The first point to note is that transferring money out of South Africa is not that simple.
Unfortunately you cannot simply amble into your bank or go online to effect the transfer currency, there are a number of requirements that must be fulfilled depending upon your reason for transferring money out of South Africa.
- Appropriate tax clearance must be obtained
- Declarations of adherence to allowances
- Audit trail of money remitted to South Africa that is to be repatriated
- Invoices
- Reserve Bank clearance
Clearance for transfers out of South Africa can only be obtained by an authorised dealer of the Reserve Bank, so it is unlikely that any foreign based currency company would be able to facilitate any money transfers out of South Africa.
The choice that therefore remains is between South African banks and South African based currency companies.
Transferring Money out via a South African Bank
South Africans are fast realising that currency companies offer a service that is far superior to most banks:
- Incompass do not impose any administration fees meaning a saving of between R300 and R500 per transaction
- We are able to obtain a better rate by bulking transactions rather than treating every transaction as an individual one. This can mean up to 4.5% more currency for your money, for example on a transfer of 4 million rand this would mean an additional ₤17,000.
- As we specialise in currencies you get to speak to the expert straight away. Meaning great advice and personalised service with no waiting.
- No concerns over obtaining tax clearances or understanding the myriad of exchange control regulations – we take care of all that for you.
Summary
Incompass provide excellent rates, no administration fees, first call service and a full service for transferring your money out of South Africa. Registration is free of charge and non obligatory.
Contact us here