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People transfer money to South Africa across borders for a variety of reasons. You may have family in another country, and need to send money to South Africa to them. Or you may be making an overseas investment. It is also possible that you are trying to make a transfer as part of a business transaction.
Whatever the reason, however, you need to be aware that taking money into or out of South Africa involves following due procedure. The transfer of money into and out of South Africa is governed by exchange control legislation, which changes from time to time but which has as its basic principle the prevention of large sums of money leaving the country, in order to protect the domestic South African economy.
This does not mean that it is impossible to get money out of the country, and you shouldn’t have any fears about moving funds into South Africa. But it does mean that you have to stick to what the law wants you to do. Failure to follow the law when making your transfer could make things very difficult for you at a later stage.
At MoneyTransferSouthAfrica.org, you’ll find full information on obtaining tax clearances, South African Reserve Bank clearance, and also advice on making personal transfers and business transfers. Take a look, and if you can’t find what you’re looking for, feel free to get in touch with us.