Foreign exchange
There are limits on how much money can be transferred out of South Africa. FinGlobal is the foreign exchange expert who will assist you with foreign exchange transfers in and out of South Africa.
FinGlobal is your guide to foreign exchange in South Africa
All foreign exchange transactions from and to South Africa are subject to exchange control regulations, which are set in place by the South African Reserve Bank. Breaching these regulations may amount to a criminal offense in South Africa and result in financial penalties.
Annual foreign exchange allowances and transfer limits
South African residents cannot transfer funds abroad freely, which means any cross border transactions are subject to foreign exchange limitations. The current regulations applicable to South African citizens are as follows:
South African foreign investment allowance (FIA)
The foreign investment allowance available to South African residents is referred to by the South African Reserve Bank (SARB) as a foreign capital allowance.
Amount
R10 million per person per calendar year.
Who can use it?
It is available to South African residents and residents temporarily abroad i.e. persons who have not formalised their financial emigration.
Transfer requirements
You must be 18 years or older, obtain a Tax Clearance Certificate – FIA from SARS and have a green bar-coded South African identity document or a Smart identity document card.
Single discretionary allowance (SDA)
Amount
R1 million per person per calendar year.
Who can use it?
It is available to South African residents and residents temporarily abroad i.e. persons who have not formalised their financial emigration.
Transfer requirements
You must be 18 years or older and have a green bar-coded South African identity document or a Smart identity document card. In this instance, no tax clearance certificate is required.
Special allowance (South Africa)
Amount
Unlimited – this applies where a person wishes to transfer amounts in excess of the annual foreign capital allowance offshore.
Who can use it?
It is available to South African residents and residents temporarily abroad i.e. persons who have not formalised their financial emigration.
Transfer requirements
You must be 18 years or older, obtain a Tax Clearance Certificate – FIA from SARS and have a green bar-coded South African identity document or a Smart identity document card. A special application will have to be submitted to SARB for their approval.
Contact us
We’ll answer all your questions. Your personal consultation is complimentary and without obligation.
Licensed South African Financial Services Provider FSP # 42872
FinGlobal Credentials
We deal with all South African banks, insurance and investment companies, pension funds and other related financial institutions.
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