International Transfers?

G

guest2013-1

guest
Joined
Aug 22, 2003
Messages
19,800
Reaction score
13
Hi,

Transferred via money order to my bank account in SA (around R22000) and everything went through fine. I transferred another R88 000 into my friends account and he had to sign something at the bank before he got the money?

Why is that? Is there some kind of limit? I want to send myself around R160 000 in the next few months, but obviously I won't be in the country at that time so unable to sign anything!

Any information would prove helpful
 
I know for a fact you're limited in the amount of money you may leave the country with. I'm sure there exists a limit for transfers, per year or whatever. If there wasn't a limit it would allow unregulated forex trading, or not?
 
Yes but why allow my measily 22k through and not my friend's 88k? (He did some work for our company)
 
You'll need to call your bank and tell them you are sending the cash and ask what the procedure is. Otherwise it gets held and not cleared. They say it's an anti-fraud thing.
 
Waaib said:
You'll need to call your bank and tell them you are sending the cash and ask what the procedure is. Otherwise it gets held and not cleared. They say it's an anti-fraud thing.
Click to expand...

Sounds more like an excuse. Maybe they're snitching for SARS or something!
 
There isn't a limit on how much you're allowed to bring into the country, but they might well want to know where it's coming from.
 
Yea, I'm trying to determine what the limit is they flag as being suspicious and then want to ask questions. Like I said, 22k went in fine, 88k is too much, what is the limit to which they feel they need to make you sign something stating what the money is for...
 
Anything less than R 5 mill is no problem.

The moment you want to take more than R 5 mill out of SA you have problems. I guess every country has their own rules. But now with all this money laundering and so forth. Would prob be best to phone your local SA bank just to be sure.
 
The limit is usually R500,000 per year for sending money out of South Africa. You can apply to increase it. I know that every time I send a larger amount of money (R50k+) out I do have to sign a form at the bank requesting them to authorize increasing my yearly limit by this value. I'm not entirely sure how it works for incoming transfers, I have sent US$ to my South African accounts without having to sign any paperwork on the South African side.
 
Last edited:
The limit is R50k incoming before you are required to complete a Reserve Bank Balance of Payments form indicating the source & details of the funds
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X