JaSi Posted October 16, 2016 Report Share Posted October 16, 2016 Hi guys, I was hoping for some assistance or at least some opinions. I am sure this has been discussed somewhere but I was unable to find it. Should I keep my money in SA and only take what I need until the point in time where I might need the remainder for something like a deposit on a home or do I minimise the risk and take it all across? The main concern is regarding the impending potential credit rating downgrade and general political and economic instability. It seems that interest rates in SA are substantially higher (for now) but the risk of the exchange rates turning against me are increasing. I am also going over on a 457 and initially hoped I could wait until I have PR and a bit more certainty. The bulk of my funds is currently in unit trusts or other liquid vehicles. Do I need to move the money to my bank account first or will one of the FX services be able to transfer the money from there directly? Any advice or opinions are welcome. 1 Quote Link to comment Share on other sites More sharing options...
Riekie Posted October 17, 2016 Report Share Posted October 17, 2016 When we applied for our visas, the exchange rate was 1:3 By the time we got here, it was 1:5 When we finally got our annuities out, it was 1:8 Now it is touching on 1:11 Don't wait - it's losing value with every breathe you take.... 2 Quote Link to comment Share on other sites More sharing options...
JackoFam Posted October 17, 2016 Report Share Posted October 17, 2016 @JaSi you will have to liquidate all assets you wish to move over first. Then the first time you setup a transfer (We used FXcapital and this is their process) they will set you up with a linked Investec account. You transfer the funds you want to transfer to the Investec account and they transfer overseas. You pay them R250 per transfer and for this fee they will get your SARS clearance certificate. Subsequent transfers are easier as they will just use the same Investec account. SARS clearance is pretty simple if you are under the R1 million annual limit but you can transfer up R10 million with a further SARS clearance. Quote Link to comment Share on other sites More sharing options...
JaSi Posted October 19, 2016 Author Report Share Posted October 19, 2016 I have done quite a bit of research and I do not see a very good reason for the rand to strengthen. Luckily I can liquidate the bulk of my money fairly easily. I have decided to take my money our and will chat to a FX company. Thanks for the input. 1 Quote Link to comment Share on other sites More sharing options...
dlmonnink Posted November 2, 2016 Report Share Posted November 2, 2016 Good choice. Especially in the economic climate of SA I would take out what is worthwhile and only leave what is necessary. I have left about R50k in SA for anything I may need to cover with regards to my unit I rent out in SA or fees I may need to pay when selling later. The history also shows that in the last 10 years the rand/dollar conversion has dropped badly and so it is not worth to keep any money you don't need to there. I was hoping to move my cash over at R9:$ and then zuma opened his pathetic mouth making my conversion R11:50:$ Quote Link to comment Share on other sites More sharing options...
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