How to transfer money from South Africa Easy Investing with TreasuryOne

How to transfer money from South Africa
Easy Investing with TreasuryOne
Investing abroad can be an intricate
exercise for new investors. TreasuryOne is
your gateway to a professional financial
service that is both cost effective and risk
minimizing. The TreasuryOne solution will
assist you every step of the way.
“It’s really easy to work with
TreasuryOne’s team – they cut through
the red tape and execute my Forex
purchases at really competitive rates.”
Gary Penzhorn
Investing abroad explained
There are a few guidelines stipulated by the
South African Reserve Bank that must be
followed when an investor seeks transfer
currency to a foreign country.
The 1 million rand discretionary
The SARB allows for a single discretionary
allowance of R1 million rand per calendar
year. The discretionary allowance does not
require any Tax Clearance Certificate. If the
investor seeks to obtain foreign capital, he
or she must complete a Balance of Payments
(BOP) form. For a private individual
(resident to South Africa) this form will
require some personal, tax and transaction
details – basically establishing who you are
and how much you want to invest. Typically,
the discretionary allowance can be used (in
part) for travel, maintenance transfers,
monetary gifts and loans, foreign tuition
fees, weddings, other special occasions and
Larger investments
Investors, who wish to transfer larger
amounts of currency, have an upper limit of
R4 million rand over and above the
discretionary amount. These investors must
be over the age of 18 and may not be living
abroad for longer than one year. This
currency may be invested outside the
common monetary area (Lesotho, Swaziland
and Namibia), within the calendar year. In
this case, a Tax Clearance Certificate must
be obtained. In order to attain this tax
clearance from the South African Revenue
Service (SARS), the investor must provide
some proof of liquidity (e.g. a bank
TreasuryOne obtains your tax
certificate free of charge in 3
working days
In addition investor must complete the
standardized Balance of Payments (BOP)
form. The BOP form will simply ask
questions as to why you are transferring
currency and the destination for such
currency (for example a foreign account).
Should the investor seek to invest more
than R5 million rand (including the
discretionary amount), TreasuryOne assist
investors in submitting an application to the
Financial Surveillance Department of the
South African Reserve Bank for approval.
How to transfer money from South Africa
The calendar year
It is important to clarify that a calendar year
is your boundary for investments. Currency
transfers exceeding R5 million rand in a
single calendar year (without the necessary
clearance from the SARB) are subject to
heavy penalties. Investors must be aware
that the tax clearance period and the
calendar year may overlap and thus should
keep track of how much has been invested
in a single calendar year.
The TreasuryOne solution
TreasuryOne will facilitate all your
investment requirements in a transparent
and professional manner. As an established
and respected financial service, Treasury
One will ensure that your transactions are
executed at the most affordable rate. Let us
clarify by means of a private individual’s
foreign exchange purchase example:
Mr. Smith is a new client at TreasuryOne
who purchased R4 million worth of foreign
exchange (Forex). The procedure for Mr.
Smith was a simple one.
"The rate TreasuryOne achieved for us
was sensational. We saved a lot
compared with the banks”
Robyn Golding
Why TreasuryOne?
Mr Smith contacted TreasuryOne and
made it clear that he wanted to purchase
4 million rand of Forex. TreasuryOne
explained to Mr. Smith the procedure to
follow in a transparent manner.
2. An investment account was opened at
Investec with a copy of Mr. Smith’s proof
of address and Identification document
3. Next, Mr. Smith was assisted with his
documentation. He was guided through
completion of an outward BOP
document. A copy of Mr. Smith’s ID and
tax clearance was also provided. (For
further clarity on this step please view
the following video:
4. Once all documentation had been
completed, TreasuryOne quoted him an
affordable spot rate of exchange. Mr.
Smith saved app R10 000 per million
TreasuryOne’s service.
5. TreasuryOne dealers booked the
currency deal and issued a deal ticket to
Mr. Smith (this was effectively his
receipt for the purchase). The deal ticket
stipulated the dealt and value dates and
the amount of currency purchased.
6. Finally, Mr. Smith’s foreign exchange is
transferred to his chosen destination.
The process for selling foreign currency is
equally simple and TreasuryOne will
facilitate your needs every step of the way.
TreasuryOne offers transparent and friendly
advice that will keep you on top of your
investments. TreasuryOne is indeed your
gateway to simpler investing.
Low cost service. Highly competitive
No hidden charges.
Professional jargon free service.
Assistance with SARB and SARS
Consistent and dependable results.
“I was really concerned about the
bureaucracy surrounding a currency
purchase. TreasuryOne took care of this –
in fact they made it easy for me.”
Ken Cosgrove
Learn More about TreasuryOne
Tel: Pretoria: 086 111 4088
International: +27 (0)12 003 2059