Dedrei Posted March 13, 2006 Report Share Posted March 13, 2006 What is the best way to convert rands to ozzie dollars? Ok we not talking big amounts here, say about R50 000 - R70 000. Also very important, some way so you don't have to wait ages for your money in oz when you need it NOW and not in 10 days. Travellers cheques?Telegraphic transfer to new bank account in Oz?I see also that a person is only allowed R160 000 per year as foreign exchange allowance. So do we get R320 000 for the two of us? We are going on a Temporary visa (457), is there any way that thay can allow more?What is the procedures for getting money over to oz? Sorry for all the questions, but have to start asking these as our time is soon and don't know too much about this. Quote Link to comment Share on other sites More sharing options...
Ajay Posted March 13, 2006 Report Share Posted March 13, 2006 Hi,Generally speaking, the cheapest option is to do a telegraphic transfer into your local account (assuming you've managed to open one). REnnies Bank charged a fixed fee for that - I think it's around R500 or so. If you negotiate with them, you might be able to get them to reduce these costs. Also, ask for a better rate - especially if you are buying more than a couple of thousand - they will nomally do it without question.Next best option would be to buy Travellers Cheques, but they are quite a bit more expensive, with commission of around 1.5% of the transaction value.As a foreign exchange allowance, you are allowed R160K per calender year, per person travelling, and R50K for children under 12. So you and hubby will be able to buy R320K with no problems, even if you are travelling on a one-way ticket. There are ways to bring out more, as a foreign investment, but it is quite an involved process and requires SARS and SARB approval. Hope this helps - let me know if I can help out more.CheersAjay Quote Link to comment Share on other sites More sharing options...
NZHigh Posted March 15, 2006 Report Share Posted March 15, 2006 Some banks will allow you to open an account even though you're not there yet (as you probably know), that would probably be the best option. Our SA bank simply did a direct transfer to our NZ bank and it wasn't too expensive, and it was fairly quick. Otherwise you could use a combination of Travellers Cheques, Cash and even your SA credit card as you are only 'relocating' not 'migrating permanently', but this could also be fairly expensive. Some people open an 'International Credit account' and simply tranfer money into that account, but read the fine print for costs. Quote Link to comment Share on other sites More sharing options...
Lindy-Lee Posted March 30, 2006 Report Share Posted March 30, 2006 Is there any way of getting money here in Oz without the whole tax certificate from SARS? We have just received money from our property that has been sold and now want to tfr it to Oz.BUT, and I mean BIG but....why the should it go through SARS AGAIN and we be taxed on that money again.And everytime my husband speaks to STD Bank in SA they refer him to Offshore Investments Quote Link to comment Share on other sites More sharing options...
Ajay Posted March 30, 2006 Report Share Posted March 30, 2006 Depends on the amount involved, I think. We did a TT for our travel allowances and then deposited the balance into our accounts, which we accessed via the ATM network here. It's quite expensive with the charges, but still better than the rigmarole of getting the tax clearance certificate. BUT, I don;t think you necessarily are taxed on the money - it's more a matter of declaration.CHeersAjay Quote Link to comment Share on other sites More sharing options...
zappa Posted March 31, 2006 Report Share Posted March 31, 2006 i've basically spent the last 4 days full time getting my tax clearance cert. and this during the last dying days in sa when i had soooooooooo much other stuff to sort out! i had to supply sars with quite a bit of accompanying docs, appoint someone as a tax representitive in my absense, include this mp336 form which my bank had to do and the moron at the local branch basically waisted 2 days of my life as she didn't know what was going on. thankfully i got 2 copies of this prized tax clear. cert today! now from what i understand by this whole lot of nonsense, my wife is not south african so we can take out of sa:r160k travel allow for mer50k travel allow for my daughter under 12and max of r2million foreign capital allowance as we are going permanently, the bank made me cancel my credit cardtherefore i'll take min amount with travellers cheques as they cost 1.5% and the rate was , and open a bank account on arrival in Oz and get my dad (who has gen power of attorney) to wire me the rest and do so again when the rest becomes available (later when house goes through and pension and policies pays out).thanks to the sarb there are no money transfer agencies in sa therefore i don't know another way other than to accept the exchange rate and high costs the bank has given me for the transfer..................we leave sa wednesday! Quote Link to comment Share on other sites More sharing options...
NZHigh Posted April 3, 2006 Report Share Posted April 3, 2006 Hehe . The tone in your posting made me smile. It sounds sort of familiar (some 5 odd years ago). Except the R2 000 000.00 thing was not applicable to us as we owned nothing near that amount. Once we indicated our intention to emigrate neither the SA bank nor SARS (what a name - in hindsight) we falling over their feet to assist us. Fortunately I somehow got into the offices in Pretoria (behind the Iron curtain) and spoke to a lady who was prepared to help. She went as far to take our certs with her to her home which was very close to where we stayed during our last days in SA. We picked it up after hours at her home and saved some time - and frustration. Quote Link to comment Share on other sites More sharing options...
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