Tips on moving Money Into South Africa
Moving money into South Africa or anywhere else in the world for that matter comes as a result of various factors which may include but is not limited to immigration, starting a business or investing. If you wish to bring monies into SA you have to ensure that all your taxes are declared within your country before coming to SA.
The Exchange Control Legislation of South Africa controls foreign currency reserves, accruals and spending of these monies whether coming in or out of the country. Therefore everything related to these monies will have to meet the regulations as per the Exchange Control Legislation.
Getting financial stability and freedom
When you decide to relocate to South Africa from another country, you can apply for a permanent residence provided you have adequate funds to do so. This means you do not need to be employed in the country or be studying in order to legally reside in SA. When moving money into South Africa based on obtaining a permanent residence you will need to have R12,000,000 in order to be financially independent as well as may undergo a qualification criteria check.
Easy money transfer between international and local SA banks
Another means of conveniently moving money into South Africa include making use of inward and outward international transfers. This method of payment can be used to send funds overseas between banks where the process will be authenticated as well. It can also be used to pay for investments, gifts and work compensation and on average the time frame to receive funds will be around 2 working days; however, this may differ from bank to bank.
In most cases with local South African banks, once funds have been transferred from a bank overseas to one in SA, you will receive a notification and will have 30 days to convert the foreign currency to the local Rand. In most cases if the funds aren’t exchanged within the 30 day window, the funds will be returned to the sender.