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South African expats often ask: “Should I wait for the exchange rate to improve before I transfer funds from SA?”

By February 4, 2015July 25th, 2020Retirement annuities

South African expats often ask: “Should I wait for the exchange rate to improve before I transfer funds from SA?”

February 4, 2015

This remains a difficult question to answer. Over time, the Rand (ZAR) has declined against all the major currencies and it is unlikely that this trend will change anytime soon.

Unfortunately any major crisis in a country can have a huge influence on its currency. Case in point is the latest crisis in South Africa whereas the national electricity provider has warned of a possible total power blackout for up to two weeks, the magnitude compared to the chaos that was experienced in California in the United States in 2011.

The question begs, is there any place safe to invest your assets and retirement funds, left behind in South Africa then?

If you plan to retire outside South Africa, does it make sense to leave your money in South Africa?

The process to cash in your retirement annuities and preservation funds in South Africa can take up to six months before you get to the stage where you can make the big decision: “Should I exchange my Rands now or wait a while…?”

Should you ask any fellow expat that has made this leap in faith, the probable short answer will be the sooner you get the ball rolling, the better..

The process to follow can be summarized in four easy steps:

  1. Find out if you have any unpaid policies and retirement annuities that you can cash in, simply register for a FREE report on: finglobal.com/register
  2. A finglobal.com licensed financial consultant will contact you, discuss your personal situation and offer you appropriate advice.
  3. Should you engage the services offered, finglobal.com provides a turn-key solution to facilitate the total process from start to finish. All services are rendered in-house ensuring that your personal information is protected at all times.
  4. Once your money is in your bank account in South Africa, you can then decide when to exchange your Rands into foreign currency and remit it offshore.

Rather be safe than sorry. Gather as much information as possible about your financial affairs in South Africa and make informed decisions about your money.

The biggest mistake you can make is to do nothing. Act now before you miss the boat….

 

 

 

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