Forex: Transferring salary from FNB account to EU account

Slingshot

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I'm currently working remotely from Ireland for an SA company. My salary is paid into my FNB account. I would like to transfer the money over to my EU bank account using FNB's forex option.

1) FNB asks for the applicant's address. When I enter my Ireland address, it won't accept the code in the postal code field. I don't have an address in SA anymore. What should I enter here?
2) Which BOP code should I use? Does the salary fall under my annual discretionary allowance, using code 512 - 04?
3) Is there a better way of transferring my salary over every month, using a trusted financial institution?
 

JayM

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The postal code shouldn't matter. You can only use discretionary allowance up to R1M/year, so if you're under use that.

Are you tax resident in both countries? Is the SA company deducting PAYE?
 

Slingshot

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I looked at the option of paying tax in Ireland instead of SA, but the company will then need to register in Ireland for PAYE and do monthly PAYE payments to Ireland Revenue, which is a mission for just one employee. So for now the company is deducting PAYE in SA.
I'm in the process of registering at Ireland Revenue for tax purposes.
 

Zukat

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2) Which BOP code should I use? Does the salary fall under my annual discretionary allowance, using code 512 - 04?
If you havent financially emigrated, from SARB perspective you are considered as SA resident temporarily abroad, so you shouldnt be transferring your salary abroad, but get paid in your country of current residence. The BOP category you are refering to above will be classified as an offshore investment and it will be reported to SARS as such, you have R1mil per annum as discretionary allowance.
 

surface

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I don't have an address in SA anymore
I hope that at least FNB has some way of contacting you (email / phone). I am almost certain that you are supposed to keep them updated with latest address as per FICA.
 

Slingshot

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I hope that at least FNB has some way of contacting you (email / phone). I am almost certain that you are supposed to keep them updated with latest address as per FICA.
Yes they do, they have my latest contact details.
 

S1ght

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I'm currently working remotely from Ireland for an SA company. My salary is paid into my FNB account. I would like to transfer the money over to my EU bank account using FNB's forex option.

1) FNB asks for the applicant's address. When I enter my Ireland address, it won't accept the code in the postal code field. I don't have an address in SA anymore. What should I enter here?
2) Which BOP code should I use? Does the salary fall under my annual discretionary allowance, using code 512 - 04?
3) Is there a better way of transferring my salary over every month, using a trusted financial institution?
Have you taken a look at TransferWise? I've used it to send money out of the EU quite a few times. It works pretty well and the rates are pretty good :)
 

Slingshot

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Have you taken a look at TransferWise? I've used it to send money out of the EU quite a few times. It works pretty well and the rates are pretty good :)
I had a look but don't see ZAR option on their website.
 

J-10-M

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Slingshot - My recommendation would be (since you are based in the EU) to download one of the Digital banking apps, you can simply top it up with ZAR and then convert it (to most currencies) at mid-market rates on the app.

Once that is done you can use it on that card or transfer it out.

This is only possible if you are based in EU - and allowed to be in the EU (bank setup requires some doc's)

The App I use is Revolut:
https://www.revolut.com/

I am sure there are a few others in the market too.
 

Slingshot

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Slingshot - My recommendation would be (since you are based in the EU) to download one of the Digital banking apps, you can simply top it up with ZAR and then convert it (to most currencies) at mid-market rates on the app.

Once that is done you can use it on that card or transfer it out.

This is only possible if you are based in EU - and allowed to be in the EU (bank setup requires some doc's)

The App I use is Revolut:
https://www.revolut.com/

I am sure there are a few others in the market too.
I do have a Revolut account, recently opened. I didn't consider this option but it makes sense. I'll look into it and see how much I get out this way. Thanks!
 

backstreetboy

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The only option I see is to send to ZAR, not from ZAR to other currency. In your link it also states "sending to South African Rand". I need to do it the other way around.
Just open an global FNB account? Why muck about with a 3rd party.
 

MarcDD

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I've had the same issue with Transferwise, they don't accept ZAR account funding
The only option I see is to send to ZAR, not from ZAR to other currency. In your link it also states "sending to South African Rand". I need to do it the other way around.
 
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