Looking at all the comments below, I am closer to understanding what Airbnb allowed a service provider to fill a gap here.
First of all - there is no such thing asa a free lunch. Or, for that matter, an “exchange for free”.
This is a type of clearing house that sends mandates to SARS on behalf of businesses - where your bank typically also does this and provide this service for you anyhow.
This company just decided to “specialize” in airbnb mandates to make it easier/faster to process incoming foreign transactions.
They themselves are not an authorised financial services provided, but as affilited with bidvest in this regard in order to secure bidvest and themselves the “service fees” from SARS.
But here is the true COST to sign up for this as an airbnb host: exchange for free will allow you to complete the mandate - except the BOP REASON for the exhange that enables SARS to identify the type of transaction. They essentially report a business transaction as a personal travel payment.
This is where they offer “free” business exchanges and the HOST are forced to accept the reason code. This is misuse of the reserve bank BOP codes and exchange for free makes sure the HOST approved this misrepresentation. This INDEMNiFies them and secures their fees and your cost fre transfer without having to speak to your banks clearing team everytime you receive funds.
This is essentially “legal” avoidance of the correct international BOP declarations, on the side of “exchange4free” but NOT for the Airbnb host.
Why does Airbnb partner with them? Because international law is always a “hinderence” to international business and you signing the mandate indemnifies Airbnb from misprepresentation of cross border funds movements and makes it “simpler” for everyone to get on with making money.
Small crime, is still crime.
