SOUTH AFRICAN RESERVE BANK (SARB) Exchange Control
The exchange controls regulate and restrict the outflow and inflow of capital in South Africa. All FX transactions are subject to these regulations, whether you are travelling, emigrating, immigrating, investing, returning to South Africa, importing or exporting goods and services.
Although many people lack understanding of the detail and implications, they are aware of exchange control regulations. Most people have the perception that it is hard to move money in and out of South Africa, and many believe once you have brought money in it's virtually impossible to get it out again. This discourages inward investment.
Each time money is transferred into or out of South Africa it has to be declared with the Reserve Bank. There are no limitations as to how much money can be brought in, but there are limitations on the amount of money that can be transferred out of South Africa.
For non-South Africans, their exchange control status will determine if there are limitations on transferring money out of South Africa that was previously transferred in. A client’s exchange control status is different to their tax status. It is vital for an individual to know their status from the outset so future money transfers can be easily executed.
We prepare and submit Reserve Bank applications on behalf of private and corporate clients for any transfers that do not fall into pre-approved allowances.
Contact our exchange control department for more information.
Contact Sable FX
Phone us in SA: 021 657 2153
Phone us in the UK: 0808 141 5535
Email us: firstname.lastname@example.org
Fax us: +27 (0)21 797 2132