Standard Bank of South Africa has the capacity to confirm letters of credit issued by prime German banks. Foreign Exchange Foreign Exchange transactions are carried out at all banks in Germany. There are no restrictions on import payments Residents and visitors may buy and sell foreign currencies. There is no exchange control in Germany. The administration of control in respect of imports of goods and services are operated by the various ministries.
Import licences are normally valid for six months.
Import control is administered by the Federal Office for Trade and Industry, the Federal Office for Food and Forestry and the Ministry of Agriculture. In some cases, primarily for textiles and steel products, an import declaration must be filed and stamped by the Federal Office for Trade and Industry, an agency of the Ministry of Economics, for products and commodities not subject to licensing requirements. Germany is a contracting party to the Harmonised System Convention. As a member of the EU, Germany has a common import customs tariff, together with other member states. Import duties are calculated on a c.i.f. basis.