Forex trading - USDZAR

Snyper564 said:
Urgh... Maybe I'm just unlucky with the timing has been kek lately...
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Not to hijack the tread, but the approval lasts for a year and the SARS clock resets mid Jan so we can use this for 2 years transfers?
 
yogidabear said:
Not to hijack the tread, but the approval lasts for a year and the SARS clock resets mid Jan so we can use this for 2 years transfers?
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It's very relevant.

But let me explain.

Let's assume you get an approval for 10m 1jan

You use 9m this year you cna use the balance of 1m next year.

Also you can only apply again Jan 01 next once your 10m has been approved in this year.

But you cannot exceed 10m use under an AIT in one year. This is after 1m sda has been used.

To exceed this you need sarb approval.

Also if you happen to sneak past sarb can halt all fx transactions on all your sa bank accounts.
 
Snyper564 said:
It's very relevant.

But let me explain.

Let's assume you get an approval for 10m 1jan

You use 9m this year you cna use the balance of 1m next year.

Also you can only apply again Jan 01 next once your 10m has been approved in this year.

But you cannot exceed 10m use under an AIT in one year. This is after 1m sda has been used.

To exceed this you need sarb approval.

Also if you happen to sneak past sarb can halt all fx transactions on all your sa bank accounts.
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I think we derailing this but sorry..... So my approval is 28 May and SARS rests mid Jan not the 1st. Can I do 6M now and 6M in April 2025? Why would I need an additional clearance as they expired I did not?
 
yogidabear said:
I think we derailing this but sorry..... So my approval is 28 May and SARS rests mid Jan not the 1st. Can I do 6M now and 6M in April 2025? Why would I need an additional clearance as they expired I did not?
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As long as you don't exceed 10m under an AIT and there is a balance left on a valid AIT you can use it next year again for the remaining balance.
 
Snyper564 said:
As long as you don't exceed 10m under an AIT and there is a balance left on a valid AIT you can use it next year again for the remaining balance.
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Thats unfortunate as I thought you could do 10M now and the next "year" after mid Jan you could do another 10M, as why would you get another AIT if yours was still valid? If you not sure no worries will check, but seemed to be redundant asking again.
 
yogidabear said:
Thats unfortunate as I thought you could do 10M now and the next "year" after mid Jan you could do another 10M, as why would you get another AIT if yours was still valid? If you not sure no worries will check, but seemed to be redundant asking again.
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Hold on. I think we talking past each other.

Your ability to get an approval for another 10m resets the actual ait you were granted does not reset. You can only ever use that for the amount approved even if it's over two years. Hope that's clear.
 
Snyper564 said:
Hold on. I think we talking past each other.

Your ability to get an approval for another 10m resets the actual ait you were granted does not reset. You can only ever use that for the amount approved even if it's over two years. Hope that's clear.
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You and I need a room so sorry again... The AIT does not have an amount meaning it could be 2M

It just says you can do up to 10M a year - from mid Jan to mid Jan

So why would you need to apply for another AIT if you want to do another 10M?
 
yogidabear said:
You and I need a room so sorry again... The AIT does not have an amount meaning it could be 2M

It just says you can do up to 10M a year - from mid Jan to mid Jan

So why would you need to apply for another AIT if you want to do another 10M?
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This is relevant to anyone reading this thread.

The AIT def has an amount that its approved for.

Sars will only approve a 10m ait if you have 10m "liquid" assets otherwise you need multiple aits to make up 10m

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Marry a foreigner that you can trust. Transfer the money to them, let them simply transfer it out of SA.

SARB has so many technicalities.

Think of it like Shawshank Redemption, and thats what good lawyers and bankers do.
 
Corelli said:
Marry a foreigner that you can trust. Transfer the money to them, let them simply transfer it out of SA.

SARB has so many technicalities.

Think of it like Shawshank Redemption, and thats what good lawyers and bankers do.
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And how are you going to transfer the money to the foreigner without the necessary SARB clearance?
 
JayM said:
As I understand it, it's not legal to send ZAR outside SA. But is it legal to trade forex pairs involving the Rand if you are an SA resident?

I've got a few million in SA waiting for excon approval to send out and want to hedge my position using my brokerage account in case president Zuma or something like that wrecks the ZAR even further.
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Send the money to VALR and buy USDT while you wait. If you don't have a VALR account let me know and I'll send you a referral code (which gives a little discount on their fees).
 
Speedster said:
Send the money to VALR and buy USDT while you wait. If you don't have a VALR account let me know and I'll send you a referral code (which gives a little discount on their fees).
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Likely your best option then sell the usdt your approvals are complete. You gonna pay a small 1-2% prem now then you can just hold it.
 
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