities
(excluding loans)
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
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
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)
BopCUS 3 l 38
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
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
Investment in terms of investment allowance
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 crossborder 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 crossborder 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 crossborder 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 crossborder 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 crossborder 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 crossborder flows originating from a foreign currency account held at
an Authorised Dealer in South Africa - Property
514
06
608
39 l BopCUS 3
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
Foreign investment by a resident individual in respect of crossborder flows originating from a foreign currency account held at
an Authorised Dealer in South Africa - Other
514
07
608
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
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
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)
Emigrants
BopCUS 3 l 40
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
Financial investments /disinvestments and prudential investments
Transaction adjustments
Adjustments / Reversals / Refunds related to financial investments 600
/ disinvestments and prudential investments
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 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
Investment by a resident corporate entity
41 l BopCUS 3
Description
BoPCUS 3
Sub-Cat
BoPCUS 2
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
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
Inward listed investments
Prudential investments (Institutional Investors and Banks)
705
BopCUS 3 l 42
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
43 l BopCUS 3
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
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
810
306 / 901 /
998
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
Details of payments not classified
830
901
Rand collections for the credit of vostro accounts
831
903
Not allocated
832
Loans (Capital portion)
Loan repayments by residents
Loans granted to residents temporarily abroad
Loan made by a resident to a resident temporarily abroad
Loans granted to non-residents
Miscellaneous payments
Credit / Debit card company settlement as well as money remitter 833
settlements
901
BopCUS 3 l 44
?
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.
?
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
45 l BopCUS 3
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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:
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
››
2.
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
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.
BopCUS 3 l 46
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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.
47 l BopCUS 3
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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.
BopCUS 3 l 48
49 l BopCus 3
BopCus 3 l 50
51 l BopCus 3