International money transfers from South Africa
Need to transfer money from South Africa? We provide turn-key solutions in a cost-effective, time-efficient, tax-compliant manner.
Annual offshore allowances and transfer limits
South African residents are restricted, in terms of exchange control, in the amounts that they can transfer money from South Africa. There are exchange control transfer limits which are applicable to all South African residents, current and former. Your residency status will determine the value of allowable money transfer as well as the SARS tax clearances required (where applicable).
Single discretionary allowance (SDA)
This allowance can be used for any legitimate purpose and does not require prior tax clearance from SARS.
- Amount: R1 million per person per calendar year.
- Transfer requirements: You must be 18 years or older and have a green bar-coded South African identity book or a smart identity card.
South African foreign capital allowance (FCA)
- Amount: R10 million per resident per calendar year.
- Transfer requirements: You must be 18 years or older, obtain an Approval of International Transfer (AIT) from SARS and have a green bar-coded South African ID book or a smart identity card.
South African special allowance
- Amount: Unlimited – this applies where a person wants to transfer amounts larger than their annual allowances offshore.
- Transfer requirements: A special application will have to be submitted to the South African Reserve Bank for approval. You must be 18 years or older with an Approval of International Transfers (AIT) from SARS and have a green bar-coded SA identity book or a smart identity card.
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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