South African adults can take up to R11 million out of the country each calendar year by using their foreign exchange allowances.
Once you have decided to move some of your money offshore, you want to maximise your funds. Let Charter Forex help you get a better exchange rate than your bank can offer you, and with no administration fees for transactions over R250,000, we can help you get more dollars, pounds, euros or even pesos for your ZAR.
Options for transferring money out of South Africa
Each calendar year South African’s over the age of 18 can transfer up to R1m for any legal purpose. You do not require a tax clearance certificate to utilise this allowance. Find out more…
Each calendar year you can transfer up to R10m out of South Africa for investment purposes. Tax clearance in terms of foreign investment is required. Find out more…
The Transfer Process
- The Forms: We’ll confirm the nature of your forex payment, and supply you with the necessary foreign exchange information and documentation.
- Sign: Complete and sign these documents, and include a certified copy of your SA ID and proof of residential address for FICA.
- Your SA Account: Once we’ve received your application and FICA documents, we’ll open a bank account in your name with our Authorised Dealer Bank, you then transfer your funds into this account.
*The SARB requires that you hold an account with the bank facilitating your forex transaction.
- Fix a Rate: Once your funds reflect in your bank account with the Authorised Dealer Bank, we will contact you to quote and confirm a conversion rate, ensuring a better rate than the commercial banks.
- Send Money: Upon confirmation of the conversion rate, a trade is completed, your transaction is processed, and your funds are paid into the designated overseas account