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Sign up with GoogleTransfers out of the country
- Thread starter goofball
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- foreign currency forex money
I'm not sure on the maximum amount but I know you have to declare the money to the SARB in order to ensure its not money laundering. You can't simply transfer money out of the country because you feel like it.
You will pay a heavy fee for transferring money out of the country. Its usually based on the amount you transfer out but has a minimum of like R200 or something no matter what.
Investec (where I bank) charges a minimum of R300 and a maximum of R800 for outward transfers. The amount is calculated at 0.50% of the amount being transferred. If I wish not to pay bank charges on the receiving end, a further R150 is applicable.
Each bank is different though so you will have to find out from your specific bank.
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R800 does not sound too bad at all. It looks like FNB is maximum R660 if i look at this:
https://www.fnb.co.za/downloads/pricing-guide/2012/FNB_Personal_Pricing_2012_Retail_Forex.pdf
I have no problem showing SARS i am moving money as everything is legit. I cant see that they can make me pay for that though as it is my own savings and already pay tax on my salary or am i maybe missing something?
Gone are the days of heavy exchange control. You can transfer R1m per calendar year. Or R4m per year for investment purposes. That not enough? Then you shouldn't be asking here, but your private banker 
Either way, transferring as much as you can each time is key, as the fees will kill you if you transfer a little at a time.
Either way, transferring as much as you can each time is key, as the fees will kill you if you transfer a little at a time.
SARB = South African Reserve Bank. Wasn't a typo.
SARS has nothing to do with transferring money out of the country, as long as you have paid your tax and have declared everything. If you are making a donation, donations tax does come into play.
If I am reading FNB charges correct, there is a flat fee for Swift charge AND ZAR fee as well as a commission charge so the maximum you will pay is R860. Again, you also have to take into account the charges you will pay abroad for receiving the transfer as I do not see an option on the page to bear all bank charges and thus pay nothing abroad. You will most likely pay around R1,000 in total by the sounds of things.
Ah sorry! I read too fast.
I will be transferring the money to my wife's overseas account. It's relocating money for us as we are moving abroad.
Will that then just be the normal charges or is there something I should know?
Assume you want to know the illegal ways ?
Your bank can advise you on the legal ways
You need to do it through your bank.
You need a tax clearance cert to show you don't owe any taxes.
You then need to sign an intent to emigrate. This allows you the max allowance in cash. It was R1 million per adult when I left in 2008.
In the week before you leave, you get a fat cheque which you take with you. Usually in the currency of country you are going to.
You then "hand" your account over to a bank official. This means that once you leave, you can only process transactions on your account through that official if there are remaining funds. They cut of your direct access.
After a time period you can then request that any balance be transferred into your account in the country you have moved to and the account closed completely. I can't recall what that time period was. It wasn't weeks though. Longer. Maybe a year.
Well that's how we did it. If it has changed then its probably less buearocratic than this.
Check with your bank.
Remember that you probably need to declare large amounts of cash when enter the other country. Don't try and be a smart ass and smuggle stuff in.
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You don't need a tax clearance certificate to transfer money overseas unless you're relocating immediately/selling everything and leaving this place forever and ever.
R500k limit a year on "gifts" you can send, but you can go transfer from any of the 4 big banks which can push the limit up to 2 million as none of them report back to SARB or exchange information on any of the foreign transactions you made. You can't send a "gift" in your own name, so your wife's is perfect.
When you leave the country for good, THEN ONLY do you need all the crap mentioned. But to send a "gift" to your spouse to an overseas account you don't have to declare ****all
R500k limit a year on "gifts" you can send, but you can go transfer from any of the 4 big banks which can push the limit up to 2 million as none of them report back to SARB or exchange information on any of the foreign transactions you made. You can't send a "gift" in your own name, so your wife's is perfect.
When you leave the country for good, THEN ONLY do you need all the crap mentioned. But to send a "gift" to your spouse to an overseas account you don't have to declare ****all