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 cheque or savings account which can be used to fund your Wallet in the Shyft App for the purpose of buying Foreign Exchange.
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.
Any day other than a Saturday, Sunday or official public holiday in:
- South Africa;
- the country in which the applicable foreign bank and beneficiary receiving the International Payment are based; and/or
- Any jurisdiction which is relevant to the International Payment, whether in terms of currency conversion or otherwise.
9am to 5pm on Mondays to Fridays.
Customer Care 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 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 Exchange 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 the Republic of South Africa.
FinSurv Category Codes
Codes prescribed by the FinSurv to categorise the type or purpose of an International Payment.
A currency used by another country, initially being US Dollars, Pound Sterling, Australian Dollars or Euros.
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 foreign bank account.
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.
Personal identification number.
A pocket in your Wallet in which you can store Foreign Exchange.
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. Processing and Processed will have a similar meaning.
The profile we give you to identify you when you sign up for the Shyft App.
The Exchange Control Regulations of 1961 as promulgated by Government
Notice R.1111 of 1961, which provides rules and limitations on how South African residents
may transfer funds abroad.
The Specially Designated Nationals and Blocked Persons List of OFAC, the UNSC list of Persons
or Entities Suspected to be Involved in Terrorist Related Activities or the funding thereof
and/or any other list of HMT and/or EU (as defined below).
Any natural or juristic person or country listed on any or all of the Sanction Lists and/or whom is subject to any Sanctions.
Any sanctions imposed from time to time by any one of the following regimes (each referred to as a Sanctioning Body):
- the European Union’s Common Foreign and Security Policy (EU);
- Her Majesty’s Treasury of the United Kingdom (HMT);
- the Office of Foreign Assets Control of the Department of Treasury of the United States of America (OFAC); and
- the United Nations Security Council (UNSC).
The South African Reserve Bank.
The South African Revenue Service.
The Single Discretionary Allowance specified by the FinSurv that South African 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 Exchange, 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 Exchange.
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 Exchange and/or making International Payments.
A prepaid virtual card issued by us to you that you can load with Foreign Exchange 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 Exchange or Rands.
you or your
The person that has an Account and signs up for and uses the Shyft App.