Use your Single Discretionary Allowance special application before 7 December! Skip to main content

The simple solution for transfers of less than R1M

By November 20, 2015July 25th, 2020Newsletter

The simple solution for transfers of less than R1M

November 20, 2015

If you moved overseas before 1 January this year we now have a simple solution to what used to be a complex situation when it comes to transferring funds out of South Africa. The only must have to use the service is a green bar-coded ID document.

Using a special application to the Reserve Bank, makes it possible for you to easily transfer up to R1 million out of South Africa each and every year using your Single Discretionary Allowance (SDA). And the good news is that there’s no tax process involved.

Standard rules dictate that the SDA can only be used whilst you are resident in South Africa and in the year that you leave the country, but not in subsequent years. As a Reserve Bank approved foreign exchange intermediary can now make this allowance available to you wherever and whenever you choose…..just hang on to your ID book!

Although the process is relatively straightforward it does take between five and ten working days to obtain the necessary approval, and with the Christmas holidays just around the corner you’ll need to act quickly if you want to use your 2015 allowance. The latest date we can submit applications is 7 December.

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