You’ve found your supplier, negotiated your deal, finalised your product specs, and you’re ready to place your first order. Then the invoice arrives… and it’s in US dollars.
Now what?
If you’re a South African small business owner or entrepreneur trying to pay an international supplier, you know it’s not as simple as doing an EFT. Between exchange rates, hidden fees, SARB regulations, and documentation requirements, it can feel like you need a finance degree just to buy inventory.
I’ve put together a comprehensive video that breaks down everything you need to know about paying foreign suppliers as a South African business. Here’s what I cover:
Building Trust With International Suppliers
Before you even think about sending money overseas, you need to establish a solid relationship with your supplier. I discuss how to communicate effectively, set expectations, and build the kind of trust that protects both parties in the transaction.
Red Flags to Watch For
Not every supplier is legitimate, and sending money internationally is risky if you haven’t done your homework. I walk through the warning signs that should make you think twice before committing to a payment.
How to Verify a Supplier Is Legit
Beyond spotting red flags, there are concrete steps you can take to verify that a supplier is who they say they are. I share practical verification methods that can save you from costly mistakes.
South African Import Requirements You Can’t Skip
Many business owners don’t realise that importing goods into South Africa comes with specific compliance requirements. From SARS registration to NRCS Letters of Authority, HS codes, customs duties, and VAT, I explain what you need to have in place before your goods arrive at the border.
How Forex Payments Actually Work
Understanding the mechanics of foreign exchange is essential if you want to make smart decisions. I break down exchange rates, how conversions happen, and what affects the final amount that lands in your supplier’s account.
Your Payment Options Compared
From PayPal, Mama Money and Mukuru for smaller payments to bank forex accounts for larger transactions, I compare the options available to South African businesses. Each method has its pros, cons, and ideal use cases and I help you figure out which one makes sense for your situation.
The Hidden Fees No One Tells You About
The advertised exchange rate is rarely what you actually get. I highlight the markups, service fees, and other costs that you can face when translating currency.
Watch the Full Video
Whether you’re making your first international payment or looking for a more cost-effective way to pay your suppliers, this video has you covered.
Watch the full video here:
Comprehensive Reference Guide:
I’ve also created a free downloadable guide that covers everything in the video plus checklists you can use before making your next payment. Download it here:
FOREX & International Suppliers Guide
This comprehensive guide breaks down everything South African business owners need to know about paying international suppliers
Got questions? Drop them in the comments on the video or reach out, I’d love to help.
Disclaimer
The information provided in this article and accompanying video is for general informational and educational purposes only. It is not intended as, and should not be considered, financial, legal, tax, or professional advice. Foreign exchange regulations, import requirements, and payment provider terms can change, and individual circumstances vary. Always conduct your own research and consult with qualified professionals — such as a registered financial advisor, tax practitioner, or customs broker — before making any financial decisions or international payments. I am not liable for any losses or damages arising from the use of this information.
