South African Exchange Control
All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank (SARB).
In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad.
Full details can be found on the South African Reserve Bank's website.
Rules applicable to South African residents travelling abroad
- Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
- Travel allowance covers a calendar year (1 January - 31 December)
- Any unused portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your
discretionary allowance at any time during the calendar year.
- A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year.
The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be used solely at the discretion of
the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger
ticket needs to be produced.
- Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented,
indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
- The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
- In addition, each traveller may take R25 000 in South African Reserve bank notes when travelling abroad.
- Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise.
Please enquire at your nearest FNB branch should you need this form.