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Found 7 results

  1. Good day everyone! Just wondering how do I get money out of a Rand blocked account? Do I really have to use a forex agency?
  2. Hi all, In amidst the chaos of last week where the South African Rand was sorely punished for the removal of Finance Minister Nene there was a little bit of good news for South Africans living abroad who still have funds in SA. The South African Reserve Bank released a Circular on 10 December 2015 to the effect that South African residents who are living and working abroad temporarily (so indefinitely abroad without formally emigrating) may now avail of their R 1 million single discretionary allowance and the R 10 million foreign capital allowance per calendar year without returning to South Africa. The requirement for a green bar coded ID or smart card, and a valid tax number remains a requirement. Finally, just as a reminder, residents temporarily abroad may receive their SA monthly pension and/or income on retirement annuities; as well as monetary gifts. The Rand depreciated 10% in 48 hours on the announcement of Nene’s removal from his position and then proceeded to recover 5% with the change in mindset and subsequent appointment of Pravin Gordhan. A net loss though of 5% in 3 working days! We saw the Rand trade as high as 16.05 on USD, 11.40 on AUD and 24.40 on GBP on Friday in extremely volatile conditions. Fortunately some sanity has returned to the markets as Pravin Gordhan has returned to the position of finance minister, a position he vacated in 2014 and the recovery in the Rand appears to be a clear indication that markets are much happier with his ability to manage South Africa’s financial affairs. The Rand recovered to levels of 15.15 on USD, 10.95 on AUD and 22.90 on GBP and appears a little more stable for now.
  3. Lourens52

    Banks vs Specialist Forex Servicess

    Happy weekend Forumites. We've a long weekend, but true to its name, we'll be labouring over boxes and lists! I usually transact our forex through the bank, but their exchange rates and fees are always much worse than the the 'specialists'. Has anyone had experience dealing with NZForex, CanadianForex, both part of the OzForex Group, which is a listed company? Are they trustworthy? Is it worth the risk moving away from the banks? Just imagine moving all your savings and it disappears in some online transaction. 'Poof!'
  4. "Send your Salary to South Africa with Exchange4free!" No SA Bank Receiving Fess. Sign up in under 2 minutes and get the benefits of our BEST PRICE GUARANTEE. Register TODAY: https://exchange4free.com/southafrica
  5. TanyaFXC

    WorkingIn Expo 28 Feb- 1 March 2015

    Hi all, For those of you still in SA, "The Working IN opportunity Expo' is being held at the INDABA Hotel this weekend. Below is a link to the event website and list of exhibitors:. http://www.workingin-events.com/events/working-international-expo-johannesburg-28-february-1-march-2015/#.VO2ML_mUckE Please contact me for more information. Hope to see you there :-) Tanya vd Westhuizen tanya@forexcapital.co.za Office nr: 021 671 0804
  6. TanyaFXC

    Forex Capital Foreign Exchange Services

    Hi everyone, Happy new year ! Below is a summary of the allowances you can use to transfer funds out of SA: Single discretionary allowance Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows: · Monetary gifts and loans · donations to missionaries · maintenance transfers · alimony and child support payments · wedding expenses and other special occasions · foreign capital allowance( investment allowance ) · travel allowance · study allowance Foreign Investment allowance: R4mil per calendar year: Tax registered individuals over 18 years, a tax clearance for foreign investment purposes required ( we can do the clearance application at no charge). Takes 1-3 days. Our other services include: Formal emigration process Open non-resident bank accounts with Investec Tax clearance applications Corporate forex solutions We have been in the industry for 11 years and we are authorised intermediaries for Investec and Bidvest. Please feel free to send me a PM or email me at tanya@forexcapital.co.za with any enquiries or assistance. Thank you for the continued support during 2014
  7. TanyaFXC

    SARB: Discretionary allowance explained

    Hi everyone, Below is a summary of the SARB Excon regulation , for the "Single Discretionary allowance". I know there has been some confusion regarding when you are allowed to use this allowance. Single discretionary allowance Residents (natural persons), who are over the age of 18 years may be permitted to avail of a single allowance within an overall limit of R1 000 000 per individual per calendar year, without the requirement to obtain a Tax Clearance Certificate, which may be apportioned as follows: · Monetary gifts and loans · donations to missionaries · maintenance transfers · alimony and child support payments · wedding expenses and other special occasions · foreign capital allowance( investment allowance ) · travel allowance · study allowance Except for GIFTS, the single discretionary allowance may not be availed of by residents living temporarily abroad nor may the single discretionary allowance be used to disguise transfers for other purposes for which foreign exchange would otherwise be refused. Thus, if you have moved to or been living in Australia (before 1 Jan 2014 - current calender year), you need to use the Foreign Investment allowance option to transfer your funds, as you are now a SA Resident temporarily abroad. We can assist you with the tax clearance applications as well as the transfer of funds. Please feel free to send me a PM or email me at tanya@forexcapital.co.za.