How we help you transfer money out of South Africa easily
We prepare and submit Reserve Bank applications on behalf of private and corporate clients for any transfers that do not fall into pre-approved allowances. This makes sending money into or out of South Africa as easy as possible.
Most people are aware of exchange control regulations, even if they lack the understanding of the finer details and implications. Due to the complexity of these regulations there is a perception that it is difficult to move money in and out of South Africa.
There is even a widely held misconception that once you have brought money into South Africa it's virtually impossible to get it out again. This, however, is not the case.
There are no limitations as to how much money can be brought into South Africa, but there are limitations on the amount of money that can be transferred out of the Republic. In addition to this, all funds transferred into or out of South Africa must be declared to the Reserve Bank.
What about non-South African citizens?
For non-South Africans, their exchange control status will determine if there are limitations on transferring money out of South Africa that was previously brought in to the country.
A client’s exchange control status is different to their tax status. It is vital for an individual to know their status from the outset so future money transfers can be easily executed.