Frequently asked questions

Q: How fast can I open an FX account? A: Opening an account is a straightforward process. Our client support team will guide you through the required documentation, such as proof of identity, address, and source of funds, to comply with South African Reserve Bank (SARB) and Financial Intelligence Centre (FIC) requirements. Once all documents are submitted and verified, account approval typically takes less than 24 hours, allowing you to begin your transactions promptly.

Q: Are there fees to open or maintain my account? A: There are no fees to open or maintain your FX account. We prioritize transparency with no monthly or hidden costs, ensuring you retain the maximum value from your transactions.

Q: When can I start trading after opening my account? A: Once your account is approved and funded, you can begin trading and converting currencies immediately. Our dealing desk is available to assist you in securing the most favorable rates and placing orders at your desired levels to capitalize on market opportunities.

South African Resident Allowances & Transfers

Q: What is the annual forex allowance for South Africans? A: South African residents can transfer up to R11 million offshore annually. This consists of:

• Single Discretionary Allowance (SDA) of R1 million: This allowance does not require any tax clearance from SARS, but it is limited to discretionary purposes like travel, gifts, or investments.

• Foreign Investment Allowance (FIA) of R10 million: This allowance is for investment purposes. It requires a SARS Tax Compliance Status (TCS) certificate and SARB approval. Our exchange control team can assist you with this application process.

Q: What if I need to move more than R11 million offshore? A: For amounts exceeding the R11 million annual allowance, we can assist you in applying for a special foreign investment allowance through the SARB. This is typically required for larger transactions such as offshore trusts or property purchases. Our team will handle the necessary documentation to meet all SARB requirements.

Q: How do I handle tax compliance for transfers? A: All foreign investment transfers exceeding R1 million require a valid SARS Tax Compliance Status (TCS) certificate. We will guide you on how to obtain this certificate before your transfer.

Q: What about bringing funds into South Africa? A: We ensure full compliance with SARB regulations for inward transfers. We will prepare the necessary documentation, including a Balance of Payments (BoP) declaration, to report the nature of the funds (e.g., for investments or personal use). We also assist with the required source of funds documentation to comply with anti-money laundering (AML) and FIC rules, ensuring a secure and transparent process.

Q: I’m a non-resident buying or selling assets in South Africa—how do I proceed? A: For non-residents buying assets in South Africa with offshore funds, we manage the SARB compliance and documentation, like BoP declarations, to ensure you can easily repatriate the funds in the future.

• When selling assets, we work with your property consultant and attorney to secure Exchange Control approval from the SARB, which is necessary to facilitate the smooth transfer of funds out of the country.

Q: Can I transfer inheritance or estate funds across borders? A: Yes, we specialize in managing cross-border inheritance transfers.

• For South African residents sending funds to offshore beneficiaries, we assist the executor of the estate with obtaining the necessary SARB approvals.

• For non-residents receiving an inheritance from a South African estate, we ensure all compliance and documentation are in place to allow for the smooth repatriation of your funds.

Value and Efficiency

Q: How can I get the best value for currency conversions? A: We provide real-time market data and alerts, and our dealing desk can assist you with placing limit orders. This means we will automatically execute your trade when the market reaches your desired exchange rate, ensuring you convert your funds at the most optimal time. For added value, we also offer interest-earning accounts, allowing your funds to grow while you wait for the ideal market moment.

Q: What documentation is required for transfers? A: The specific documentation depends on the type and purpose of the transfer. Common documents include:

• Proof of identity (ID or passport)

• Proof of residential address

• Proof of funds (e.g., bank statements)

• For investment transfers over R1 million, a SARS Tax Compliance Status certificate.

• For specific transactions like property sales, we'll require supporting documents from your conveyancer or attorney.