ZAR – South African Rand

The ZAR – South African Rand originates from the Dutch Zuid-Afrikaanse Rand. It’s name is taken from the area that had the most gold deposits in South Africa – Witwatersrand, the ridge upon which Johannesburg is build.

As with all countries the currency is abbreviated as a code and in the Rands case it is ZAR.ZAR South African rand

The ZAR comprises of 100 cents and denominations include coins (5 cents, 10 cents, 25 cents, 50 cents, 1 rand, 2 rand and 5 rand) and notes (R10, R20, R50, R100 and R200).

The ZAR is one of a handful of countries that still has exchange control regulations in terms of transferring money into a foreign currency. These exchange controls effect both the transfer in and transfer out of money. although it is when transferring South African Rand to another currency most people become aware of these regulations.

Permission to transfer ZAR must be first obtained, whether it is an individual or company effecting the transfer. This can involve submission of items such as tax clearance certificates, invoices and orders.

All transactions to transfer ZAR out of South Africa must be via an authorised dealer – which in the main are banks.

Incompass Forex, offers a full service to it’s client that helps with obtaining the required permissions, involved no administration fees from Incompass and provides you with access to the very best exchange rates.

When you next need to transfer ZAR (South African Rand) give Incompass Forex a call and experience a superior service, expert knowledge and better rates.

Ring us now on +27 (0) 21 4242936 during office hours or request call back here.

For more information on the the ZAR (South African Rand) please see here.

What Are Blocked Rands – Currency Transfer South Africa

Blocked rand’s have been in existence in South Africa, in one form or another, since the 1960’s. A simple explanation is that blocked rand’s are terminology used for funds that official emigrants from South Africa were not allowed to transfer abroad when they emigrated, hence ‘blocked rand’s.

The good news is there has been a recent proposal to take away the limits of what emigrants may transfer, asset wise,blocked rands out of South Africa, therefore allowing individuals in possession of blocked rand’s to now transfer them out. Please see more information here on releasing your blocked rand’s and transferring them out of South Africa.

Why were there blocked rand’s?

Blocked rands were introduced as a means of controlling the transfer of assets out of South Africa to limit damage to the balance of payments account.

By imposing limits on the amount South African emigrants could transfer abroad, it prevented a certain amount of assets leaving South Africa.

The amount available for transferring abroad has increased over the years and proposals were made in the Mid term budget of October 2010 to abolish blocked rand accounts altogether.

Currently the limits stands at :

  • Investment Allowance – R10 million per adult per calender year.
  • Discretionary Allowance – A further amount of to the value of R1 million rand per calender year per adult.
  • Additional amounts – The Reserve Bank will consider transfers in excess of the above amounts by application.

Transfers that have been effected under Section 0 (point 6.1.1) of the Exchange Control Manual need to be deducted from the above allowances.

Where were blocked rand assets held?

Blocked rands have to be placed under the physical control of the Authorised Dealer concerned. For most emigrants this would have meant a bank.

What blocked rand’s could be used for? (extract from Reserve Bank publication)

  • Investment in quoted South African securities, which must be restrictively endorsed and deposited with an Authorised Dealer and not released, except temporarily for switching purposes, without the approval of Exchange Control. The sale proceeds of any unquoted security sold may be invested into any security quoted on the JSE Securities Exchange South Africa. Any request to invest such funds into any other unquoted investment would require prior Exchange Control approval;
  • Investment in unit certificates issued by certain approved companies, the certificates in respect of which must be deposited with an Authorised Dealer and only released for credit of the proceeds to the emigrant’s blocked account. The names of these companies are available at Authorised Dealers.
  • Release to the emigrants concerned of up to R75 000 per family unit per calendar year at the rate of R3000 per day per adult and R1 500 per day per child under twelve years of age to cover their living expenses whilst visiting South Africa – any unused funds are to be recredited to the relative blocked account on departure;
  • Release, against the production of documentary evidence, to a travel agency to cover the local payment of the emigrants’ fares in respect of subsequent travel direct to the Republic and/or return from the Republic direct to their new country of domicile;
  • Payment of expenditure in connection with their emigration, e.g. packing and removal expenses, against the submission of documentary evidence;
  • Payment to the South African tax authorities, against submission of the assessment of income tax on income earned prior to emigration;
  • Payment direct to the institution concerned, against documentary evidence of tuition and boarding fees due to local schools and universities, in respect of children who have remained behind in the Republic or returned to complete their education;
  • payment of rates and taxes on vacant stands (non- income earning) which form part of the emigrants’ blocked assets, against submission of the relative assessment;
  • Payment of membership subscriptions and affiliation fees due to local clubs and medical, engineering and technical societies, against submission of documentary evidence;
  • Payment of premiums on long term insurance policies (Life, Endowment and Retirement Annuity) in respect of contracts entered into prior to the departure of the emigrant, against submission of documentary evidence from the insurance company concerned, on the understanding that the proceeds of such policies would be blocked and not eligible for transfer;
  • Maintenance payments to a local resident in terms of a court order, a copy of which must be submitted to substantiate the request;
  • Payment of professional fees due to resident accountants, income tax consultants and attorneys in respect of services rendered in connection with the emigrant’s remaining local assets against submission of the relative account;
  • Payment of hospital, doctors’ and dentists’ fees for medical/dental attention received by any member of the emigrant family unit in the Republic during a visit here, against submission of the relative accounts;
  • Payment of brokerage and all other directly related charges levied on securities transactions;
  • Release sufficient Blocked Rand to pay the local charges of winding up the South African estate of an emigrant, where the estate holds insufficient cash funds to pay such expenses, against submission of documentary evidence;
  • Release Blocked Rand in respect of option monies payable by emigrants;
  • Release Blocked Rand in respect of margin payments due to the SAFEX Clearing Company (Pty) Limited (SAFCOM) – any margin payments from SAFCOM are to be credited to the relative blocked account on receipt thereof;
  • The proceeds of mortgage bonds and/or mortgage bond participations forming part of an emigrant’s blocked assets may be reinvested in further bonds and/or participations;
  • Release of up to R100 000 per annum in respect of gifts, donations and maintenance to third parties resident in South Africa;
  • Release of up to R100 000 per annum in respect of maintenance and alterations to fixed property which form part of the emigrants’ controlled assets against the submission of documentary evidence; and
  • Payment of capital gains tax in respect of blocked assets sold subsequent to the date of emigration, provided that the asset(s) sold formed part of the emigrant’s blocked assets at the time of emigration.
  • Requests for the release of blocked funds falling outside the parameters outlined above must be submitted to Exchange Control. Such applications must indicate the purpose for which funds are required and be well reasoned. Payments in respect of local disbursements are normally favourably considered.

Can you use the income from blocked rand’s?

Certain types of income could be transferred abroad and these include:

  • Interest and profits;
  • Dividends
  • Income distributions from close corporations;
  • Directors’ fees/close corporation members’ fees;
  • Monthly pension payments – paid by registered pension funds only;
  • Cash bonuses on insurance policies;
  • Income received from a trust created in terms of a last will and testament;
  • Income received from an inter vivos trust;
  • Rentals on fixed property
  • The difference between the purchase consideration and maturity value of quoted gilts.

To find out more about releasing your blocked rand’s contact Incompass on:

Send us an e-mail here or telephone us on:

Ph: Cape Town +27 (0) 21 424 2936
Ph: Johannesburg +27 (0) 11 234 4275

Transfer South African Rand

Whilst the rules and regulations surrounding the transfer of South African Rand have been relaxed tremendously in the past few years there are still a number of conditions that you must meet.

Below we have a look at some of the steps you may need to take to Transfer South African rand.

Approvals for the Transfer of South African Rand

  • To effect a transfer of South African Rand the individual or company may need to obtain Reserve bank approval, either directly from the Reserve Bank or via an authorised dealer. In the case of Incompass we are able to assist you with this process via our authorised dealer and we levy no service fees for this service.
  • To Transfer South African Rand you will also, in most circumstances need to first obtain a tax clearance certificate (as part of the approval process), that shows your tax affairs are in order. This is always the case where an individual is transferring more than one million South African rand, amount s under this do not require tax clearance.

The process can seem a little confusing and can also be a time consuming exercise. Incompass Forex offers its clients a full service whereby it assists with obtaining the necessary clearances and provides you with clear guidance on the most appropriate allowance or category that an application should be made under.

Popular rand transfer currencies

South African Rand to US Dollars Money TransfersTransfer South African Rand

South African Rand to Euro

South African Rand to Canadian Dollars Money Transfers

South African rand to British Pounds

South African Rand to Australian Dollars

The benefits of using Incompass for your transfer

  • Our “Transfer South African Rand” service incurs no administration fees or hidden costs
  • Due to the large volume of transfers we do we are able to offer you market leading exchange rates.
  • We are a registered and authorised currency company with the Financial Services Board as well as the Reserve Bank of South Africa.
  • We are both ISO accredited for 9001 and 27001.

If you wish to Transfer South African Rand contact Incompass Forex for the best service and rates by calling us + (27) 21 424 2936 or emailing us here.

Transfer Money to South Africa

Whatever your reason to transfer money to South Africa might be, Incompass is renowned and trusted by its clients for providing the best exchange rates. With no service fees, excellent personal service and importantly; an in-depth understanding of foreign exchange control regulations we are able to provide peace of mind and excellent value for money.

Enquire here about Money Transfers to South Africa

There are some key facts you need to be aware of before making a money transfer to South Africa:

  • A money transfer to South Africa is regulated under the foreign exchange rules that regulate all money transfers both in and out of South Africa. This means that you need to ensure you deal with a money transfer company that is knowledgeable about exchange control. Failure to comply could complicate or even prevent from one day transferring your money back out of South Africa.
  • Deal with a reputable company – they should be registered with the Financial Services Board (FSB) of South Africa and have suitably qualified staff.
  • Money transfer companies not situated in South Africa are highly unlikely to be regulated by the FSB and highly unlikely to have any exchange control knowledge.
  • Banks tend to charge fees for your money transfer to South Africa (the equivalent of R350 to R600), their exchange rate is usually worse than that of money transfer companies. This means your transfer of money to South Africa results in less Rands on your bank account.
  • Your receiving bank in South Africa may well also levy a charge, resulting in a double penalty and less Rand for you.

Incompass

Incompass is one of the preferred suppliers for money transfer services to South Africa, we are rightly proud that the
majority of our new clients come from referrals and recommendations from professional companies and existing clients.

If you seek great service, no administration fees and market leading foreign exchange rates on your money transfer to South Africa.

Contact Incompass Forex now on + 27 (0) 21 424 2936 during office hours or request call back here.

Transfer Money from South Africa

Looking to transfer money from South Africa to another country? Incompass Forex is able to assist with most major Transfer money out of South Africacurrencies.

Our money transfer service provides you with:

  • NO administration fees on your currency transfers
  • The VERY BEST foreign exchange rates
  • ALL tax clearance and Reserve Bank clearances that are required for transferring money
  • EXPERT advice and guidance for all foreign exchange and currency transfers
  • DISCERNING currency exchange service
  • SAFE AND SECURE currency trading
  • FULLY SARS and Reserve Bank compliant money transfer process and procedures
  • CORRECT declaration of funds transferred into South Africa

Enquire here about Money Transfers to and from South Africa 

All of our transactions are processed through local banks, that are approved authorised dealers by the South African Reserve Bank. In addition we are an FSB (Financial Services Board) registered company holding all appropriate licences. Our currency transfers, in and out of South Africa, are done in strict accordance with money laundering regulations and exchange control regulations; and all our transactions are audited in terms of our licence and banking requirements.

We are able to assist you with the following currency transfers:

  • From South African Rand (ZAR) to Australian Dollars (AUD)
  • From South African Rand (ZAR) to Botswana Pula (BWP)
  • From South African Rand (ZAR) to Canadian Dollars (CAD)
  • From South African Rand (ZAR) to Swiss Franc (CHF)
  • From South African Rand (ZAR) to Danish Krone (DKK)
  • From South African Rand (ZAR) to Hong Kong Dollars (HKD)
  • From South African Rand (ZAR) to Mauritian Rupee (MUR)
  • From South African Rand (ZAR) to Norwegian Krone (NOKK)
  • From South African Rand (ZAR) to New Zealand Dollars (NZD)
  • From South African Rand (ZAR) to Swedish Krona (SEK)
  • From South African Rand (ZAR) to Singapore Dollar (SGD)
  • From South African Rand (ZAR) to Euros (EUR)
  • From South African Rand (ZAR) to Great British Pounds (GBP)
  • From South African Rand (ZAR) to Japanese Yen (JPY)
  • From South African Rand (ZAR) to United States Dollars (USD)
  • From Australian Dollars (AUD) to South African Rand (ZAR)
  • From Botswana Pula (BWP) to South African Rand (ZAR)
  • From Canadian Dollars (CAD) to South African Rand (ZAR)
  • From Swiss Franc (CHF) to South African Rand (ZAR)
  • From Hong Kong Dollars (HKD) to South African Rand (ZAR)
  • From Norwegian Krone (NOKK) to South African Rand (ZAR)
  • From New Zealand Dollars (NZD) to South African Rand (ZAR)
  • From Swedish Krona (SEK) to South African Rand (ZAR)
  • From Singapore Dollar (SGD) to South African Rand (ZAR)
  • From Euros (EUR) to South African Rand (ZAR)
  • From Great British Pounds (GBP) to South African Rand (ZAR)
  • From Japanese Yen (JPY) to South African Rand (ZAR)
  • From United States Dollars (USD) to South African Rand (ZAR)

You experience better rates, save money and enjoy a first class service. Contact Incompass Forex today for all your money transfers, currency exchange and foreign exchange services and advice.

Contact Incompass Forex now on + 27 (0) 21 424 2936 during office hours or request call back here.

South African Rand to US Dollars

Do you need to transfer South African rand to US Dollars?south african rand to us dollar

US Dollars remains the currency of the world and Incompass Forex help many individuals and corporates with their money transfer needs for South African Rand to US Dollars.

Get the best rate for your transfer from South African Rand to US Dollars

Call us on + 27 (0) 21 424 2936 for:

  • Market leading rates
  • No service fees
  • Free tax clearance and reserve bank approval

Our Service

When transferring South African Rand to US Dollars, South African individuals and companies need to be aware of the impact of exchange control regulations on any foreign exchange transaction as well as the profound effect that administration fees and poor exchange rates can make on the amount of US dollars they end up with.

Incompass Forex is able to cater for both individuals and Companies wishing to transfer money from South African Rand to US Dollars.

We offer:

  • Expert knowledge
  • No administration fees
  • Market leading exchange rates

For your transfer of South African Rand to US dollars ring us now on + 27 (0) 21 424 2936 during office hours or request call back here.

South African Rand to Euro

Are you seeking to transfer South African rand to Euro?south african rand to euro

Incompass Forex others a full service foreign exchange service for transferring South African Rand to Euro.

Get the best rate for your transfer from South African Rand to Euro

Call us on + 27 (0) 21 424 2936 for:

  • Market leading rates
  • No service fees
  • Free tax clearance and reserve bank approval

Our Service

  • We help to deal with all aspects of exchange control as well as tax clearance certificates, charge no administration fees and are able to provide you market leading exchange rates. As you would expect from a currency specialist our service standards and expertise are second to none and we are a registered FSB (Financial Services Board) company.
  • Out team of experts is multi lingual, fluent in English, German and Afrikaans, and well versed in both local and international banking procedures.
  • Whether you are looking to effect a once of transfer, establish a reoccurring arrangement or are a company with a need to access excellent forex services for transferring South African Rand to Euro, contact Incompass Forex and see what a difference we can make.

Ring us now on + 27 (0) 21 424296 during office hours or request call back here.

South African Rand to Canadian Dollars

Are you seeking to transfer South African rand to Canadian Dollars?south african rand to canadian dollar

Incompass Forex is assisting more and more clients with transferring South African Rand to Canadian Dollars. Canada has become the emigration destination of choice for much of the world and South Africans seeking pastures new are also targeting Canada. Trade between the two countries is also on the increase as we share a common ground within the natural resource sectors and closer ties due to the immigration trend.

Get the best rate for your transfer from South African Rand to Canadian Dollars

Call us on + 27 (0) 21 424 2936 for:

  • Market leading rates
  • No service fees
  • Free tax clearance and reserve bank approval

Considerations

When transferring South African Rand to Canadian Dollars there are a number of considerations that can have a profound effect on the amount of Canadian dollars you end up with:

  • Fees – these can be incurred as administration fees, obtaining correct clearances and as non de script service fees.
  • The exchange rate – a small difference in the exchange rate can have a detrimental effect on the amount of Canadian Dollars received for your rand.
  • Advice levels – which allowance is best to transfer your South African Rand to Canadian Dollars and who can advice on understanding the repercussions of using your emigrants allowance. For corporates forwarding may also need to be considered.

Incompass Forex offers it’s clients:

  • Expert knowledge
  • No administration fees
  • Market leading exchange rates

For your transfer of South African Rand to Canadian Dollars ring us now on + 27 (0) 21 4242936 during office hours or request call back here.

South African rand to British Pounds

Are you seeking to transfer South African rand to British pounds?south african rand to british pounds

South African Rand to British Pounds is one the largest areas of Incompass Forex’s business. By far the largest immigrant group, and historically an emigrant destination, there is large amount of transactions for both personal and companies on a daily basis.

Get the best rate for your transfer from South African Rand to British Pounds

Call us on + 27 (0) 21 424 2936 for:

  • Market leading rates
  • No service fees
  • Free tax clearance and reserve bank approval

A real alternative to your Bank

When transferring South African Rand to British Pounds the banks have long occupied the most obvious ‘spot’ for effecting the transfer. The advent of specialist currency companies, such as Incompass Forex, has seen a shift in this tendency as clients seek:

  • A more discerning a personalised service offering
  • Better value for money with no administration fees
  • More attractive exchange rates
  • Easier access to expert knowledge

Incompass Forex not only provides you with excellent service and the best rates but also assists with all aspects of exchange control including obtaining your tax clearance certificate. If you have a need, either once off, or on a regular basis to transfer South African Rand to British Pounds contact Incompass Forex today.

Ring us now on + 27 (0) 21 424 2460 during office hours or request call back here.

South African Rand to Australian Dollars

Are you seeking to transfer South African rand to Australian Dollars?south african rand to australian dollars

With close business ties and more people moving to Australia there is an increasing need to transfer South African Rand to Australian Dollars.

Get the best rate for your transfer from South African Rand to Australian Dollars

Call us on + 27 (0) 21 424 2936 for:

  • Market leading rates
  • No service fees
  • Free tax clearance and reserve bank approval

Considerations

When transferring South African Rand to Australian Dollars as an individual there are a number of considerations:

  • The purpose of the transfer – there are various allowances that could be utilised such as the annual foreign investment allowance, the annual discretionary allowances or the emigrants allowance.
  • Emigrants need to carefully review the size of their assets as well as understand the repercussions of officially emigrating.
  • Obtaining the appropriate clearances can be time consuming, frustrating and expensive.
  • Rates and administration fees differ greatly when transferring South African Rand to Australian Dollars and by selecting your currency provider carefully you can end up with a lot more Australian dollars in your bank account.

Incompass Forex provides its clients with:

  • Expert knowledge
  • No administration fees
  • Market leading exchange rates

Contact Incompass

For your transfer of South African Rand to Australian Dollars Ring us now on + 27 (0) 21 4242460 during office hours or request call back here.