Transfer money abroad to our most popular destinations
Although we work with many currencies, our most popular destinations are the following.
If you don’t see the currency you want above don’t fret. We transfer to loads of different countries. Check out our currency converter and select the currency you want to exchange to. It’s that easy!
How much money can I transfer out of South Africa?
South Africa has strict foreign exchange controls that allow the South African Reserve Bank to keep track of the outflow and inflow of capital in South Africa. You can transfer a total of R11 million a year using your allowances.
Taxpayers over the age of 18 who are South African residents are eligible for the following allowances:
- R1 million single discretionary allowance (no tax clearance required from SARS)
- R10 million foreign investment allowance (tax clearance required from SARS)
Use an experienced broker to make your South African money transfers
Taking money out of South Africa can be complex; working with exchange control regulations and knowing how much money you can transfer out of South Africa requires expert knowledge and understanding.
We have years of industry experience, facilitating over 140,000 transactions for 60,000 registered clients each year, so we know how to make the process of transferring money internationally as convenient and cost-effective as possible.
We will ensure that your transfers are quick and hassle-free, no matter where you want to send them. What’s more, we will ensure that you remain compliant with South African exchange control regulations throughout any transfers you make.
If you are looking to transfer money out of South Africa and require a Foreign Tax Clearance Certificate, get in touch with one of our experienced brokers who will be happy to assist you through this process.
Our services include
Discretionary allowance transfers up to R1 million*
Investment allowance transfers up to R10 million**
Import and export payments for businesses
Fund transfers into South Africa
Excellent, bank-beating exchange rates
Tax clearance applications
Inheritance and trust transfers to offshore beneficiaries
Currency risk management and hedging strategies
* Including foreign investment, gifts, travel, alimony and student fees
** And larger amounts on special application
Let us answer your questions about transferring money
You may have some questions about transferring your hard-earned money, and we understand. You are right to want to know more about our service before you choose to transfer with us.
Below are the answers to the questions we get asked most regularly.
If you still have questions after reading the FAQs below, you can contact our South African based team on +27 (0) 21 657 2153. If you’d rather keep things online, you can email email@example.com and we’ll help you out.
1. Once registered, how long does it take to activate my account?
As soon as we have received your compliance documents, your account will be activated within 24-48 hours.
If your remittance request exceeds R1 million, you will need to obtain a tax clearance certificate and provide us with a PIN.
2. How long does a transfer take to be processed?
Once we have received all the necessary documentation associated with the transaction and your funds have cleared in your Investec account, we will quote you a rate for your transfer. The converted funds will be credited to your nominated overseas account within two to three working days.
3. What are the minimum and maximum amounts that can be transferred?
Our minimum transfer amount is R100,000 to be able to benefit from our services. As a South African ID book holder, you are able to remit R1 million under your discretionary allowance and an additional R10 million per year with the aid of a tax clearance certificate for foreign investment.
If you are a South African non-resident (this means that you have never been issued with a South African ID book or ID number) there is no limit to the funds that you may remit from South Africa, provided that you can prove the source of the funds. Please contact us on firstname.lastname@example.org for more information.
There are certain benefits to sending larger amounts. To find out more about the benefits of sending larger amounts pop us an email, or give us a call, and tell us how much you’d like to send, and we’ll walk you through the currency conversion process.
4. What methods of payment can I use to transfer the funds to your account?
5. Are there any hidden charges or receiving bank charges?
Not at all. Our transfers carry a shared swift fee of R250, which ensures that only the South African bank charges are covered. When the funds clear in your recipient account the intermediary and receiving bank may charge a bank fee to depending on whom you bank with and this is generally £15. Alternatively, we charge R450 which ensures that all bank charges are paid for.
6. What are the requirements of a registered Money Service Business?
The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reason to believe the money is derived from illegal activity. We will report any suspicious international money transfers to the authorities.
The law also requires us to keep full records of all transactions, together with copies of identification provided. We are unable to process any transaction where this information is withheld. Proof of address and proof of funds may be required in certain cases – please see our “know your customer” guidelines for more information.
Get in touch
Fill in your details below and one of our consultants will be in touch as soon as they are able.
In the section "Tell us about your situation", please include the following information:
Do you have a South African ID?
Do you have a SARS tax number?
What Rand amount would you like to send?
Are you sending money to your own account or a third-party account?