PretoriusPerth Posted February 5, 2013 Report Share Posted February 5, 2013 HiWe have sold the house and the next step is to start the formal emigration process with SARS..We plan to leave end of March, and now the big thing is moving money and what is the best option wrt annuities, pensionsCan anyone maybe refer me to a consultant in Pta or Jhb, and has anyone made use of Exchange4free?CheersJaco Quote Link to comment Share on other sites More sharing options...
wendym Posted February 5, 2013 Report Share Posted February 5, 2013 I have been liaising with a lady named Anita Huyser from Exchange4free - anita@exchange4free.com. Although we are just in the early stages of our dealings with her, the service has been excellent. 1 Quote Link to comment Share on other sites More sharing options...
GideonVD Posted February 5, 2013 Report Share Posted February 5, 2013 You can also check out Cashkows 1 Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 Hmm Wendy you're lucky, I had to send several mails before I got a response from anyone and then Anita contacted me after I sent a fourth email to a random address at Exchange4Free. Quote Link to comment Share on other sites More sharing options...
bbop Posted February 5, 2013 Report Share Posted February 5, 2013 We are using Caskows. We are in the final 2 weeks now. Excellent service from day 1. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 You can also check out Cashkows I might just do that too. Quote Link to comment Share on other sites More sharing options...
GideonVD Posted February 5, 2013 Report Share Posted February 5, 2013 We will be using Cashkows as both my wife and I have annuities and some other investments that we will need surrendered. We will be registering as Emmigrants with SARS 1 Quote Link to comment Share on other sites More sharing options...
qwerty Posted February 5, 2013 Report Share Posted February 5, 2013 Can they fix the exchange rate too? Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 Can they fix the exchange rate too? Wish I had a time machine. With the trend that the exchange rate is on at the moment we are going to be poor when we hit Australia eventually. 1 Quote Link to comment Share on other sites More sharing options...
OnYellowBrickRd Posted February 5, 2013 Report Share Posted February 5, 2013 Wish I had a time machine. With the trend that the exchange rate is on at the moment we are going to be poor when we hit Australia eventually. Don't want to rain on your parade, HEOJJ, but we're already poor 4 Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 Don't want to rain on your parade, HEOJJ, but we're already poor Grrrrrrr, I know we are poor, just don't want to have to stand on the street corner. Although that would be a first in Australia. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 I just had the most pleasant experience and best customer service from Steve at CashKows, it's been forever that someone has given me this kind of service. 2 Quote Link to comment Share on other sites More sharing options...
GideonVD Posted February 5, 2013 Report Share Posted February 5, 2013 Glad my intuition was correct on them 1 Quote Link to comment Share on other sites More sharing options...
AnnieL Posted February 5, 2013 Report Share Posted February 5, 2013 Don't want to rain on your parade, HEOJJ, but we're already poor Anyone in SA that's not? If I think of our standard of living a few years ago compared to now, I just want to drown myself..... 1 Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 5, 2013 Report Share Posted February 5, 2013 (edited) Anyone in SA that's not? If I think of our standard of living a few years ago compared to now, I just want to drown myself.....Thanks, now I am even more depressed about the exchange rate thing. The broker from CashKows told me that if I was to move cash today I would get an exchange rate of around R9.30 to the Aussie Dollar. Edited February 5, 2013 by HadEnoughofJuju Quote Link to comment Share on other sites More sharing options...
KIMO Posted February 6, 2013 Report Share Posted February 6, 2013 what do Cashkows + exch4free charge for their services may I ask? I am looking at transferring through FNB and seems for anything under 1 mill transferred to Aus they will charge a max fee of R750........doesn't seem all that bad to me. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 6, 2013 Report Share Posted February 6, 2013 (edited) what do Cashkows + exch4free charge for their services may I ask? I am looking at transferring through FNB and seems for anything under 1 mill transferred to Aus they will charge a max fee of R750........doesn't seem all that bad to me.This is what the CashKows foreign exchange broker sent me in the email.Fees: there is a SWIFT fee of R250 and your effective exchange rate will be +- 13 cents off the market.This exchange rate will still be between 0.5% and 1% better than that offered by the commercial banks. Not sure what the Exchange4Free fees are, I asked them that question in an email and just got a whole bunch of documentation to fill in with no explanations. Edited February 6, 2013 by HadEnoughofJuju 1 Quote Link to comment Share on other sites More sharing options...
jnv108 Posted February 6, 2013 Report Share Posted February 6, 2013 I also used FNB and got a shock at the rate. Just tried to pay AUD100 to my AnZ Account in Australia and paid +- 30 cents more than market rate + R210 fees here + $AUD 13 on the other side.I guess the only good part was the funds got to the other side, so I am sure of the swift code ...Thanks for the suggestion of Cashkows. Will keep that in mind Quote Link to comment Share on other sites More sharing options...
bbop Posted February 9, 2013 Report Share Posted February 9, 2013 If you want to send large amounts of money, try using Incompass. We use them on a monthly basis to send between Saudi and South Africa. The higher the amount you transfer, the better the rate. A minimum of 1,000USD is required to do a transfer.Incompass Financial SolutionsTel: +27 21 424 2936www.money-transfers.co.za Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 9, 2013 Report Share Posted February 9, 2013 (edited) I learnt some very useful but uncommon knowledge today when I received an email from the Standard Bank Non-Resident division. All of the four major banks have Non-Resident departments and can assist in the formal emigration process. I am still waiting for ABSA and FNB to respond after sending emails more than a week ago, Nedbank want me to go to a branch and open an ordinary bank account before they will assist with the process and Standard Bank will help me with the opening of the account and I can do everything electronically without ever having to go into a branch and present myself. As ABSA and FNB still have not gotten back to me I can't tell you what the cost of opening a blocked bank account with them will be, Nedbank says that the minimum charge is R1000.00 but is dependent on the amount of money involved and the complexity of the individuals assets, this charge has got nothing to do with Nedbank but is a fee levied by the Reserve bank for the formal emigration process, as for Standard Bank I still have to read through the documentation sent to me before I can comment on their charges. I figured that to get the best of both worlds that I would use Standard Bank for the formal emigration process so that we can get our RA's out (there is the potential of other income in South Africa for various reasons) and then using cashkows to move the money out in order to get the best exchange rate. I still have to discuss the feasibility of this with the Standard Bank consultant just to make sure that we are not breaking any rules so when I have more information I will post it here. P.S. Cashkows informed me that there is a charge of R20000.00 for the opening of a blocked bank account and that it's not at all possible to do this before you leave the country. Both of these statements have proven to be outrageous and untrue according to the Standard Bank official. Edited February 9, 2013 by HadEnoughofJuju Quote Link to comment Share on other sites More sharing options...
OzzieWishes Posted February 9, 2013 Report Share Posted February 9, 2013 We have moved everything to BIDVEST and have had excellent service and great rates. what is the "formal immigration process????" we dont' have annuities or anything but have got a tax clearance certificate from SARS to move money out the country - is that what you're talking about? Quote Link to comment Share on other sites More sharing options...
bbop Posted February 10, 2013 Report Share Posted February 10, 2013 I understand it to be that as long as you have permanent residence (you will need to produce evidence) you can open a non-resident account. We had 2 bank accounts, 1 with ABSA and 1 with FNB. I had to close ABSA and all debit orders had to be arrange to come off from the 1 account (FNB, our choice). All other accounts (clothing etc) also had to be closed even if you have R0 balance. I just noticed one morning that our normal cheque account with FNB had changed to non-resident blocked account, did not receive a charge for it. I now have to work through the non-resident department if I want to pay the credit card or do anything with the account, internet banking is no longer available for us. I suppose each bank has its own rules and way of doing things and 1 for all and all for 1 does not come into play here.Cashkows did all the necessary arrangements once we filled in the documentation. Once you officially start the process, you will get your own advisor who will guide you through the process, it is all very easy, just takes very long for each department (banks, SARS SARB ect.) to get going and there is nothing you can do to speed it up Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted February 10, 2013 Report Share Posted February 10, 2013 All the banks have the same rules and procedures when it comes to blocked bank accounts and formal emigration. Formal Emigration is simply the process of notifying SARS and SARB that you are no longer resident in the country but still have financial interests here. It is also the only way that you can get your RA's paid (if you have any) before you reach the age of 65. You however can choose to leave the RA's here and continue paying them until they mature but that's not such a good idea given the declining state of the Rand. Formal Emigration also allows you to move cash out of the country through your blocked bank account to Australia without having to satisfy any of the exchange controls and makes things much easier should you have any inheritances in the future you need to get out. The reason that you do not have any bank cards or internet banking attached to your blocked bank and that you have to close all your other accounts is that it is illegal to use you bank cards in or transfer money directly to Australia if you are no longer resident in South Africa, the guy from CashKows told me they are busy trying to assist one of their customers that has just been hit with a R200000.00 fine for using his Credit Card in Australia 6 months after taking up residence there. @OzzieWishes, if you don't have any large sums of cash or RA's that you are going to need to get out of South Africa in the future then Formal Emigration is actually a waste of time for you. Quote Link to comment Share on other sites More sharing options...
jnv108 Posted February 10, 2013 Report Share Posted February 10, 2013 Wow. That's some valueable information about formal emigration.I did not realize that formal emigration allows you to take your RAs out. Useful to know. Was not aware that you cannot use you South African card in another country after you emmigrate. I wonder what happens if you just stop using your card when you make your final move? Quote Link to comment Share on other sites More sharing options...
bbop Posted February 10, 2013 Report Share Posted February 10, 2013 Wow. That's some valueable information about formal emigration.I did not realize that formal emigration allows you to take your RAs out. Useful to know. Was not aware that you cannot use you South African card in another country after you emmigrate. I wonder what happens if you just stop using your card when you make your final move?Nothing will happen, you will just continue to pay the monthly bank cost. Quote Link to comment Share on other sites More sharing options...
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