ccsn Posted September 29, 2014 Report Share Posted September 29, 2014 Does anyone know the best way of doing this, I can use my bank but i guess they are going to charge a fortune. Has anyone experienced tranfering money from SA to Aus? Whats the cheapest, safest route to go? Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted September 29, 2014 Report Share Posted September 29, 2014 We have used Exchange4free three times now. All good. 1 Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted September 29, 2014 Report Share Posted September 29, 2014 Cashkows, Exchange4Free or Treasury1 should be able to help you cheaper than the banks. Quote Link to comment Share on other sites More sharing options...
ccsn Posted September 29, 2014 Author Report Share Posted September 29, 2014 Fantastic thank you Quote Link to comment Share on other sites More sharing options...
ruditrix Posted September 29, 2014 Report Share Posted September 29, 2014 Hi. How much can a person take/trf over to an oz account? Quote Link to comment Share on other sites More sharing options...
MyTimeNow Posted September 29, 2014 Report Share Posted September 29, 2014 As far as I know it's more about what you can take out of SA, rather than take into Oz. It's far easier to take cash, since anything like a pension or RA needs SARS and SARB involved, and can only be done when you've already moved (I believe). There are also limits like R1m per person per year discretionary allowance..... But definitely contact one of the companies mentioned - they're very helpful and know all these financial processes and rules. Quote Link to comment Share on other sites More sharing options...
StevePorter Posted September 30, 2014 Report Share Posted September 30, 2014 Hi GuysFor information about the limits and requirements relative to transferring funds out of South Africa see here:http://www.cashkows.com/forex-services.aspYou're also welcome to contact me if you would like to discuss.Regards,Steve Portercashkows.com Quote Link to comment Share on other sites More sharing options...
TanyaVDWesthuizen Posted September 30, 2014 Report Share Posted September 30, 2014 Hi guys,Feel free to contact me on 021 671 0804 or my cell 079 877 2325.Or send me a PM and I will send info regarding the allowances, tax clearance applications, etc.ThanksTanyaFOREX Capital. Quote Link to comment Share on other sites More sharing options...
BronPreston Posted October 2, 2014 Report Share Posted October 2, 2014 Hi All, Exchange4free can help you to open a bank account in Australia from South Africa within a few hours.Our company Exchange4free specialises in helping private individuals move money out of South Africa at guaranteed best rates and lowest costs. As an adult, you have the following allowances ‘per calendar year’ available to you to move money out of the country: - R1M Discretionary Allowance: This allowance is made up of a number of sub-categories including foreign investment, travel, maintenance, gifts, study .etc. up to a total of R1M per year. You do not require a tax clearance from SARS to utilise this allowance.- R4M Foreign Investment Allowance: To utilise this allowance you need to apply for a ‘Tax Clearance Certificate for Foreign Investment’ purposes through SARS. We can assist clients with this certificate and we do not charge our clients any fees for this service. In effect, an adult can move up to R5M per calendar year out of South Africa and each allowance is supported by specific paperwork that needs to be signed. We have a simple and user friendly Online Application Form for clients to use that pre-completes all the paperwork for you for your signature only. You can complete the online application form at https://exchange4fre...line-forms.html and choose your applicable allowance depending on the amount you are looking to send out of South Africa. It is important to note that you remain a Resident of SA for exchange control purposes until you go through and complete the ‘Formal Emigration Process’ so all allowances and relevant limits apply to you until you formally emigrate and become a ‘Non-Resident’ for exchange control purposes. It is normally only necessary to formally emigrate if you have Retirement Annuities tied up in South Africa. Thanks and please let me know if you need anything further. 1 Quote Link to comment Share on other sites More sharing options...
Eyebrow Posted October 4, 2014 Report Share Posted October 4, 2014 How long does it take from when you transferred your money to the exchange4free's clearance account, until you have it in your australian account? Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted October 4, 2014 Report Share Posted October 4, 2014 Have you requested that they transfer the funds to your Aus account. I had to make the deposit and then specifically ask for the funds to be transferred.Should only take about 48 hours to clear once transferred. 2 Quote Link to comment Share on other sites More sharing options...
Eyebrow Posted October 4, 2014 Report Share Posted October 4, 2014 I transferred it. Spoke to someone on phone agreeing rate.And now waiting for it.Bit worried that I have transferred my life's savings out of my account...And nothing in my new account yet! Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted October 4, 2014 Report Share Posted October 4, 2014 I'm sure if you spoke to one of the guys at Exchnage4Free and all your documentation is in order then it will be fine. It also depends on when you transferred it and when they transfer to Aus. If it falls over a weekend or public holiday then nothing happens on those days. If you are worried about it PM TaraLawrie and ask her to follow up for you. 2 Quote Link to comment Share on other sites More sharing options...
BronPreston Posted October 6, 2014 Report Share Posted October 6, 2014 Hi EyebrowIf the rate was booked and funds transfers on Friday 3/10, then your savings should clear into your account by Tomorrow or Wednesday.If there are any documents we still needed, or something not in order, we would have contacted you.But please feel free to drop us an email anytime with any concerns and we will gladly assist Wish you all the best for the exciting adventures ahead! 1 Quote Link to comment Share on other sites More sharing options...
Dirkz Posted October 15, 2014 Report Share Posted October 15, 2014 Could someone tell me if the cash I take over on a visitors visa to bank in Aus in one of my kid's bank accounts is taxable by the child into who's bank account the money is deposited ?We are in the process of applying for Parental Contrib Visa and can not open any bank accounts yet (no resident status) as far as I know, but would like to take some money over on our annual SARS allowance.So it will be taken as a "Donation" for the child and put in a separate account she will open for us in her name.Just don't want to have her pay more tax because of the donation. Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted October 16, 2014 Report Share Posted October 16, 2014 A bit of the topic Dirkz but there are no donations tax in Australia but it is likely that you are making the donation in South Africa (where the FX instruction was given) and it could attract donations tax there, depending on value and whether an exclusion applies. In addition, if your daughter earns interest on the donation you made, it is likely to be taxed in your name (in SA) - that was the section 7 rules a couple of years ago (in SA) I am not up to date on the current SARS law. It will also depend on your tax status etc.What you must keep in mind, in Australia, that if your daughter is required by the Government to have funds in an account (I think $75k per adult or something), she will earn the interest on that and be taxed on that. However if you advance the money to her and charge her interest on it, she should be able to claim a deduction for the interest paid to you and it will result in only you earning the interest. Quote Link to comment Share on other sites More sharing options...
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