How to transfer money to South Africa

How to transfer money to South Africa

How to transfer money to South Africa

Its not a common enough question – How to transfer money to South Africa? For most of us we have never heard of Exchange control regulations. For those of us who have, we are under the impression it only effects us when we consider how to transfer money out of South Africa.

Many clients abroad are aware they will get a better foreign exchange rate when they effect a transfer to South Africa by using a currency specialist rather than their bank. But many still select a service provider with no knowledge of exchange control.

Read below the impact of exchange control on your transfer of capital to South Africa and how to transfer money to South Africa the right way.

Lets first deal with some myths on ‘how to transfer money to South Africa”

It does not matter how I transfer money to South Africa

Yes it does. Money transferred to South Africa without the correct paper trail and not with the correct procedure of course will still arrive but… the problems can come later when you wish to repatriate the funds. Unless it is done correctly you may well have trouble, or even be prevented from transferring the money introduced to South Africa back out again.

My currency provider abroad said they can do transfers from South Africa to anywhere in the world

Not true. The reserve bank of South Africa governs the exchange control regulations. It passes on some of its powers to approved banks. Any transfer of money out of South Africa must go through one of these banks. These banks appoint introducers – currency companies such as Incompass who are in turn licensed by the reserve bank to carry on currency business. The reserve bank only licence South African based currency companies.

I am not a resident of South Africa so it does not matter, the regulations do not apply to me.

Not true. The exchange control regulations effect all transfers of capital in and out of South Africa, even non residents.

Now lets look at the right way of how to transfer money to South Africa

  • Use a South African based, registered currency provider who is fully versed in exchange control regulations
  • Deal with a company who have qualified staff – tax experts are preferred
  • Avoid gimmicks claiming no fees or exchange for free – currency companies do get paid they are not charities
  • Use the services of a currency company that can offer cash holding facilities in your own name
  • Do not pay set fees. Currency companies get paid by the banks so should not charge you

Help with how to transfer money to South Africa

Contact South Africa’s leading independent currency experts Incompass. Simply fill out the form.

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