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Transferring money out of South Africa, made simple

When you’re looking to transfer money out of South Africa, you deserve the best possible exchange rates, fees and personalised customer service. We offer all of these with every transfer. This ensures that your money transfers are as simple, convenient and cost-effective as possible. Use our currency converter tool to see how much you could be saving with every transfer.

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The rates we display here are mid-market and indicative.
Actual rates will vary depending on your transfer amount.

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)

We make transfers into and out of South Africa easy

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

 

 

Currency risk management and hedging strategies
 

Foreign investment allowance transfers
 

Discretionary allowance transfers *
 

Encashment of Retirement annuity and pension policies
 

Non-resident accounts
 

Money transfers into South Africa
 

Excellent exchange rates and low bank fees
 

Transferring Inheritances to beneficiaries overseas
 

Tax clearance applications
 

Trade finance

 

including foreign investment, gifts, travel, alimony and student fees
 

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 saforex@sableinternational.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 one working day.

If your remittance request exceeds R1 million, we will request a tax clearance certificate and PIN letter.

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 our client account, we will quote you a rate for your transfer. The converted funds will be credited to your nominated overseas account within one to three working days.

3. What are the minimum and maximum amounts that can be transferred?

Our minimum transfer amount is R100,000 when you transfer money online with us. 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 foreign tax clearance certificate. .

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 saforex@sableinternational.com 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?

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, so we can allocate your funds for transfer.

5. What happens when I use internet banking as my preferred payment method?

If you have chosen internet banking as your preferred payment method to transfer money abroad, you will need to complete two stages to effect a transfer. Firstly, you will need to upload your transfer instruction onto our website. This tells us the amount of money, destination to which and date on which you want the funds to be sent. After this, you will have to log in to your internet banking account and transfer the requested amount to the account we have opened for you, using your name and surname as the payment reference.

The appropriate details for your account will appear when you upload your transfer request on our website. We will also email you a confirmation of your account.

6. How can I be sure that my funds will be correctly allocated?

If you are using internet banking, it is imperative that you ensure that your funds will clear under your name and surname. Please notify us on saforex@sableinternational.com once you have made the payment. Following these guidelines will decrease the likelihood of a delay.

7. Are there any hidden charges or receiving bank charges?

Not at all. Our transfers carry a small swift fee of R250. 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 R200 to ensure all potential receiving and intermediary charges are covered upfront.

8. 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.

9. How secure is the site?

Our site uses Secure Socket Layer (SSL) 128-bit encryption to protect your transaction details. This 128-bit encryption is the latest and strongest data encryption technique commercially available for securing information between you, our client, and our website. SSL works by encrypting/scrambling data from our website to your computer.

The data is encrypted on our web server and can only be decrypted/unscrambled by the person with the correct decrypt/unscramble key. You can visually verify our site’s use of SSL in two places: The "s" in "https" in the site’s web address and by the padlock on the left-hand side of the address bar.

 

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Compliance and regulations

We are fully regulated and registered in South Africa, the UK and Australia. In South Africa, we have an FSB licence (FSP licence number 41900). Our Australian Financial Services Licence (AFSL number 335126) was issued by ASIC.To find out about our certifications and security procedures, visit our compliance page

South Africa

Cape Town

Regent Square
Doncaster Road
Kenilworth 7708 +27 (0) 21 657 2120

Durban

201 The Annex
Ridgeside Office Park
Umhlanga +27 (0) 31 536 8843

United Kingdom

London

Castlewood House
77/91 New Oxford Street
WC1A 1DG +44 (0) 20 7759 7514

Croydon

5-7 Selsdon Road
South Croydon
CR2 6PU +44 (0) 20 7759 7581

Australia

Melbourne

9 Yarra Street
South Yarra
VIC 3141 +613 (0) 8651 4500

Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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