How do I obtain a tax clearance certificate?

A tax clearance certificate (in respect of foreign investment) is only required if you wish to utilise your Foreign Investment Allowance, ie if you want to send more than R1 million per calendar year.  Obtaining a tax clearance certificate is a straightforward process which you can do yourself through SARS eFiling, or your accountant may … Read more

Can my husband or wife transfer money too?

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 … Read more

Are there any countries you can’t transfer to or from?

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.  … Read more

What information do I need to provide for where the funds are going?

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).

I want to buy a property abroad, how can I do it?

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 … Read more

What is a tax clearance certificate and when do I need one?

A tax clearance certificate is issued by SARS confirming that the applicant’s tax affairs are in order.  A tax clearance certificate (in respect of foreign investment) is required if you wish to take advantage of the R10m foreign investment allowance.  It is not required if you only wish to transfer funds under the R1m single … Read more

How long does it take to transfer funds through Charter Forex?

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 … Read more

How much does it cost to transfer funds through Charter Forex?

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