Use an experienced broker to make your South African money transfers
Getting money into South Africa can be complex. You need to operate within exchange control regulations. Knowing how to best transfer money into South Africa requires expert knowledge and understanding.
We have years of industry experience, and three forex brokerages in South Africa alone. Our teams in Johannesburg, Cape Town, Durban, Melbourne and London facilitate 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 are sending them from. With us you will always be compliant with South African Reserve Bank exchange control regulations.
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.