Getting money back into SA

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refuogee

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There was a thread about this but its old and things have changed.

My question is this, if I were to teach English overseas and get paid there (most companies pay into a local bank account - let's just assume they wouldn't pay into SA account or even if they pay cash) how would I transfer the money back to SA and what costs are expected?

Paypal is an option but what costs are there also do I have to declare the money - I've heard banks will ask, now can I just say I earned it or will that come with them needing tax / employment information?

One of the many money send options? Western Digital / Moneygram etc What are the deals here?

Straight transfer either from the bank account I setup or possibly them sending it from theirs as the payment option. Will my bank account ask questions?

Finally what if I opened a version of Satrix somewhere in the world and say bought ETFs, could I then easily sell these back into my local bank account? I know from my experience with Satrix I have a local account associated so that might be a stumbling block, ie the bank account I use to set the account up with might be the account I need to pay the money back into if I sell whatever stocks / trusts I have earned etc.

Any other advice? I am not looking to break any tax rules or anything, I doubt I would earn more than the million bracket anyway but anything I should be aware of or look at? Say buying a boat and selling it here :D etc.

Thank you so much for you help!!
 
refuogee said:
There was a thread about this but its old and things have changed.

My question is this, if I were to teach English overseas and get paid there (most companies pay into a local bank account - let's just assume they wouldn't pay into SA account or even if they pay cash) how would I transfer the money back to SA and what costs are expected?

Paypal is an option but what costs are there also do I have to declare the money - I've heard banks will ask, now can I just say I earned it or will that come with them needing tax / employment information?

One of the many money send options? Western Digital / Moneygram etc What are the deals here?

Straight transfer either from the bank account I setup or possibly them sending it from theirs as the payment option. Will my bank account ask questions?

Finally what if I opened a version of Satrix somewhere in the world and say bought ETFs, could I then easily sell these back into my local bank account? I know from my experience with Satrix I have a local account associated so that might be a stumbling block, ie the bank account I use to set the account up with might be the account I need to pay the money back into if I sell whatever stocks / trusts I have earned etc.

Any other advice? I am not looking to break any tax rules or anything, I doubt I would earn more than the million bracket anyway but anything I should be aware of or look at? Say buying a boat and selling it here :D etc.

Thank you so much for you help!!
Click to expand...

Easy, Register with Luno, setup your account and link to a bank account in SA.
Then buy BTC or ETH, send it to your Luno wallet and then withdraw to your linked bank account.

Ive transferred 25k overnight like this from UK to SA, next day money was in my account.
 
Join said:
Easy, Register with Luno, setup your account and link to a bank account in SA.
Then buy BTC or ETH, send it to your Luno wallet and then withdraw to your linked bank account.

Ive transferred 25k overnight like this from UK to SA, next day money was in my account.
Click to expand...

That does sound good if I'm able to link the bank account with Luno in whatever country I end up in, will keep this in mind.

Thank you.
 
luno idea is the best, just keep in mind, their restrictions, of 50K per month for LVL 2 verified people.
if you go up to LVL 3 then its unlimited, but then, yes sars might just ask how you got this money.

another idea, gold coins? or jewellery? and resell here?
 
eg2505 said:
luno idea is the best, just keep in mind, their restrictions, of 50K per month for LVL 2 verified people.
if you go up to LVL 3 then its unlimited, but then, yes sars might just ask how you got this money.

another idea, gold coins? or jewellery? and resell here?
Click to expand...

only after lvl 3, but there is a couple of ways. Or make use of crypto cards.

https://wirexapp.com/card/
https://cryptopay.me/bitcoin-debit-card
https://bitpay.com/card/

There are many ways not to pay Zupta. The less the better ;)
 
I'd use a Forex broker for larger amounts, and direct swift for smaller. Lots of countries let you make your own swift payments from within internet banking.
 
When I came back to SA I had to purchase a car. Transferred 85k into my SA account from abroad and no questions were asked.

Transferring money from here back to there however requires SARS consent.
 
Do a swift wire transfer that costs $30-$100 or pay the money directly to your bank via the credit card number 3%.

There is no need to buy risky bitcoin or fo fancy things. The banks just need your word for it and won't request payslips.
 
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