Money Transfer to South Africa for Property Purchase

If you are purchasing that holiday home of your dreams or immigrating to South Africa and buying property, you will probably need to transfer money to South Africa.

Assisting immigrants since 2003, Incompass is able to offer a bespoke service to our clients who need to transfer money to South Africa for purchasing property.

As you would expect from a premier currency exchange company you will enjoy benefits such as:

• NO administration fees
• The VERY BEST exchange rates
• EXPERT advice and guidance
• DISCERNING service
• SAFE AND SECURE trading
• FULLY SARS and exchange control compliant

But, in addition to this there are some further benefits you may not be aware of that are unique to Incompass:

• Banking – many of our overseas clients purchasing property have yet to formalise their banking arrangements in South Africa, for those who have it is often a simple current account. Incompass is able to open up high interest private style banking for its clients prior to their arrival in the South Africa. This provides numerous benefits that include:
  
  • High Interest rates - Having a secure high interest bearing account to which you can transfer you money to. Many house buyers transfer their purchase money to an attorneys trust account which offers poor interest rates and no access.
  • We are able to provide you with bank guarantees – when purchasing a property in South Africa it is common that you will have to provide a bank guarantee that the funds are available.
  • Private style banking – you are provided with your own personal banker who can be instructed to pay on your behalf deposits, bills and even standing orders and direct debits. Allowing you to effectively run your account via your personal banker for any outgoings you may have to pay.
• Declaration of Assets – an often overlooked but vital part of the process for transferring money into South Africa. A failure to correctly declare your assets can result in unnecessary taxation and difficulties in repatriating funds
• Compliance with the South African Reserve Bank regulations – South Africa operates a system of exchange control that effectively regulates the flow of all money in and out of South Africa. There is a common misconception that whatever money is brought into South Africa can automatically be taken out – this is not the case. It is essential that any currency transfers into South Africa are done in accordance with the appropriate rules and regulations and a failure to do so will cause issues later on if you wish to repatriate your introduced currency. It is highly unlikely that banks or currency companies based abroad are aware of these regulations.

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 money 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.

Next Steps

If you are purchasing property in South Africa and have a need to transfer money, why not contact someone from our expert team? Our advice is free and non obligatory, we save you money and provide you with the full knowledge of how best to transfer your funds to South Africa for your property purchase.