South Africa has in place exchange control regulations so to get money out of South Africa has never been a simple as just effecting a bank transfer. In the not so distant past residents were not allowed to hold investments outside of South Africa and emigrants suffered from what was referred to as blocked rands. Since exchange control rules have been relaxed it has become easier in moving rands abroad but it still remains a sometimes complex process.
Get Money out of SA , Moving Rands Abroad
How easy it is to move rand’s abroad depends largely upon the amount you wish to transfer out of South Africa.
There are a number of allowances that allow you to get money out of South Africa and move your rand’s abroad, mainly:
- Annual foreign investment allowance – available to all South African adult citizens or permanent residency holders over the age of 18. The annual limit is R10 million per calender year per person. The utilisation of this allowance requires the individual to be in good standing with the South African Revenue Service and a tax clearance certificate is required.
- Annual discretionary allowance, this cannot exceed the limit of R1 million per year per adult and no tax clearance is required.
How approval for moving rand’s abroad is gained
Where approval is required it must be given by a the South African Reserve Bank or by an authorised dealer who has been given the power to act on the Reserve Bank’s behalf. Further, applications can be compiled by currency companies and presented to the authorised dealer they work with for processing.
Tax clearances, which make up an integral part of any application for moving rand’s abroad will also be able to be compiled and submitted by your currency company. In the case of Incompass this is a service that is provided free of charge.
Incompass Forex offers you:
- Advise on the best way to get your money out of South Africa
- The best exchange rate for moving your South African rand
- Full assistance with tax clearance and exchange control approval
- Superior service levels and expert knowledge
If you are moving rands abroad and want to know more about the best way to get money out of South Africa call us on any of the numbers below or send us an e-mail.
Ph: Cape Town +27 (0) 21 424 2936
Ph: Johannesburg +27 (0) 11 234 4275