PRIVATE FX

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

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 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

We specialize in converting your client’s South African Rand offshore allowance into Dollar, Sterling, Euro and other currencies for transfer to their nominated offshore investment product. Your clients will enjoy preferential rates We help your client with the SARS tax clearance application (if required) and then we move your client’s foreign currency abroad. With our paperless & secure online registration form we have simplified the process of opening the Investec CCM account for your client in their own name. Our team will go the extra mile to offer you and your client a highly rated service whilst ensuring that compliance and legislative requirements are met.

NON RESIDENT

Kuda FX assists non-resident clients with the exchange control and SARB approvals required for the repatriation or remittance of funds from South Africa. We facilitate funds coming into South African, ensuring that legislative requirements are met, and proper record keeping is done for future repatriation of the funds.

EXPATS LIVING ABROAD

South African’s working abroad can transfer funds back to South Africa at very competitive exchange rates and receive our personal touch.

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