Must read information for South Africans wanting to transfer funds abroad.
The following South African Reserve Bank allowances apply:
Single Discretionary Allowance ( SDA )
Your allowance is a maximum R1-million per calendar year
No SARS tax clearance is required
Foreign exchange for travel and other foreign transactions form part of this R1m allowance
Foreign Investment Allowance ( FIA )
Your allowance is R10-million per calendar year
A compliant SARS tax clearance for foreign investment is required before funds may be converted from ZAR to the nominated foreign currency
Special Clearance Applications
A special application can be made for amounts that exceed the single discretionary and foreign investment allowances. There is no limit on the amounts per application or number of applications submitted.
SARS Tax Clearances
A compliant SARS tax clearance for purposes of foreign investments is required to make use of the Foreign Investment Allowance. Kuda FX offers a complimentary service of applying for the tax clearance on behalf of our clients. Once approved, the tax clearance is valid for 12 months.
INVESTMENT HOUSES, FUND MANAGERS, WEALTH MANAGERS & INDEPENDENT FINANCIAL ADVISORS
EXPATS LIVING ABROAD
Kuda specializes in converting your South African Rand into Dollar, Sterling, Euro and any other currencies to your nominated offshore beneficiary. How do we do it? We open an Investec company account to use for the flow of inward or outward funds. We offer bespoke FX solutions for importers, exporters and other forex transactions. There is a one-off swift fee, competitive exchange rates and no commission. Our trusted and committed team always places you at the centre of the trading process and direct dealing service. Our admin team takes responsibility of all the paperwork related to the trade. We also offer expert and personal SARB guidance around your application.
CRYPTO ARBITRAGE FX
The cryptocurrency arbitrage has become an established and trusted method in making money by taking advantage of the price difference that exists between the local and foreign crypto currency exchanges. Our FX department assists you by providing you with the most favourable foreign exchange rates while also ensuring that your funds reflect abroad on the day that it is booked. This enables you to secure higher arbitrage returns.
5 REASONS TO USE KUDA FX
Attention: Investment Houses, Fund Managers, Wealth Managers and Independent
Kuda specializes in converting your client’s South African Rand offshore allowance into
Dollar, Sterling, Euro and other currencies for transfer to their offshore investment product.
Why our service and expertise is unrivalled:
We assist non-resident clients with the exchange control and SARB approvals required for the movement of funds from South Africa. We facilitate funds coming into South Africa, ensuring that all legal requirements are met. We retain a professional recording of the process in the event of future repatriation of the funds.
EXPATS LIVING ABROAD
South Africans living and working abroad can transfer funds back into South Africa at highly competitive exchange rates, while benefiting from our renowned and trusted personal touch.