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 allowance 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 investments. 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 statement). 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? 1. 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: http://www.treasuryone.co.za/foreignexchange-for-private-individuals/) 4. Once all documentation had been completed, TreasuryOne quoted him an affordable spot rate of exchange. Mr. Smith saved app R10 000 per million rand transferred by choosing 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 rates. No hidden charges. Professional jargon free service. Assistance with SARB and SARS documents. 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 Web: http://www.treasuryone.co.za Tel: Pretoria: 086 111 4088 International: +27 (0)12 003 2059