South Africa is one of the few countries that still have exchange controls in place. They are designed to monitor, and in some cases, restrict the movement of money into and out of South Africa. These regulations apply equally to private individuals and to legal entities.
The South African Reserve Bank is specifically concerned over the purpose of the transaction as well as ensuring that all transactions are reported accurately. Exchange controls can be complicated and its essential that all financial transactions that flow across South African borders are in line and compliant with the current rules and regulations.
Whether its about your discretionary allowance, a special dispensation, a SA sourced inheritance, repatriation of funds previously introduced or your financial emigration as a result of recent tax legislation, make sure you contact the team at Secure FX today to get your FREE consultation on how exchange controls will impact you.