We have defined some of the words used in this document. These words begin with a capital letter. Singular words include the plural and plural words include the singular.
A valid, active current or savings account held with Standard Bank which can be used to fund your Wallet in the Shyft App for the purpose of buying Foreign Currency.
Any of your subsidiaries, your holding company or any subsidiary of your holding company and all of its subsidiaries.
The application store you use to download the Shyft App. The App Store is run by the manufacturer of the Device you use, for example Apple or Google Play (Android).
All national, provincial, local and municipal legislation, regulations, statutes, by-laws, consents and/or other laws of any relevant governmental authority and any other instrument having the force of law as may be issued and in force from time to time relating to or connected with the activities contemplated under these Terms.
BOP Catergory Codes
Codes prescribed by the SARB to categorise the type or purpose of an International Payment.
The process of reporting known as Balance of Payments Reporting, which is required by the SARB for International Payments.
Any day other than a Saturday, Sunday or official bank holiday or public holiday in:
- South Africa;
- the country (i) in which the applicable foreign bank and beneficiary receiving the International Payment are based; or (ii) to which the applicable Foreign Currency relates; and/or
- any jurisdiction which is relevant to the International Payment or Foreign Currency, whether in terms of currency conversion or otherwise.
9am to 5pm on Mondays to Fridays.
Customer Support Centre
The live chat facility that Shyft users will be able access by clicking on the Intercom icon in the Shyft App during Business Hours.
The Common Monetary Area which for the time being is, South Africa, the Republic of Namibia, the Kingdom of Lesotho and the Kingdom of Swaziland.
The smartphone device you use to access the Shyft App.
The rate of exchange that we determine, which is available at the time of buying and selling Foreign Currency or making an International Payment.
The Financial Intelligence Centre Act 38 of 2001, as updated from time to time, and all the legislation (laws) that falls under it.
The Financial Surveillance Department of the South African Reserve Bank, which is responsible for the administration of exchange control in South Africa.
FinSurv Reporting Categories Codes
Codes prescribed by the FinSurv to categorise the type or purpose of an International Payment.
A currency other than currency that is legal tender in South Africa, except for the currencies of Lesotho, Namibia and Swaziland.
A natural person who is a permanent resident outside the CMA, who has taken up temporary residence in South Africa in terms of a valid permit.
Standard Bank Group Limited, its subsidiaries and all of their subsidiaries.
All: inventions, specifications, patents, designs, trademarks, service marks, trade names and
all goodwill associated with these; copyright, including copyright in logos, devices, designs,
multimedia works and computer software programs (in source and object code form), as well as
programmers' or developers' notes, flow charts and design documents; rights protecting goodwill
and reputation; proprietary material, know-how, ideas, concepts, trade secrets, methods,
techniques, graphics; schematics; marketing; sales and user data; domain names and URLs;
databases and rights in databases; confidential information; other intellectual property rights
and similar kinds of protection that are registered or can be registered anywhere in the world;
and applications for, and rights to apply for, the protection of any of the items on this list.
Intellectual Property Rights
All rights in and to Intellectual Property.
A payment to a beneficiary holding a bank account in a different country.
An internet service provider, which is an entity that provides access to the internet.
Any of the secret characters (letters and numbers) you use to access the Shyft App.
Information about an identifiable, natural person and where applicable, a juristic person,
including, but not limited to information about: race; gender; sex; pregnancy; marital status;
nationality; ethnic or social origin; colour; sexual orientation; age; physical or mental health;
well-being; disability; religion; conscience; belief; culture; language; birth; education; medical,
financial, criminal or employment history; any identifying number, symbol, e-mail, postal or
physical address, telephone number; location; any online identifier; any other particular
assignment of the person; biometric information; personal opinions, views or preferences of
the person or the views or opinions of another individual about the person; correspondence
sent by the person that is implicitly or explicitly of a private or confidential nature or
further correspondence that would reveal the contents of the original correspondence; and the
name of the person if it appears with other personal information relating to the person or
if the disclosure of the name itself would reveal information about the person.
A pocket in your Wallet in which you can store Foreign Currency.
Any operation or activity, automated or not, concerning Personal
Information, including: alteration, blocking, collation, collection, consultation, degradation,
destruction, dissemination by means of transmission, distribution or making available in any
other form, erasure, linking, merging, organisation, receipt, recording, retrieval, storage,
updating, modification, or the use of information. Processing and Processed
will have a similar meaning.
The profile we give you to identify you when you sign up for the Shyft App.
Illegal or terrorist activities, money laundering or any activities which are subject to Sanctions or are not in compliance with Applicable Laws.
The Exchange Control Regulations of 1961 as promulgated by Government Notice R.1111 of 1961.
A resident of South Africa who holds a valid South African green identity document or identity card.
The United Nations Security Council (UNSC), the Office of Foreign Assets Control of the Department of Treasury of the United States of America (OFAC), the European Union (EU), Her Majesty’s Treasury (HMT), the Ministry of Economy, Finance and Industry (France) (MINEFI) or any other sanctioning body we recognise from time to time.
- any natural or juristic person or country;
- in the case of a juristic person, any person who (i) owns or controls it; or (ii) it owns or controls (and for these purposes, owns means holding any percentage of ownership or beneficial interest and controls means the ability, directly or indirectly and whether through the voting of shares, the appointment of directors or similar officers or through any other means, to control the business or policy of the juristic person);
- in the case of any country, its ministries, departments, agencies or any other governmental organisations, listed on any Sanctions List or who is subject to any Sanctions;
Any restrictions set by a Sanctioning Body, including but not limited to diplomatic, travel, trade or financial sanctions or embargoes.
Any list of Sanctioned Entities published by a Sanctioning Body, as updated from time to time.
The South African Reserve Bank.
The South African Revenue Service.
The Single Discretionary Allowance specified by the FinSurv that Residents who are 18 years old or older may avail of per calendar year.
An application offered by us to you for buying and selling Foreign Currency, making International Payments, creating Virtual Cards and ordering Shyft Cards.
Short message service.
A physical, prepaid travel wallet card issued by us to you which can be loaded with Foreign Currency.
The Republic of South Africa.
Standard Bank, we, us or our
The Standard Bank of South Africa Limited (Registration Number 1962/000738/06) and its successors or assigns.
The Society for Worldwide Interbank Financial Telecommunications.
Buying and selling Foreign Currency and/or making International Payments.
A prepaid virtual card issued by us to you that you can load with Foreign Currency and use
for making purchases on the Internet, over the telephone or by mail order at any merchant that accepts card not present transactions.
An electronic wallet in which you can store Foreign Currency or Rands.
you or your
The person that has an Account and signs up for and uses the Shyft App.