Sending money to South Africa when immigrating
- Ensuring the lowest charges
- Obtaining the best rates
- Accessing personalised service
- Preventing issues about repatriation of funds at a alter date (transferring money out of South Africa)
Money Transfer to South Africa – Process
Transferring money to South Africa – Options
- Bank – banks are less utilised for money transfers in many countries due their set charging, low exchange rates and their continual lack of service. They continue to be the ‘non-choice’ as they are often perceived as irritating.
- Specialised currency companies – utilising the services of a specialist currency company greatly increases your changes of benefiting from no fees, better exchange rates and indeed a more personalised and focused service. There a number of options when it comes to selecting your currency expert. This is by far our recommended option.
- Using the services of a currency company based outside of South Africa to transfer money to South Africa – great care should be taken when employing the services of a currency provider outside of South Africa. Whilst they may well offer lower fees and better exchange rates than the banks do, it may well be that they have little knowledge of South Africa’s exchange control regulations. It will only be later on that the impact of this is shown should you try to repatriate (transfer money out) of South Africa. (An example of this was a client who had brought in some 8 million Rand to South Africa. The transfer went via a UK currency company and was deposited into his South African lawyers trust account. Only a number of years later, when wishing go transfer the funds back out of South Africa, was it discovered the transfer in had been registered as for ‘service fees’ and not for its real purpose, house purchase. As it was for fees and not investment (house purchase) the money transfer out of South Africa was denied. In this case, a currency company based within South Africa was able to assist the client after many weeks of proving the real purpose of the initial transfer.)
- Using the services of a specialist currency company with a base in South Africa – In utilising our services you will access an expert service at no fees and very competitive exchange rates. Piece of mind is given with the knowledge that we are fully aware of the implications of exchange control and ensure that all transactions of money being transferred into South Africa complies with exchange control regulations. We view transfers into South Africa, may at some stage, have to be transferred back out of South Africa. In addition we operate our money transfer service via Investec and Currencies Direct. This provides you, the client, with two potential transfer options. The first method secures the exchange rates prior to you committing to any transfer of funds. The second allows you to transfer euros, dollars and pounds to our client holding account. A period of 30 days is then given in which to transfer the amount into rands. Should the rate not be to your liking within this 30 days the money is returned to its original transferring source.
Money Transfers to and from South Africa - here's how:
- Foreign exchange regulations in South Africa 03-01-2011
- Essential money transfer advice for all transactions 02-01-2011
- Exchange control relaxed in South Africa 28-10-2010