With a favourable exchange rate for many international currencies, you will find South Africa an inexpensive destination. And an easy one – our financial institutions are world-class, with no shortage of banks, bureaux de change and automatic tellers.
All foreign exchange transactions in South Africa are regulated by the South African Reserve Bank (SARB). Thus, the SARB works on exchange controls and all capital in and out flows. The SARB also looks after the delegation of authorities to local authorized dealers to supervise transactions under their contract. Additionally, you have the opportunity to use the service of a currency trading company. These companies are trading via authorized dealers like banks. Nevertheless, they are able to provide better rates in regards of bulk transfer processes and do not charge additional fees for administration processes such as banks.
For individuals exchange control regulations are effected by the amount of money transferred out of South Africa and the reasons behind such transfer. Moreover, all regulations in regards of FOREX only apply to South African residents.
Payments of companies to a foreign party are also governed by the regulations. Thus, justification for passing Continue reading
Foreign exchange, shortly FOREX, often leads to exorbitant fees and costly consequences of delayed transactions. Why not avoiding these problems by using a FOREX brokerage?
Basically, FOREX is the market where foreign currencies are traded. Further, all currencies are valued against the USD as the base currency of FOREX. Since money is seen as commodity it varies in price tags depending on supply and demand. Generally, currency transfer has the aim of profit from change of the exchange rate.
However, the rates you can achieve from websites or media can be different from the rate applied when you made the decision to make a currency purchase. Moreover, there is the risk reaching either profits or losses. Therefore, to reduce this risk and uncertainty of applied rates, you may make use of FOREX brokerages. Continue reading
Various rules apply depending on an individual permit;
Non- Residents/Short term permit (tourist)
A non-resident living and working in South Africa is freely able to move their money out of the country as long as he/she can prove ‘reasonable’ source of funds (employment contract, payslips and bank account). Funds brought into South Africa from abroad can be freely remitted back out the country as long as it is proved that these funds came in from overseas (copy of swift payment and bank account).
Temporary Residents permit (foreign national)
Temporary residents need to make a declaration stating any foreign assets owned and confirming that any such assets will not be placed at the disposal of any 3rd party South African permanent resident. Continue reading
Banks are not the only option for foreign exchange and international remittance. Most consumers don’t know this. It makes the illuminal impression that Banks hold a facade monopoly position in the Foreign exchange and remittance markets, whereby they continue to offer sub-standard service at exorbitant prices to an unknowing public. Very often you have to pay high exchange and transfer fees.
According to Sable FX, an independent Foreign exchange and Remittance provider, it is estimated that 300 million per year is lost to these monopolies. The anomaly would occur because a huge number of consumers of Foreign exchange and remittance services would not aware that there are better options in the market. Continue reading