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HI Arthur
Thanks reply, what amounts u send about and what is the fees about?
And what is a BoP? sorry to ask.
Can this be done with online banking? I bank at FNB atm, but will open a new account at any bank if i must to make it cheapest and user friendly.
PM me ur nr for whatsapp if u dont mind? thx
Thanks reply, what amounts u send about and what is the fees about?
And what is a BoP? sorry to ask.
Can this be done with online banking? I bank at FNB atm, but will open a new account at any bank if i must to make it cheapest and user friendly.
PM me ur nr for whatsapp if u dont mind? thx
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BoP is the shorthand for the Balance of Payment reporting form you have to fill in to legally move forex into or out of SA. There's one for Incoming Funds and one for Outgoing funds. This requirement is imposed on SA banks by the Reserve Bank and it's essentially the mechanism SARB uses to record the type of inward our outward flow of funds.
FNB's list of BoP Codes used to report the transaction.
Yes, you can use FNB to do this online. Log in, click Forex on the top menu, and follow the steps. You will also need to attach/upload documentation to substantiate the reason for the transfer (eg an invoice, or whatever).
I do this twice a month.
Btw, remember that there are different exchange rates, depending on whether you sell Rand (to buy USD, for eg), or buy Rand (eg converting USD to ZAR).
Since you are selling ZAR to buy USD, you will use the Bank Selling Rate. For large sums, don't accept their first quote - always negotiate this with the bank's forex dept. Once you have your transaction number, call the bank's forex dept, speak to a real person, and tell them get a competitive quote from the dealers.
Since you are selling ZAR to buy USD, you will use the Bank Selling Rate. For large sums, don't accept their first quote - always negotiate this with the bank's forex dept. Once you have your transaction number, call the bank's forex dept, speak to a real person, and tell them get a competitive quote from the dealers.
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You can't buy bitcoin in SA?
Why are my spidey senses tingling...
I suspect the 500k limit is the issue. Verification process with Luno will take a couple weeks for that. Plus BitCoin slowness and fees are a little high these days
BitCoin is actually a tad outdated now IMO, but still receiving mainstream ignorance I suspect the 500k limit is the issue. Verification process with Luno will take a couple weeks for that. Plus BitCoin slowness and fees are a little high these days
Im already lvl 3 verified, its UNLIMITED for me.
Inzaghi007
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Paypal?
max $3000 ....
ScottulusMaximus
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1. You're not sending USD to US, you're sending CAD to Canada
2. SWIFT fees will be way more than the difference in the Rand>BTC to USD>BTC
3. You're not going to get SARS permission to move this out
4. Good luck finding the correct BoP code and documents to support the classification.
Not going to work.
2. SWIFT fees will be way more than the difference in the Rand>BTC to USD>BTC
3. You're not going to get SARS permission to move this out
4. Good luck finding the correct BoP code and documents to support the classification.
Not going to work.
It's not illegal to buy Bitcoin or to invest in financial instruments locally or overseas. Neither is it illegal to send money abroad. You don't need SARS approval to send money overseas, though your bank might ask questions and want supporting documentation to ensure that it is compliant. Of course you need to make sure you comply with applicable tax laws, foreign exchange regs, etc. Your annual forex allowance is not a hard cap - it's easy to apply for a variation or increase, with reasons.
ScottulusMaximus
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That's what the BoP code is for. This is reported to SARS, they don't "approve" every transaction but R500k a day will get flagged and then you will need approval to continue.
It's not illegal yes, explaining that to SARS and the bank will be great fun though, he's also going to need documentation which I'm presuming "someone in canada" buying Bitcoin is not going to have.
So I stand by, "not going to work".
No, the BoP has nothing to do with SARS. It's a SARB thing.
ScottulusMaximus
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Sorry yes, I'm talking about SARB not SARS
SauRoNZA
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It worries me when someone is getting ready to process half a million a day and needs to ask these questions.
Also I would be very worried about what SARS is going to say about the money laundering happening in your account from their point of view...
Also I would be very worried about what SARS is going to say about the money laundering happening in your account from their point of view...
who launder money? i buy bitcoin overseas....