Personal Allowances for South Africans Transferring Money Abroad
Due 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
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.
- 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.