Going to work in Australia

mariusk007

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Feb 18, 2016
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Hi

I am moving to Australia as part of a inter company transfer from south africa to australia. I am still keeping my property in south africa. I will need to pay my bond and levy as my tenant's rent wont cover the whole amount.

How will i be able to transfer money from my new australian bank account into my existing absa account?

Is there any specific documents that i will require to enable this? I currently have a cheque account and credit card at absa.

I just don't want to get in australia and then back in south africa they require me to have visited a branch or provided documentation that i wont be able to submit in person.

Marius
 

cguy

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You should be able to just send a wire - nothing should be required on your receiving account.
 

TooFastTim

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How will i be able to transfer money from my new australian bank account into my existing absa account?

Is there any specific documents that i will require to enable this? I currently have a cheque account and credit card at absa.
No docs are necessary. Its an option in your on-line banking. I have done this. Moving money out of SA is another story altogether. Aus isn't anal about like SA

If your employer is transferring you on a 457 visa be very careful.
 

HavocXphere

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You should be able to just send a wire - nothing should be required on your receiving account.
"wire" is a US concept afaik.

You'll need a swift transfer which will require an action both on the sending and receiving side. In this case receiving is ZA so you'll definitely need to fill in the FX form and you need the outgoing part anyway to trigger the transfer.

Essentially...extra paper work + extra hassle + round 3% financial hit on transfers. It'll work...chill...just extra hassle.
 

cguy

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"wire" is a US concept afaik.

You'll need a swift transfer which will require an action both on the sending and receiving side. In this case receiving is ZA so you'll definitely need to fill in the FX form and you need the outgoing part anyway to trigger the transfer.

Essentially...extra paper work + extra hassle + round 3% financial hit on transfers. It'll work...chill...just extra hassle.
A Swift transfer is a type of wire. US international wires usually uses the Swift protocol (I use swift # to identify the destination bank). AFAIK, none if my recipients have ever needed to do anything on their side (at least to receive the money).
 

HavocXphere

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A Swift transfer is a type of wire.
Semantics. My point is nobody outside of the US calls any kind of transfer a "wire". If you want an umbrella term its electronic fund transfer.

AFAIK, none if my recipients have ever needed to do anything on their side (at least to receive the money).
We're been over this before...and its still SARB rules just like last time. :p Here is a copy paste off capitec site...

According to SARB’s Exchange Control Regulations, any money received from abroad must be declared before it may be credited to your account. The declaration of the money can only be made by the accountholder before the account is credited and not by a third party, so supplementary cardholders or holders of a power of attorney may not make the declaration on behalf of the accountholder.

All clients receiving international payments must ensure that their personal information is up to date on the bank’s records; this includes address information, contact details and permit numbers. The information is compulsory for the Balance of Payments reports and will also reduce delays in processing the inward payments.

In terms of current Exchange Control Rulings, international payments may not be processed without the client’s declaration of the money. The declaration can be done in person or by means of either of the following forms:

Integrated Balance of Payments form for once-off payments
Standing Instruction and Indemnity form for regular payments
 

Swa

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You'll need to fill in the Balance of Payments form for ABSA to accept it. For regular transfers you can do this one time but you'll need to have an idea of the amount and the frequency you'll be transferring it at. You should be able to do it electronically though every time you do a transfer.
 

cguy

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Semantics. My point is nobody outside of the US calls any kind of transfer a "wire". If you want an umbrella term its electronic fund transfer.

We're been over this before...and its still SARB rules just like last time. :p Here is a copy paste off capitec site...
I still can't find anything about it. The SARB site doesn't actually appear to say anything about it as far as I can tell - there's a lot about sending money out of SA, and holding SA securities by non-residents, but that's about it. Obviously, payments have to be declared as income, but what about gifts, or self-transfers? I have literally send hundreds of wires, to about 20+ recipients (FNB, Standard and ABSA accounts), and none of them have ever had to fill in a form. They get a call from the bank, the bank sometimes asks what it's for (if I specify "gift" under "receiving bank instructions", they usually don't even ask that), they say gift, and it's done.
 

Swa

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I still can't find anything about it. The SARB site doesn't actually appear to say anything about it as far as I can tell - there's a lot about sending money out of SA, and holding SA securities by non-residents, but that's about it. Obviously, payments have to be declared as income, but what about gifts, or self-transfers? I have literally send hundreds of wires, to about 20+ recipients (FNB, Standard and ABSA accounts), and none of them have ever had to fill in a form. They get a call from the bank, the bank sometimes asks what it's for (if I specify "gift" under "receiving bank instructions", they usually don't even ask that), they say gift, and it's done.
The bank will ask the recipient to fill in a form. It can't be done by the sender and it also can't be done by someone else they appoint.
 

cguy

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You'll need to fill in the Balance of Payments form for ABSA to accept it. For regular transfers you can do this one time but you'll need to have an idea of the amount and the frequency you'll be transferring it at. You should be able to do it electronically though every time you do a transfer.
BoP forms are to buy foreign (non-Rand) currency. AFICT, these shouldn't be required when sending money to SA.
 

cguy

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The bank will ask the recipient to fill in a form. It can't be done by the sender and it also can't be done by someone else they appoint.
In my (fairly extensive) experience, this has never happened.

My suspicion is that the banks are simply filling them in themselves when they ask for the purpose of the transfer (and when I mark it as "gift" that seems to be sufficient usually, although tehnically, that would be the sender doing it).
 
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Swa

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BoP forms are to buy foreign (non-Rand) currency. AFICT, these shouldn't be required when sending money to SA.
In my (fairly extensive) experience, this has never happened.

My suspicion is that the banks are simply filling them in themselves when they ask for the purpose of the transfer (and when I mark it as "gift" that seems to be sufficient usually, although tehnically, that would be the sender doing it).
It's for both receiving and sending money. I don't know how you get around it but the banks usually ask the recipient to fill them in.
 

HavocXphere

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I still can't find anything about it. The SARB site doesn't actually appear to say anything about it as far as I can tell - there's a lot about sending money out of SA, and holding SA securities by non-residents, but that's about it. Obviously, payments have to be declared as income, but what about gifts, or self-transfers? I have literally send hundreds of wires, to about 20+ recipients (FNB, Standard and ABSA accounts), and none of them have ever had to fill in a form. They get a call from the bank, the bank sometimes asks what it's for (if I specify "gift" under "receiving bank instructions", they usually don't even ask that), they say gift, and it's done.
omg...fine.

EXCHANGE CONTROL REGULATIONS, 1961
ACQUISITION BY THE TREASURY OF FOREIGN CURRENCY
6. (1) Every person resident in the Republic who becomes entitled to sell or to procure the sale
of any foreign currency, shall within thirty days after becoming so entitled, make or
cause to be made, a declaration in writing of such foreign currency to the Treasury or to
an authorised dealer.
(2) Every person resident in the Republic who becomes entitled to assign or to procure the
assignment of any right to receive outside the Republic, in respect of any credit or of any
balance at a bank, payment of any amount in a foreign currency shall, within thirty days
after becoming so entitled, make or cause to be made, a declaration in writing of such
right to the Treasury or to an authorised dealer.
And yeah its even for self-transfers....much to my annoyance. Some banks just seem more lax about these things.
 

cguy

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omg...fine.

EXCHANGE CONTROL REGULATIONS, 1961


And yeah its even for self-transfers....much to my annoyance. Some banks just seem more lax about these things.
I'm not "resident in the republic", so are you sure about self transfers (OP should be in same boat)? Gifts to other's I can see now. Only possible semantic ambiguity is that the currency may be converted on send, rather than receipt (I choose to "send in Rands", and the exchange rate is decided before I even confirm the transfer), in which case the recipient may never actually be selling dollars.
 
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dmw

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Whenever the wife and I have been working overseas, we have sent money back to our account with Standard Bank.
Wherever possible, we have got the bank in the country we were in to convert the amount we were sending into rands to save paying some of the charges once it hit our S.A. account. Been a while but i think Standard Bank still got their grubby mitts on some of our money by charging us a handling charge or something like that.

Once we had put the transfer into motion, we then sent a email to Standard Bank telling them to expect a transfer and declared where we got the money from. Never been a problem but not sure what ABSA requires. It shouldn't be much different.
 
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