In order for funds to arrive in the correct account it is imperative that you provide the full and correct account details. The information required is: name of account holder, address of account holder, name of bank, address of bank, SWIFT code for bank and/or sort code, IBAN (international bank account number).
Each currency has a buy and a sell rate. The midrate is simply the average of the two and is used for indicative purposes only (it is the rate that you see when you Google the exchange rate, or on the ticker at the bottom of this page). If you are purchasing foreign currency (ie converting rands into another currency), then the rate you obtain will be a “sell” rate for rands. If you are selling another currency to convert into rands then you will obtain the “buy” rate for rands.
You can purchase property abroad using your R1m single discretionary allowance and/or your R10m foreign investment allowance. Note if your property will cost more than R11m, then you can either apply for special permission to send more than R11m, or you may be able to structure the transaction so that the payment is made over two calendar years.
Approximately 5 to 7 working days after receipt of all documents. Depending on your exact circumstances, it will generally take around 5 to 7 working days for us to register you as a client, open your account with our Authorised Dealer Bank, fix an exchange rate, complete the transfer and for the funds to arrive into the destination account. Please note that should South African Reserve Bank approval be required for your transaction (for example if you wish to transfer more than R11m in one calendar year, or if all required information is unable to be provided), then the timeframe will be significantly longer as SARB approval can take around 4-6 weeks to obtain.
If you are transferring R250,000 or more, there are no administration fees.
For transactions below R250,000 we charge the following administration fees:
- Transaction value 0 to R100,000 – fee of R250
- R100,001 to R200,000 – fee of R200
- R200,001 to R249,999 – fee of R150