How to get money out of South Africa

How to get money out of south africa

How to get money out of South Africa

How to get money out of South Africa can be a complex and time consuming experience.

Its not just a case of bank transfer or a moneygram, due to the Foreign Exchange controls that are in place.

Below are some basic rules for how to get money out of South Africa and of course you are welcome to contact one of expert consultants.

Top 10 hints and tips for how to get money out of South Africa

  1. Use the services of a South African based and registered currency expert. They will be well versed in how to get money out of South Africa and be able to guide you through the appropriate procedures.
  2. Be aware of the effect of your residency status. Residents are subject to the various allowances whereas non residents are treated very differently.
  3. Know about the various allowances you can use to transfer money out of South Africa. These include permissible transfers such as;
    • Monetary gifts and loans
    • Donations to missionaries
    • Maintenance transfers
    • Travel allowance
    • Study allowance
    • R 1 million annual allowance – no tax clearance required
    • R4 million individual annual allowance – tax clearance required
  4. Whilst authorised dealers (generally banks based in South Africa) have to be involved in the process you can deal with a currency company such as ours, Incompass, and avoid service charges and access better exchange rates.
  5. Currency companies such as Incompass will offer to obtain tax clearances and reserve bank approval free of charge on your behalf.
  6. Use a company that offers a cash account. This will enable you to have your funds ready to  transfer out of South Africa whilst earning an excellent rate.
  7. Be careful of exchange rates quoted on the internet or in publications. These are often indicative transfer rates and not the rate you will actually get.
  8. Download our free brochure it includes lots of useful tips and hints for how to transfer money out of South Africa.
  9. Don’t pay service fees. These costs and others can be hidden and cause a nasty surprise when you see the amount of money that actually ends up in your bank account.
  10. Deal with a currency company that pro actively looks at the rate for you.

For expert guidance on how to get money out of South Africa contact us now.

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