A BOP form or Balance of Payment form is an essential
document needed for any foreign exchange transaction. A BOP form can be compared
to a passport. If you are planning to go on an overseas trip you will need a
passport, in much the same way for money to be transferred overseas you will
need to fill in a BOP form.
The purpose of a BOP form is to record the repatriation of
foreign exchange received from abroad or foreign exchange being sent out of
South Africa. The form contains all information relevant to sending or
receiving foreign currency: sender information, receiver information, deal
codes, amount being transferred.
It is a South African Reserve Bank (SARB) requirement all
exporters and individuals receiving money from abroad complete a Balance of
Payment (BOP) form. The information on a BOP form is captured by your bank and
then reported to SARB. The BOP form can also serve as a payment instruction and
legal document that banks can use to credit an exporters account.
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