cerisk Posted July 10, 2007 Report Share Posted July 10, 2007 We are relocating at the end of August, can anyone please tell us how they took their money out of SA - dollars, travellers cheques? etc etc as we are not sure which will be the best way to take out our allowance per family member. Did you perhaps open an account in Aus then instruct your SA bank to transfer the money?Thanks Andre & Ceris Quote Link to comment Share on other sites More sharing options...
Ajay Posted July 11, 2007 Report Share Posted July 11, 2007 Hi there,There are many ways to do this - if you use the search function here on the forum, you'll probably find heaps of information. In brief, all the options you mention are possible and all have pro's and con's.CheersAjay Quote Link to comment Share on other sites More sharing options...
werns75 Posted July 11, 2007 Report Share Posted July 11, 2007 not sure about the visa, but our investigation found that a tt (telegraphic transfer) or draft were best options. use it for transferring travel allowance of up to 160k pp. be prepared to pay commission and fees, about R550 or more. i'm investigating other methods...will keep posting Quote Link to comment Share on other sites More sharing options...
Tracy Posted July 12, 2007 Report Share Posted July 12, 2007 Hi Guys,I'm not in the super-tax bracket so I'm fairly straightforward - wish Dept. of Immi knew that! Anyway, I have already had accounts opened in Aus at Commonweath Bank for myself and my daughter, no deposits needed. Great service from them and everything done by email and telephone.I am taking every cent I have in the form of travellers cheques with me.I've shopped around and Standard Bank, my bank here, are cheaper than Rennies by R200. There was R50 difference in the amount I asked them to quote me.Depending on availability of AUD, I may have to wait a few days for the bank to get their ducks in a row. Rennies said I could have it immediately.Not sure which way I will go eventually.I have some pennies coming at a later stage from here, and will do that via T/T.Hope that helps!Tracy Quote Link to comment Share on other sites More sharing options...
Jake Posted July 27, 2007 Report Share Posted July 27, 2007 Hello All,Ja i'd also like to know how to take out your money - How does the exchange work? On the exchange rate board their is:We buy , We Sell and We buy Travellers ChequeWhich one do you use when you change from ZAR to AU$?Regards, Jake Quote Link to comment Share on other sites More sharing options...
Springbok Posted July 28, 2007 Report Share Posted July 28, 2007 On the exchange rate board their is:We buy , We Sell and We buy Travellers ChequeWhich one do you use when you change from ZAR to AU$?When you buy forex in South Africa, you are selling Rands and the bank buys those Rands from you. So "We buy" is the rate that the banks buys from you, it is the lower rate of the two.the forex (e.g. Aussie dollars) you buy from the bank at the "We sell" rate (the higher rate of the two), because the bank sells Aussie dollars to you. Quote Link to comment Share on other sites More sharing options...
Jake Posted July 28, 2007 Report Share Posted July 28, 2007 Oh, shot, now i get it. Tell me what is the travellers cheque exactly? Quote Link to comment Share on other sites More sharing options...
Survival Posted July 28, 2007 Report Share Posted July 28, 2007 (edited) We are relocating at the end of August, can anyone please tell us how they took their money out of SA - dollars, travellers cheques? etc etc as we are not sure which will be the best way to take out our allowance per family member. Did you perhaps open an account in Aus then instruct your SA bank to transfer the money?Thanks Andre & CerisAs a RSA citizen you can invest a certain amount per annum in foreign investments. You will need to apply for a tax clearance certificate (at SARS) before you can transfer the money to an overseas bank account. I suggest opening an offshore account (www.offshore.hsbc.com - Jersey/Isle of Man) or Aus account (this might be difficult from RSA) and send the money over.You lose alot on transfer/commission fees on travel cheq (10% of value) and also your RSA bank cards and credit cards in Aus. Edited July 29, 2007 by Survival Quote Link to comment Share on other sites More sharing options...
Barnone Posted July 28, 2007 Report Share Posted July 28, 2007 As a RSA citizen you can invest 240k per annum, per person, in foreign investments. You will need to apply for a tax clearance certificate (at SARS) before you can transfer the money to an overseas bank account. I suggest opening an offshore account (www.offshore.hsbc.com - Jersey/Isle of Man) or Aus account (this might be difficult from RSA) and send the money over.You lose alot on transfer/commission fees on travel cheq (10% of value) and also your RSA bank cards and credit cards in Aus.Hi Survival (& other readers of this string)There are many strings which deal with this topic (see Ajay's suggestion above).Not sure where Survivors figures come from but as far as I know, once you have SARS Exchange Control approval for foreign investment, you may invest up to R2m(previously R 750 000) if you are 18 & can show that you earned the money legitimately & have paid the required tax theron (PAYE, Death duty, Capital gains, STC or whatever they might be) ...If you are officially emigrating (as opposed to 'relocating') the family gets R4m less any foreign investment allowance taken & if approved you can pay a 10% additional tax penalty to take more. There is also mention of a settling in allowance in some places (couldn't find it on the SARS site though). This is in addition to the R160 000 travel allowance & some other allowances like wedding expences, medical expenses, family & student maintenace allowances, gifts I am not sure if a 457 visa holder would fall into the SARS 'emigration' category though because it is a temporary visa- I'm open to correction though. Quote Link to comment Share on other sites More sharing options...
Cindylou Posted July 29, 2007 Report Share Posted July 29, 2007 Barnone is correct, you cannot emigrate on a 457 visa, you are required to submit proof of PR visas to the authorised dealer (bank). The term "settling in allowance" is used as an alternative to "travel allowance" - as you are moving and not travelling! - and is the same amount. However, of importance with regards to this allowance is that you can claim it regardless of how much of your annual "travel allowance" you or your family may have used this year. Quote Link to comment Share on other sites More sharing options...
RoMar Posted July 29, 2007 Report Share Posted July 29, 2007 not sure about the visa, but our investigation found that a tt (telegraphic transfer) or draft were best options. use it for transferring travel allowance of up to 160k pp. be prepared to pay commission and fees, about R550 or more. i'm investigating other methods...will keep postingHi Werns75Are you able to tell me exactly how the telegrahic transfer or draft would work? Would we need to open an account in Australia before we leave and then get the bank to transfer the money into that account or what? This is the first time that we will ever be travelling anywhere overseas so we're not totally au fait with all the procedures.Thanks hey!RoMar Quote Link to comment Share on other sites More sharing options...
werns75 Posted August 1, 2007 Report Share Posted August 1, 2007 Hi RomarMy first time too. We are going to open a bank account with Westpac, which can be done before we leave for Australia. I'm also looking at the int investment option, for which tax clearance is necessary, were supposed to have a meeting with my financial advisor 3 weeks ago, but seeing him on monday. will be able to give you a better feedback then.But in short, you can give a bank in Oz or here instructions to transfer money via TT to any account anywhere (commissions apply). Also look at the "gifts" option of R30k p/a friends/family are allowed to make - it was discussed elsewhere in this forum Quote Link to comment Share on other sites More sharing options...
alastair Posted August 1, 2007 Report Share Posted August 1, 2007 Here is a link of SA Reserve Bank foreign exchange manual.This will help with a lot of your querries.http://www.reservebank.co.za/internet/publ...6/?opendocument Quote Link to comment Share on other sites More sharing options...
Elmine Posted August 2, 2007 Report Share Posted August 2, 2007 Hier is die SARS Tax Clearance Certificate wat voltooi moet word om 'n Foreign Investment te maak.Income_Tax___FIA001___Tax_Clearance_Certificate_In_Respect_Foreign_investment_Application___Form___2005.pdf Quote Link to comment Share on other sites More sharing options...
RoMar Posted September 8, 2007 Report Share Posted September 8, 2007 Thanks Werns75Haven't been on this thread for a while therefore the lateness of this reply.At least you've helped me see this transferring of money story a bit more clearly. But it all still sounds really complicated.CheersRoMar Quote Link to comment Share on other sites More sharing options...
Overtaker Posted September 18, 2007 Report Share Posted September 18, 2007 I was able to bring $160k per adult and $50k per child as a travel allowance on my 457 visa. As I already had a bank account here, they (I used Rennies) just did an electronic transfer. You can do the same every year until all your money is here, apparently... Quote Link to comment Share on other sites More sharing options...
Cindylou Posted September 18, 2007 Report Share Posted September 18, 2007 Travel Allowance is only allowed on presentation of an air ticket issued in South Africa. Quote Link to comment Share on other sites More sharing options...
Wodwik Posted September 20, 2007 Report Share Posted September 20, 2007 Is there no requirement to repatriate the funds you have not used on a trip? I seem to remember that previously one had to take back to SA any money which you had not spent, or has this been done away with? Quote Link to comment Share on other sites More sharing options...
Lisa T Posted September 21, 2007 Report Share Posted September 21, 2007 Is there no requirement to repatriate the funds you have not used on a trip? I seem to remember that previously one had to take back to SA any money which you had not spent, or has this been done away with?Who's going to know? Open a savings account and put your unused money offshore? Quote Link to comment Share on other sites More sharing options...
Marius Swart Posted September 22, 2007 Report Share Posted September 22, 2007 I was able to bring $160k per adult and $50k per child as a travel allowance on my 457 visa. As I already had a bank account here, they (I used Rennies) just did an electronic transfer. You can do the same every year until all your money is here, apparently..."$160k per adult and $50k per child"Dollar or Rand?My understanding is that it is R160K (rand) and R50k (rand), not dollar. Please advise.Thanks.Marius Quote Link to comment Share on other sites More sharing options...
DesV Posted September 22, 2007 Report Share Posted September 22, 2007 The Easiest and cheapest way of taking your allownace out of SA is to go to a foreign exchange and request a bank draft you have to produce a return ticket to get your allowance.The bank draft takes about 7 - 10 days at the end of it you basically get a cheque made out in your name on arrival in Australia you open a bank account and deposit the cheque.What a number of people have done is to give a trusted family member or friend signing power on their bank account and then when a family member or friend visit the person with signing power can transfer money into the vsiting persons account and they will get a bank draft in their name and open an account on arrival once the money is in the account then they draw it and give it to you, dont know if this is totally legal and dont know names of any body who has done this but have heard rumours from unknown people who i have met by chance in pubs on my travels that it has been done, i have even heard that some people have got a free air ticket out of doing this......... You can also apply for a debit card from american express and have your allowance deposited into that or even have your allowance deposited into your credit card and draw as you need but obviously it will take you a long time to draw the money on a daily basis at the max limit.Best of luckDesTravel Allowance is only allowed on presentation of an air ticket issued in South Africa.It has to be a return ticket ........Is there no requirement to repatriate the funds you have not used on a trip? I seem to remember that previously one had to take back to SA any money which you had not spent, or has this been done away with?Yes it another of those silly laws that most people choose to ignore same as it ia requirement to keep to the speed limit in South Africa .................. Quote Link to comment Share on other sites More sharing options...
Rodz Posted September 26, 2007 Report Share Posted September 26, 2007 Most of my funds are in my money market account which i will transfer as i need to my cheque account. As i am not immigrating as yet, could i leave everything as is as use my visa cheque card to draw ,once over there, as i need. I could via Internet transfer just keep on moving money from my money market to cheque? Will this work?ThanxRodney Quote Link to comment Share on other sites More sharing options...
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