Foreign Exchange Regulations
Yes, you can both take advantage of your annual allowances and so a couple can effectively transfer up to R2m per calendar year through their Single Discretionary Allowance, or up to R20m per calendar year through their Foreign Investment Allowance. Note that the funds must be transferred into an account or investment held in the same name as the sending party.
Yes, due to Anti Money Laundering legislation there are some countries that we are not allowed to transfer money to or from due to the perceived risk of these funds being used for illegal purposes. This doesn’t affect transfers to major destinations such as the UK, USA, Australia, New Zealand, Canada, Singapore, Hong Kong etc. If you are unsure if your transfer will be impacted by this, please Contact Us for more information.
As a South African citizen living in South Africa, how much money can I send out of South Africa each year?
Each calendar year, a tax payer in good standing can take money out of South Africa under the following allowances:
- R1 million single discretionary allowance
- R10 million foreign investment allowance
It is possible to invest more than R10 million per calendar year subject to South African Reserve Bank approval which Charter Forex can assist you to obtain.