SARB softens exchange control rules: What it means for offshore transfers

If you’ve ever tried to send money out of South Africa, you’ll know that exchange control can feel a bit like trying to get your grandmother to use WhatsApp: possible, but only after a few deep breaths and a cup of tea.

Thankfully, Exchange Control Circular No. 1/2026 has just arrived – and it comes with a small but very welcome dose of sanity.

So, what’s the big news?

In short: You can now make certain current transfers above your R1 million Single Discretionary Allowance without needing a SARS AIT pin.

Of course, this doesn’t mean SARB has thrown the rulebook out the window (we checked – it’s still firmly attached), but it does mean the process is smoother for everyday, once-off, legitimate current transfers.

Let’s break it down

Current transfers get a glow-up

Sending a gift to family overseas? Supporting a child studying abroad? Making a once-off personal payment? These are current transfers – the everyday, non-investment stuff.

Under the new circular, these can now be approved without a SARS Approval International Transfer (AIT) pin, even if they exceed your R1 million SDA. SARB’s FinSurv will look at them case by case, but the automatic TCS requirement is gone.

This is great news for clients, and even better news for the poor souls who used to spend half their day chasing SARS pins.

Capital transfers still mean business

Thinking of investing offshore? Moving savings? Externalising assets? Sorry – the taxman still wants to see your AIT pin. Circular No. 1/2026 didn’t touch the capital transfer rules.
(We read the fine print so you don’t have to.)

Banks still need to do their homework

Authorised Dealers now need to:

• Check the legitimacy of the transfer
• Motivate it correctly
• Report it under the right Balance of Payments category

Lucky for you, we know those categories like we know our morning coffee order.

Why should you care?

Because this circular means:

• Less admin
• Faster processing
• No SARS detour for certain high-value payments
• More flexibility for clients making legitimate current transfers

And most importantly… because the rules just got trickier – and that’s exactly when you want experts like Sable International FX on your side.

Where Sable International FX comes in

We specialise in navigating foreign exchange regulations, partnering with clients who want things done right, fast and without surprises.

With a deep understanding of:

• Exchange control
• Cross-border structuring
• SARB/Finsurv approvals
• Offshore payments
• SDA vs AIT vs Current transfers
• And every nuance in between

We make sure your money leaves SA smoothly, legally, and without stress.

Think of us as your Exchange Control translators.
SARB speaks fluent regulation.
We speak fluent human.

Sable International FX – because when SARB changes the rules, you want the people who read the fine print first.

Need help with a transfer? Confused about whether your payment is “current” or “capital”? Let us take it off your hands. Get in contact with us at [email protected] or give us a call on +27 (0) 21 657 2160.