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How Do I Transfer

With Incompass, transferring your funds in or out of South Africa could not be easier. Our process is designed to ensure minimum hassle for you but with the maximum benefits.
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To experience better rates, save money and experience a first class service register for free with Incompass Forex today for all your money transfers, currency exchange and foreign exchange services and advice.
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Save Money

Yes you can save money on your currency transfers in and out of South Africa. The options for transferring money in and out of South Africa are no longer restricted to the high street banks that most individuals and companies have traditionally used.
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Advice

There are various options for transferring money to and from South Africa with the vast majority of money transfers being conducted by either banks and relatively few still by currency transfer specialists.
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Personal

Whether transferring money in or out of South Africa Incompass Forex is able to help. Access advice, no administration fees and top rates.
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Business

As a company, exposed to foreign exchange, you will be already aware that a small fluctuation in the exchange rate received can make a profound difference in the amount that ends up in your bank account.
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Foreign Exchange Regulations
  Repatriating Funds  
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Exchange Control Regulations

Although not unique to South Africa very few countries now operate a system of control (exchange control regulations) over money movement in and out of the country.

Exchange Control regulations in South Africa control the flow of money both in and out of South Africa. They effect every transaction, no matter what amount gets transferred and who the sender or recipient of the money is.

The Reserve Bank of South Africa controls and oversees all capital in- and outflows. The Reserve Bank designates power to so called authorised dealers who oversee and regulate the market on their behalf.

Currency trading companies, such as ourselves, will trade via these authorised dealers, but due to the effect of bulking transfers, are able to offer better rates and do not have to charge money transfer service fees.

Key points of exchange control regulations

  • It is applicable to all transactions no matter the size
  • No resident may effect a transfer without prior approval
  • No company or legal entity may effect a transfer without prior approval
  • Only authorised dealers are allowed to effect a currency transfer
  • Outward payments may only be made for permissible reasons and under conditions that are approved by the authorised dealers on behalf of the Reserve Bank
  • All payments made to foreign parties must be reported to the Reserve Bank
  • There are set amounts for personal transfers in the form of allowances that must be adhered to.

How do exchange control regulations effect me?

For individuals exchange control regulation dictates how much and under what circumstances you may transfer money out of South Africa. It should be noted that the exchange control regulations apply to South African residents, not citizens or permanent residence holders. Therefore if you are considered a resident for exchange control purposes, they are applicable to you. Residency is defined in a number of different ways and expert opinion as to your circumstances should be sought from a company such as ours.

Permissible reasons for transfers abroad include:

  • Monetary gifts and loans
  • Donations to missionaries
  • Maintenance transfers
  • Travel allowance
  • Study allowance
  • R 1 million foreign capital allowance
  • R4 million individual capital allowance

For companies any payments that need to be made to a foreign party are covered by the regulations. Similar in effect to personal transfers abroad companies are required to justify why they need to remit money to a foreign party and seek approval form the Reserve Bank or where empowered the authorised dealer. Exchange control regulations cover all payments and investment abroad made by a company, and loans made by overseas investors to a South African resident.

Summary

Exchange control regulations are in-depth and complex, you can read them in full here. They change constantly and compliance is essential. Let Incompass be your guide through the maze of exchange control regulations by contacting us here.