Shampoo Posted January 26, 2015 Report Share Posted January 26, 2015 I have a Blocked ZAR Account (Officially Emigrated) with FNB and transfer a few thousand rand every 3 months to my account here. To do this, I have to get my husband to scan a letter of instruction and attach it to an email to the FNB Non-Res Center. FNB then requests a letter of Authority from the SARB. This can take 2 weeks.Is there not a simpler and faster way to do this as I am not even close to the R8M pa limit and never will be?We especially had to go and buy a scanner and if something had to happen to my husband I would never be able to use it. What about all the old folk that cannot even use a computer.I was under the impression that my typed name at the bottom of my email is a legitimate electronic signature. Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted January 26, 2015 Report Share Posted January 26, 2015 Hiask to sign the fax and email indemnity - thereafter the email will be acceptedI find it strange that they need to revert to SARB, for the first R8m per annum per couple they hold a blanket approval to remit free of tax clearancePlease inbox me and I will assist as I need the source of funds, not something to chat about in public Quote Link to comment Share on other sites More sharing options...
Shampoo Posted January 26, 2015 Author Report Share Posted January 26, 2015 Thank you Hugo. PM sent. Quote Link to comment Share on other sites More sharing options...
monsta Posted January 26, 2015 Report Share Posted January 26, 2015 I am not an lawyer, but from what I have been told by other non-lawyers is then laws on foreign exchange are not clear. For example, the law may say that a particular transaction is acceptable if the person performing the transaction keeps proper documentation. The issue is it won't describe the documentation needed. It also won't be clear on what sort of penalties the teller at the bank might face if he doesn't keep the correect documentation on file.That's a big part of why banks staff can be unhelpful or require you to follow overly complicated procedures. They are just covering themselvs. Quote Link to comment Share on other sites More sharing options...
Shampoo Posted January 26, 2015 Author Report Share Posted January 26, 2015 The documentation of money exiting SA has been given to approved banks in SA by SARB. SARB cannot be expected to monitor all transactions on FX. The banks have to monitor personnel transactions in FX on their accounts. I don't need any documentation on my withdrawals but my bank will need to.Just my view. Quote Link to comment Share on other sites More sharing options...
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