Rands to Aus$

[wraighle]

Hi All

I have given notice at work and we are planning on flying to Aus on the 1st July. I have already opened a bank account with Commonwealth bank of Australia and now I would like to start transferring money from my FNB account to my Aussie account.

My SARS is up to date because they recently paid out money to me, so it shouldn't be a problem getting my tax clearance certificate. My question is, someone mentioned to me about having to open up a non-resident account and getting a blocked account before being able to transfer money from my SA accounts - is this true?

I have been on my FNB account and tried a small payment to my new Aus account but it asks for a SARB application document before it will go through. Is it really so hard just to transfer money over?

Once I'm at the airport, I could exchange my rands to aus dollars but is there a limit to how much you can change and can I do this if I have a one-way ticket?

The majority of my money will only be available in about 2-3 months so I need to make sure I am able to transfer from my SA account to my Aus account while I'm in Aus.

I'm just a bit concerned about landing in Aus and I have not been able to send as much money over as I'd like to.

Thanks

[RedPanda]

Hi Wraighle,

we have just transferred money from FNB to Commonwealth Bank!

We put in the address of the Bed and Breakfast where we will be staying, since we don't have a residential address yet. And then for the transfer from FNB side, we phoned the bank while at our PC and let them help us with the options from the drop down menus. I'm sorry I can't tell you which option because we were not transferring the final migration amount. (but there is an option for that!)

Also you need to add xxx at the end of your Commonwealth swift code for the EFT to work.

But just phone FNB they are very helpful with this.

Our money was visible online in our Aussie account about two days later.

Good luck!

Edited June 1, 2015 by RedPanda

[wraighle]

Hi RedPanda

That's great news! I feel a lot better now knowing you've done it with little issues. I'll give them a call tomorrow and try sort it out.

Have you heard of the 'Blocked account' and Non-resident account?

So it sounds like you are going over soon too,where are you heading, are the B&B's costly?

thanks

[RDD]

Hi Wraighle

As far as I am aware you only really need to formally emigrate with SARB and open a blocked Rand Account if the following happens:
- you need to transfer more than the foreign investment allowance of R10m per person, or
- you want to withdraw a Retirement Annuity fund and transfer that out the country.

- Transferring an inheritence.

Remember you have an annual travel allowance where you can transfer up to R1m per person out the country each year without requiring anything but a foreign bank account, and can transfer between R1m to R10m out the country as a foreign investment allowance and all you will need then is a tax clearance certificate.

If you don't have an RA, but have a pension or provident fund, then you can withdraw as normally allowed and transfer those funds across within the above guidelines.

Moral of the story. You can transfer R10m per person without requiring a blocked rand account. You'll only need the tax clearance.
I would call your bank and ask them to either transfer the money for you or help you process the transfer. I'm with investec and they'll do the transfer for me, so your bank should do too. Better yet, contact FX Capital (google it) and they will transfer all your money for you at an agreed AUD rate with a much cheaper fee than the bank charges to transfer the money...

Hope this helps.

Edited June 2, 2015 by RDD

[monsta]

Hey,

Good luck! If I were you, I would speak to a company that does this as their core business. You might get a better rate too..

I have never used them, but search the forums for oz forex or cash kows. Those names seem to come up a lot. That way you can see what actual customers had to say about them. I have seen quite a few recommendations dor both of them on the forum.

[Jordy]

The best way to transfer money over is as per the companies that monsta above mentions. In addition to the two he says there is Exchange4Free. Whatever you do do not exchange at the airport. That will give you the worst possible exchange rate. Besides you will have hasstles when you try to bring anything over $10000 cash into the country.

Ignore the comments about a blocked account. That is not necessary. Neither do you need a tax clearance certificate.

[Heymanse]

Have a read through the Reserve Bank requirements on this matter:

https://www.resbank.co.za/RegulationAndSupervision/FinancialSurveillanceAndExchangeControl/EXCMan/Section%20T/Section%20T.pdf

I would strongly advise you to set up a "blocked Rand account". It is basically your normal FNB account but it will be controlled by FNB. Meaning that if you need money to be transferred to you in Australia, you simply email your agent at FNB and request the money to be transferred. They normally make payments within a day or two. We had some monthly repayments that needed to be made after we left the country and it was all dealt with by our bank (Std). It is still your money, just the bank makes sure that the transactions are all ligit and within the Reserve Bank guidelines. It also helps to have "Formally Emigrated" and have that on record at the Reserve Bank, as this will help in the transfer of inheritance to you in Australia should that ever be the case (just putting that out there).

[RedPanda]

Hi Wraighle,

We're going over to activate our visas in two weeks' time, and then we'll spend some time doing a few admin things in Melbourne. I'm not sure about the relative prices of B&Bs, since I think you will always find the whole spectrum wherever you go. But as an example of what we considered pricey-average, you can look at http://www.clarelee.com.au/Features.htm (note the price is per room, which can usually sleep two people). It's a really lovely self catering B&B on the eastern outskirts of Melbourne, and I think there is a slightly better rate if you are staying there for a "long" period, like two weeks. Having booked a Scottish trip, all over the internet from SA, we have found that the Aussies seem a bit shy about putting their stuff online, you'll have better luck if you search locally for places once you are there. So maybe book a short stay place for once you have landed and then take a look around.
We did a road trip last year from Brisbane through Sydney and Canberra to Melbourne, and found that their road houses were also rather nice (not what we have come to expect from road houses here), clean, neat and affordable.

Oh, and it also makes a big difference if you are looking for accommodation during holiday season (summer) or off-peak times (like when you are going).

Good luck with your final preparations!

[wraighle]

Hi again

I just spoke to the Forex department at FNB 0860436739 (if anyone wanted the number). A lady there helped me with the correct options and was finished in 20 minutes. She said it takes between 2 - 3 working days.

I am still going to phone them with regards to the 'Blocked account' and Non-resident account just to clarify it.

@Redpanda- thanks and good luck with your things too

[monsta]

@RedPanda, you should search for places with long stay ratea. I stayed in one in Bondi. It saved me heaps over paying the daily rate.

I know this is in Sydney, but its the kind of place you should consider

http://www.apartmentsbondibeach.com/long-stay-rates

[RedPanda]

Thank you Monsta, I'll look into it.
At the moment I think google is misunderstanding the term "long-stay-rates" to mean 'more than a month'. But I'll snoet around and see if it's called something else in Melbourne.

[Frandri]

Hi Wraighle

We transfer funds to Australian from South Africa and International accounts.

From International to Australia we use OzForex. (The rates are much better than Bank to Bank.) You have to go through a once off registration process and provide them with some basic documentation and the application detail. There are no direct charges they make money from the exchange rate, for example if the official rate is USD/AUD is 1:1,3065 you will get a rate of AUD 1,3 from them. Their normal charge is about 0,5 % and you can actually book the transactions online whenever you want to at market rate or place a limit order with your target rates and if the exchange rates are met the transaction is booked and they send you an email to confirm. The agreement/transaction is a binding contract between yourself and OzForex and you do the transfer to their account ( expected in the following few days) Once the funds show in their account they transfer to your Australia beneficiaries normally within 24 hrs. You can register more than one bank account/beneficiary in the system and simply select where the funds should go when you book the transfer. They prefer customers using the online facility but if you have a reasonably large amount to transfer we phone them and book the transaction by phone and at the same time ask them to tighten the margin. ( this way we get a rate of about 0,4% if i remember correctly, maybe you can even get a lower rate?) Other reasons i like OzForex is that you can follow your transactions in your online account, they are a fairly large outfit ( think they are listed in Australia) , very professional if you contact them etc. We however dont use them from RSA to Australia though for the simple reason being all the approvals, etc and we dont want to take the risk to book a transaction and then struggle to transfer the funds to cover the trade. It would however be better to talk to them yourself about transfers from South Africa as they might use a different process.

For transfers from RSA we use Tanya vd Westhuizen tanya@forexcapital.co.za She has been a great help, respond to emails and provide valuable insight. We actually found her contact detail on the forum, have been dealing with her for about a year and can highly recommend her.

Hopefully this helps. (please check rates and charges with the banks and other service providers)

[JackieO]

I've used excahnge4free to tranfer from SA to Aus, from Aus to SA, and from Aus to UK.

Havent had any issues and depending on what time of day and which way you are transferring I've had the money available the same day!

[RDD]

I agree with Frandri.

Tanya vd Westhuizen tanya@forexcapital.co.za at FX Capital will help you with all money related services you require, as well as very good advice and very good transfer rates, etc.

I'd definitely recommend her.

[TanyaVDWesthuizen]

Hi all,

Just to clarify again, the allowances available are:

1. DISCRETIONARY ALLOWANCE: R1MIL PER CALENDAR YEAR:

R1 Mil Investment allowance:

· R1mil per adult per calendar year, you do not have to apply for a tax clearance from SARS(you need an active tax nr)

· SA proof of residence to be provided.(you need to have still lived in SA in 2015). If not, We can get approval from our bank to send the funds!

2. FOREIGN INVESTMENT ALLOWANCE: R 10MIL PER CALENDAR YEAR:

Every taxpaying person is allowed to transfer up to R10 mil abroad per calendar year. In order to utilize the investment allowance, you will have to apply for a tax clearance for foreign investment certificate from SARS.

· R10mil per tax paying adult per year

· Transfers to your own account or company/investment platform

· SA /overseas proof of residence to be provided

ADDITIONAL SERVICES WE OFFER:

· Transfer of funds into SA from overseas

· Open non- res bank accounts for non residents

· SA Reserve Bank exchange control approvals

· Approval for remittance of non-resident funds OUT of SA.

· Formal emigration process

· Corporate forex services( hedging, forex, trade finance)

Tanya vd Westhuizen

[Hugo2]

Hi to all

At a R10m per person annual allowance, most people do not need to formally emigrate to extract their SA inheritances from South Africa

As Tanya has alerted the single discretionary allowance is R1m - travel allowance is but part of that and you can not avail to travel allowance after you left SA. You can also not use your SA credit card abroad - fines is 40%

Blocked account is ONLY required for RA encashment and or proceeds on SA assets sold. You do NOT need a blocked account for post-departure income or salary.

Blocked account is not merely changing your existing account! Blocked account may not be used for new incoming funds.

[timothy]

I better cancel my credit cards then :-)

Edited July 14, 2015 by timothy

[Elna57]

The best way to transfer money over is as per the companies that monsta above mentions. In addition to the two he says there is Exchange4Free. Whatever you do do not exchange at the airport. That will give you the worst possible exchange rate. Besides you will have hasstles when you try to bring anything over $10000 cash into the country.

Ignore the comments about a blocked account. That is not necessary. Neither do you need a tax clearance certificate.

Totally agree with Jordy. Exchange4free service is excellent.