Money Transfers To South Africa
Our clients seeking to transfer money into South Africa, will most likely already be aware of the benefits of utilising a currency transfer expert over a bank. The remaining decision will be which currency transfer company to choose as a partner for your currency trades.
There is a vast quantity of currency brokerages to choose from and many offer the same benefit over a bank that we do:
- No service fees for currency transfers to South Africa
- Excellent exchange rates
- Personalised and quality service
Where Incompass distinguish themselves is our knowledge of South African Exchange Control regulations.
Many non South Africans will never have come across the concept of exchange control regulations and will not consider this when making a currency transfer to South Africa. Others who maybe have some knowledge may think exchange control regulations really only apply when transferring money out of South Africa.
Exchange control regulations are applicable to all movement of money- both in and out of South Africa. Importantly the 'how' you transfer your money to South Africa can have serious repercussions on 'how' and 'if' you can transfer you money back out.
It is doubtful that most currency companies will have knowledge of South African exchange control regulations and will therefore be unable to advise you accordingly.
A failure to follow the correct processes and procedures can result in a 10% 'fee' on currency transfers out of South Africa or in extreme cases it could mean repatriation is not possible. As an example individuals wishing to transfer money out of South Africa in the future might have to show that they have declared their foreign assets and liabilities to the Financial Surveillance Department.
Summary
No fees, excellent exchange rates, first class service and the peace of mind of knowing you are dealing with experts in exchange control regulations. With no registration costs and no obligation, try Incompass for your currency transfers into South Africa
|
