nbobhate Posted April 16, 2015 Report Share Posted April 16, 2015 Hello all!I have been granted an Australian visa (yay! ), but will not be emigrating any time soon. I'm just wondering if it is worthwhile opening a bank account in Oz and transferring some money across at this stage.I have spoken with ABSA, and they say they can do an "Investment Transfer", but naturally take VAT on the amount along with admin fees. From my brief correspondence with Exchange4Free they have indicated that I can't transfer from an account in my name to an account in my name (I guess its a different matter when one officially emigrates their funds).Is it more feasible to only start transferring funds when one is ready to move everything across?Thanks for the advice!Niki Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted April 16, 2015 Report Share Posted April 16, 2015 Any South African 18 years or older, in possession of a tax number can transfer R1m to your own foreign account. Add a tax clearance and you can transfer R10m that is then R11m in aggregate, per annum to your own foreign account. Start soonest so that you can teansfer more on 1 January 2016. Please make contact as I am sure you misunderstood them! Welcome to inbox me www.bcbadvisory.com Quote Link to comment Share on other sites More sharing options...
nbobhate Posted April 16, 2015 Author Report Share Posted April 16, 2015 Thanks Hugo2, I have sent you a PM. Quote Link to comment Share on other sites More sharing options...
Sassyninja Posted April 17, 2015 Report Share Posted April 17, 2015 Wondering the same. Does one need a visa? We've just started the process but the rand is so volitile. Quote Link to comment Share on other sites More sharing options...
mlothian Posted May 4, 2015 Report Share Posted May 4, 2015 You don't need a visa to transfer money out if SA. You can make use of your annual discretionary Allowance of R1m per annum without obtaining a tax clearance Quote Link to comment Share on other sites More sharing options...
BronPreston Posted September 3, 2015 Report Share Posted September 3, 2015 Due to laws and legislation we apologise we could not help you with you journey to move into Ausralia We at Exchange4free send our clients to Commonwealth Bank, if they would like to open accounts in Australia before actually arriving.Your funds are sent to your account, however you are not actually able to access (or withdraw) from that account until you physically walk into a Commonwealth Bank branch with your passport.All the best for your adventures ahead Quote Link to comment Share on other sites More sharing options...
RedPanda Posted September 3, 2015 Report Share Posted September 3, 2015 We went to CommonwealthBank on advice from my aunt, who's lived in Brissie for about 15 years now. They were very friendly and helpful, and the whole process was very easy, including walking into a branch to identify ourselves. 1 Quote Link to comment Share on other sites More sharing options...
Malikah Posted September 3, 2015 Report Share Posted September 3, 2015 HiSilly question probably but would like an answer. Can your bank eg absa transfer money to your Australia account or do you need a forex company to do it for you?M Quote Link to comment Share on other sites More sharing options...
RedPanda Posted September 3, 2015 Report Share Posted September 3, 2015 We used FNB for the first transfer. As far as I understand it's fine to do it with your own bank in RSA, but according to the forumites the forex companies are cheaper. Quote Link to comment Share on other sites More sharing options...
BronPreston Posted September 4, 2015 Report Share Posted September 4, 2015 HI there,Unfortunalty, due to legislation we cannot move money from your account to your own account abroad.We can transfer money to over a 100 countries worldwide but to account other than your own.All the best Quote Link to comment Share on other sites More sharing options...
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