“A PENNY SAVED IS A PENNY EARNED” - Benjamin Franklin
We’ll help you maximise the foreign currency you’ll have available to invest by giving you access to the best pricing available in the market from our select panel of banking partners. We typically save our clients between 1% and up to 3% on the retail exchange rates from their bank with our premium Private Client FX solution.
How Currencies Can Benefit Portfolios
Transfers to externalise funds from South Africa are also subject to Exchange Control regulations and the annual allowances granted by the South African Reserve Bank (SARB) for this purpose. As such, each South African resident taxpayer may avail themselves of their single Discretionary Allowance (of up to R1 million) and/or of their individual Foreign Capital Allowance (of up to R10 million) each calendar year (ending 31 December) for the purposes of direct offshore investment in foreign currency denominated assets.
Individual Foreign Capital Allowance (FCA)
A special approval application must be made to externalize amounts greater than the annual allowances, and a “Letter of Compliance” from SARS. The application must be made to the SARB for the special approval to be granted before transacting the balance of funds. There is no limit on the value of these approval applications, no restriction on the number of applications that can be made and there is no exit levy or penalty payable.
We can assist with the process of obtaining your Foreign Tax Clearance Certificate from SARS (at no additional charge) required for transfers under the annual individual Foreign Capital Allowance of up to R10 million per calendar year (ending 31 December). After obtaining your foreign tax clearance, we can then purchase the foreign currency you require at highly competitive preferential exchange rates, so you can save money on the retail rates from your bank.
How It Works
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Enjoy the benefits
Save time and money on all your currency transfers with our preferential prices and premium Private Client FX solutions.