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
Money transfers into South Africa
Tax emigration and encashment of retirement annuities and pensions
Tax clearance applications
Inheritance and trust transfers to offshore beneficiaries
Trade finance, 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 (we can assist with this) 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 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 resident, 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. We can help you apply for this certificate from SARB.
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. How much money can I transfer into South Africa?
While there are several limits on sending money out of South Africa, there are no limits as to how much money you can send into South Africa.
5. What methods of payment can I use to transfer the funds to your account?
We accept internet banking payments. You will be supplied with a bank account in your own name to which you will transfer the funds. Proof of payment must be emailed to us at email@example.com, so that we can confirm receipt of payment and allocate your funds for transfer.
6. Are there any hidden charges or receiving bank charges?
Not at all. Our transfers carry a shared swift fee of R250, which ensures that 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 R500 which ensures that all bank charges are paid for. We also make a margin on the exchange rate, which is disclosed and agreed upon up front.
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 "How can we help you?", 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?