FREQUENTLY ASKED QUESTIONS

WHAT IS THE PURPOSE OF EXCHANGE CONTROL?

Exchange controls are government-imposed limitations on the purchase and/or sale of currencies. These controls allow countries to better stabilize their economies by limiting in-flows and out-flows of currency, which can create exchange rate volatility.

IS THE 2.5% FOREX CHARGE FOR MONEY TRANSFERS TAXABLE?

The forex charge itself may not be taxable, however, the money being transferred which results in the charge may be taxable.

WHAT IS THE PURPOSE OF EXCHANGE CONTROL?

IS THE 2.5% FOREX CHARGE FOR MONEY TRANSFERS TAXABLE?

Exchange controls are government-imposed limitations on the purchase and/or sale of currencies. These controls allow countries to better stabilize their economies by limiting in-flows and out-flows of currency, which can create exchange rate volatility.

The forex charge itself may not be taxable, however, the money being transferred which results in the charge may be taxable.

IS IT BETTER TO TAKE CASH OR A TRAVEL CARD WHEN TRAVELLING ABROAD?

Our unique service offering enables you to enjoy the benefits of both.

HOW MUCH MONEY AM I ALLOWED TO INVEST OFFSHORE PER CALENDAR YEAR?

R11 000 000 we are also equipped to assist in applying through SARS to increase your investment allowance limit.

IS IT BETTER TO TAKE CASH OR A TRAVEL CARD WHEN TRAVELLING ABROAD?

HOW MUCH MONEY AM I ALLOWED TO INVEST OFFSHORE PER CALENDAR YEAR?

 Our unique service offering enables you to enjoy the benefits of both.

R11 000 000 we are also equipped to assist in applying through SARS to increase your investment allowance limit.

WILL I BE ABLE TO OPEN AN ACCOUNT IN SOUTH AFRICA AND MAURITIUS WITHOUT PHYSICALLY VISITING A BANK?

Yes certainly, we ensure all FICA and legal requirements are met, as well as complete all the paperwork on your behalf.

CAN NON-RESIDENTS OPEN AN ACCOUNT IN SOUTH AFRICA?

Absolutely, we assist in opening nonresident accounts.

WILL I BE ABLE TO OPEN AN ACCOUNT IN SOUTH AFRICA AND MAURITIUS WITHOUT PHYSICALLY VISITING A BANK?

CAN NON-RESIDENTS OPEN AN ACCOUNT IN SOUTH AFRICA?

Yes certainly, we ensure all FICA and legal requirements are met, as well as complete all the paperwork on your behalf.

Absolutely, we assist in opening nonresident accounts.

WHAT IS THE MAXIMUM AMOUNT OF CASH (BOTH RAND AND FOREIGN CURRENCY) CAN BE INTRODUCED INTO SOUTH AFRICA?

There is no limits of funds being introduced into South Africa as long as the origin of funds are declared to SARB.

WHEN PURCHASING AIRLINE TICKETS INTERNATIONALLY USING MY CREDIT CARD, DOES IT AFFECT MY TRAVEL ALLOWANCE?

Yes, international payments made utilizing your credit card form part of your Single Discretionary Allowance (SDA).

WHAT IS THE MAXIMUM AMOUNT OF CASH (BOTH RAND AND FOREIGN CURRENCY) THAT CAN BE INTRODUCED INTO SOUTH AFRICA?

WHEN PURCHASING AIRLINE TICKETS INTERNATIONALLY USING MY CREDIT CARD, DOES IT AFFECT MY TRAVEL ALLOWANCE?

There are no limits of funds being introduced into South Africa as long as the origin of funds are declared to SARB.

Yes, international payments made utilizing your credit card form part of your Single Discretionary Allowance (SDA).

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