Boere Posted June 5, 2007 Report Share Posted June 5, 2007 Hi EveryoneWe are currently selling our house in South Africa and was wondering how do I get the money into Ozz Quote Link to comment Share on other sites More sharing options...
Charlesc Posted June 5, 2007 Report Share Posted June 5, 2007 (edited) Hi there,Open a CDIA account (Cash Investment Account) at www.commbank.com. You get online access and a bank card.Apply to SARS with form FIA001 located on www.sars.gov.za.Once you receive this you instruct your bank to make the transfer.Hope this helps. Edited June 5, 2007 by Charlesc Quote Link to comment Share on other sites More sharing options...
MANDYL Posted June 5, 2007 Report Share Posted June 5, 2007 As easy as this ? Do you not need a letter from the reserve bank clearing your funds ? Quote Link to comment Share on other sites More sharing options...
Cindylou Posted June 5, 2007 Report Share Posted June 5, 2007 Apply to SARS with form FIA001 located on www.sars.gov.za.As easy as this ? Do you not need a letter from the reserve bank clearing your funds ?The FIA001 is the application for a tax clearance for "foreign investment". If you are applying to take your emigration allowance you'll need to complete the IT21(a) Open a CDIA account (Cash Investment Account) at www.commbank.com. You get online access and a bank card.The are a number of banks that offer an online application process. Please use the search function to look through the "Money" subforum for more discussions on this.Cindylou Quote Link to comment Share on other sites More sharing options...
MANDYL Posted June 5, 2007 Report Share Posted June 5, 2007 Hi Cindylou, thks i've read on the forum but I need a simple explanation actually. Ours is not a difficult set up. The problem that we have is that we will be going over before our money is "loose" at this end. We will be going over on a 457 Visa. So is it not the best option to arrange with the banks that all our account remain open and when our money comes loose we can transfer it from the SA bank to our bank in Oz ? it's not millions and I am not too sure what to do with the reserve bank. do I need his ok as well. Quote Link to comment Share on other sites More sharing options...
Cindylou Posted June 5, 2007 Report Share Posted June 5, 2007 Hi MandyIf you are not formally emigrating then you need to use the FIA001 form - application for a tax clearance in respect of off shore investment. This allows you to invest up to a max of R2 mio per tax payer overseas.Apply for your tax clearance(using this form) and when you get it you can hand it to your bank to make the transfer to your Aussie account when your money is available! They will ask you to fill in some of their forms (with your new bank account details) so make sure that you have that info to hand.CheersC'Lou Quote Link to comment Share on other sites More sharing options...
Rodz Posted June 5, 2007 Report Share Posted June 5, 2007 What would be the best way to get R100k out?I am going on a 457.I was thinking of putting it into my credit card,opening an account from this side before i go over and maybe transfer from cr card to new account?Any suggestions?Thanx Quote Link to comment Share on other sites More sharing options...
MannyT Posted June 15, 2007 Report Share Posted June 15, 2007 What would be the best way to get R100k out?I am going on a 457.I was thinking of putting it into my credit card,opening an account from this side before i go over and maybe transfer from cr card to new account?Any suggestions?ThanxHi I would think that the easiest way to take R100k out would be as a "Travel allowance". You were allowed R140K per year per person when we left.There are some restrictions regarding the use of RSA credit cards overseas once you have emigrated (ie if they find out).Good LuckManny Quote Link to comment Share on other sites More sharing options...
Tracy Posted June 15, 2007 Report Share Posted June 15, 2007 Rod,Make sure you know what fee a cash withdrawal from your CC account attracts from there. It nearly killed my credit card when I did it!Tracy Quote Link to comment Share on other sites More sharing options...
Rodz Posted June 16, 2007 Report Share Posted June 16, 2007 Thanx people!! Quote Link to comment Share on other sites More sharing options...
Rodz Posted June 16, 2007 Report Share Posted June 16, 2007 HiTell me if this is a stupid idea or not. Say i put my 70k on my virginmoney credit card. Increase my withdrawal limit to the max and draw and deposit once i am down under? I will then leave my credit card with my original limit and destroy it (to save myself/wifey from using it).Thanx Quote Link to comment Share on other sites More sharing options...
saffer2 Posted June 16, 2007 Report Share Posted June 16, 2007 Hiya.Using any type of credit card will mean that the exchange rate the bank gives you is terrible. Best rate is using travel cheques. Rate diff on Friday this last week for example, travellers cheques R5.98 and cash was R6.17, credit card transaction R6.38.There was a post about a week ago talkng about using SA credit cards on fri-mon.Hope this helps. You travel allowance is inlcuded in the credit card amounts you spend, no diff.CheersReid Quote Link to comment Share on other sites More sharing options...
Rodz Posted June 17, 2007 Report Share Posted June 17, 2007 Hi ReidSo i can buy 70k worth of travellers cheques instead.Thanx Quote Link to comment Share on other sites More sharing options...
les1968 Posted June 26, 2007 Report Share Posted June 26, 2007 My brother left 22 june, his bank put his money on what seemed to be a debit card they give. So instead of taking over aussie dollars or travellers cheques they put the funds on a debit card for australia in aussie dollars.find out from your bankThe reason for the above was a shortage of assie dollars in SA, makes you think how many people are leaving. Quote Link to comment Share on other sites More sharing options...
Rodz Posted June 26, 2007 Report Share Posted June 26, 2007 I have seen that cash passport being advertised. I have seen it only with ABSA so far.Will contact FNB 2morrow!! But it should not make a difference which bank you use?Thanx Quote Link to comment Share on other sites More sharing options...
saffer2 Posted June 26, 2007 Report Share Posted June 26, 2007 Hiya.Depends on the Travel Cheque provider, not the banks. Thomas Cook does the card thing, American Express still only issues old style cheques!! Standard only use AM.Hope this helps.Cheers Reid Quote Link to comment Share on other sites More sharing options...
australian Posted June 27, 2007 Report Share Posted June 27, 2007 HiWe will only be taking our full travel allowance (think it is around R480 000, two adults and two kids), and will be "relocating" to Australia.What is the easiest way to take this money accross, travellers cheques?? or are we allowed to transfer the funds into an account in Australia. I already have a savings and investment account open with ANZ, but my husband does not have an account yet and he will be leaving before us??Any advise please??? Quote Link to comment Share on other sites More sharing options...
saffer2 Posted June 27, 2007 Report Share Posted June 27, 2007 The best thing to do is to go to your bank and understand which is the cheapest method to transfer the money. You can either take cash (most expensive and least convenient), a foreign draft, a telegraphic transfer (ie directly into an account) or travellers cheques (which can be in the form of 'old fashioned' cheques or on a card depending on whether you get AMEX or American Express). There are different rates for all of these transactions and your bank will be able to provide a quote that you can use.Basically there are some tips for getting the best rate:(1) Never buy foreign exchange on the w/e as (all things being equal) you will get the worst rate. The "spreads" between buying and selling are wider on the w/e. The same goes for Monday morning. Wait for the banks to refresh their rates.(2) Banks make money in two ways on retail foreign exchange transactions - one is on commission (for travellers cheques) and the other is on the spread between what they buy for and what they sell to you. You can negotiate on both of these. On commission - certain banks waive or reduce travellers cheque commissions (which are 1.5% of the Rand amount) if you have an account with them - so ask the bank that you currently are with if this is the case for you. If you are bank staff there are also usually concessions. On the spread, ask the bank if they can 'refresh' the rate by phoning the treasury. Standard seem quite happy to do this, while ABSA indicated that they will only phone the treasury for amounts in excess of R120,000. If you cannot get the bank to call the treasury, at least get a quote from all the other competitors (we were in the Sandton banking mall, so they were pretty close together) and then negotiate with your bank. As an eg. we changed some money on Tuesday. Standard's rate (on the board) was 0.1595, ABSA was 0.1608 (on phoning, was 0.1621) and Standard eventually got to 0.1641. We didn't manage to get the commission waived, but that was because I had closed my account one day before! Quote Link to comment Share on other sites More sharing options...
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