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SA Reserve Bank relaxes exchange controls

by Sable International | Jul 03, 2014
  • South Africans will be pleased to know that the Reserve Bank is relaxing some of its exchange controls in a bid to dismantle an archaic exchange control system. In particular, exchange controls around CFC accounts and credit card limits for online purchases have been relaxed.

    Customer Foreign Currency (CFC) accounts 

    The South African Reserve Bank has eased some of its exchange control measures, especially around Customer Foreign Currency accounts (CFCs). This provides a viable opportunity for corporates, who can now purchase and hold currency in CFCs for up to 30 days before they are paid away (one had to previously utilise foreign currency in the CFC account no later than the following working day).

    Credit card limits

    More good news is that global online shopping has been given a major boost. The Reserve Bank have increased credit card usage limits from R20,000 to R50,000 per transaction. Offshore purchases are now considered imports and will not be included in your yearly discretionary allowance. This means that the purchase of, for example, an Apple Mac online, won’t count against your one million Rand allowance. 

    For any more information on these and other relaxations, please contact Andrew Rissik, Director Forex and International Projects, on t: +27 (0) 21 657 2155 or m: +27 (0) 82 4100 290

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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