Incoming Forex Transfer Codes?
So we have a small incoming forex transfer from the US for Monsters and Medicine sales. Yipee! As part of the process, we need to supply a reason to the reserve bank: a SARB BoP Code. This payment is technically from licensing our game to a distributor, so they can reproduce and sell it. The distributor in question is Humble, although I believe most digital distributors, like Steam, have very similar arrangements.
According to my understanding, the relevant code for this is: "Proceeds received for the use of intellectual property" -> 201 - "Rights assigned for licenses to reproduce and/or distribute". Can anyone confirm that this is correct? Another option we considered is: "Computer software and related items" -> 236 - "Non-customised, electronically acquired – Single payment".
(I had a look for relevant threads that may have covered this, but I could find any that dealt with incoming forex and this small aspect)
According to my understanding, the relevant code for this is: "Proceeds received for the use of intellectual property" -> 201 - "Rights assigned for licenses to reproduce and/or distribute". Can anyone confirm that this is correct? Another option we considered is: "Computer software and related items" -> 236 - "Non-customised, electronically acquired – Single payment".
(I had a look for relevant threads that may have covered this, but I could find any that dealt with incoming forex and this small aspect)
Comments
Note that these codes seem to keep changing. We used to use 203, but it sorta got split apart and now the best match is 201 after the rewrite.
At the very least, ALWAYS ask them for a better rate. They can (and will) change the rate if you ask. At least having a CFC account means you can keep amounts in dollars so you only convert to rands when you want to.
You're going to need an SARB approval thing if you're earning $ regularly. Even for small amounts. Currencies Direct did the whole thing for us and made it really easy. Plus, if anything goes wrong, it's their fault, not ours ;)
Just a note, if you ARE hitting investment amounts like that and need SARB help, you should definitely have a financial advisor/manager whose problem it should become ;)