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SOUTH AFRICAN EXCHANGE CONTROL
All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank (SARB). In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad. Full details can be found on the South African Reserve Bank's website.
Rules applicable to South African residents travelling abroad
- Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
- Travel allowance covers a calendar year (1 January - 31 December).
- Any unused portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
- A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be used solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
- Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
- The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
- In addition, each traveller may take R25 000 in South African Reserve bank notes when travelling abroad.
Single discretionary allowance and other miscellaneous payments for private individuals
- Temporary exportation of personal effects and jewellery:
Where the items exported will not be returned to South Africa and where the insurance value thereof exceeds R50 000, an application must be submitted to the Financial Surveillance Department.
- Temporary exportation of caravans, horse-boxes, motor/sail boats, motor vehicles and trailers:
Where the items exported will not be returned to South Africa and where the insurance value thereof exceeds R50 000, an application must be submitted to the Financial Surveillance Department.
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HOLD FUNDS IN FOREIGN CURRENCY
If you are not yet sure of where you wish to invest your funds, you can hold your available funds in a foreign currency account until you are ready. There are various options available to suit your needs.
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SEND AND RECEIVE MONEY & GET REWARDED
Consumer and business customers earn up to 50% back in eBucks on their transaction charges when they send and receive money in a foreign currency via Online Banking.
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AGREE TO STANDING INSTRUCTIONS & GET REWARDED
Consumer and business customers who receive money from abroad and agree to a standing instruction, where Forex converts the foreign currency into ZAR on their behalf, receive up to 50% back in eBucks on their transaction charges
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Imports and exports
We offer import and export solutions to suit your cross-border transactional needs and help protect you from risks while expediting payments.
Open account payments
Ideal for longstanding trading relationships with parties you trust.
Advance payments
When exporting, advance payments are an inexpensive way to trade and it offers you the safety of receiving payment before dispatching the goods.
Trade-related payment methods
Documentary Credit (Letters of Credit), Foreign Bills for Collection and Guarantees.
Hedging instruments
Customer Foreign Currency Accounts (CFC) and Forward Exchange Contracts
Apply for new Letter of Credit applications as well as view or amend existing applications via Business Online Banking.
We offer guidance on selecting Incoterms® rules online. (Incoterms® rules are used to communicate tasks, costs and risks associated with the transportation and delivery of goods.)
Open account payments
Ideal for longstanding trading relationships with parties you trust.
Advance payments
When exporting, advance payments are an inexpensive way to trade and it offers you the safety of receiving payment before dispatching the goods.
Trade-related payment methods
Documentary Credit (Letters of Credit), Foreign Bills for Collection and Guarantees.
Hedging instruments
Customer Foreign Currency Accounts (CFC) and Forward Exchange Contracts
Apply for new Letter of Credit applications as well as view or amend existing applications via Business Online Banking.
We offer guidance on selecting Incoterms® rules online. (Incoterms® rules are used to communicate tasks, costs and risks associated with the transportation and delivery of goods.)
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