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Incompass Financial Solutions
Authorised Financial Service Provider
Graphic Centre, 2nd Floor
199 Loop Street
Cape Town, 8001 - South Africa

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Ph: +27 (0) 21 424 2936
Fax: +27 (0) 86 568 2086

Personal Allowances for South Africans Transferring Money Abroad

personal allowances for south africans transferring money abroadDue to South Africa's exchange control regulations, you must be aware of the personal allowances for South Africans transferring money abroad.

Whilst in theory there are no longer any limits to what money you can transfer abroad as a South African, there are various processes that apply depending on the amount you wish to transfer.

A summary of Personal Allowances for South Africans Transferring Money Abroad

Children's Travel Allowance (under 18's)

ZAR200,000 per calendar year

Requirements:
Unabridged birth certificate
Travel ticket declaration

Single Discretionary Travel Allowance

ZAR1,000,000 per calendar year

Requirements:
Bar coded SA ID book
Income tax number declaration

Capital Allowance

ZAR10,000,000 per calendar year

Requirements:
Bar coded SA ID book
Tax clearance certificate in respect of foreign investment

Transfers in excess of capital allowance

ZAR10,000,000 plus per calendar year

Requirements:
Special reserve bank clearance

Avoiding penalties

The allowances may look simple and easy to understand but a surprisingly large number of people fall foul of the rules, resulting in penalties of up to 100% of the transgression. In other words you can be fined as much as 100% of the amount you exceeded the single discretionary allowance by.

Transgressions are mostly born through a failure to take into account overseas expenditure that people do not realise form part of their single discretionary allowance.

This can be payments for flights with overseas airlines, cash withdrawals or credit card expenditure overseas, or even a simple AirBnB booking.

All these items, and others, need to come off your single discretionary allowance.

Getting it right

At Incompass we provide you with market leading rates and we charge no service fees (for transfers over R50,000).

But what distinguishes us from our industry competitors is our knowledge and service. We don't just provide a simple money transfer service, we also provide systems, processes and advice - a fact born out of being South Africa's only money transfer company to be accredited with ISO 9001 and 27001.

Trusted

Our guarantees

  • Market leading forex rates.
  • No administration fees.
  • ISO 9001 accredited service levels.
  • ISO 27001 accredited security levels.
  • 100% transparency on all money transfers.
  • Tailored services to meet  your money transfer needs.
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Phone: +27 (0) 21 424 2936

Fax: +27 (0) 86 568 2086

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