So you’ve moved your life across the great African savannah and the warm Mediterranean. You’ve unpacked all the boxes filled with sentimental trinkets and heirlooms, dropped all the important pins to calculate your routes around your new town, you’ve found the best local barista and there’s just one thing left to figure out – how to transfer your money from South Africa to the UK.
It’s a confusing thing – these cross border finances. And you’ve probably seen enough movies and documentaries to know that it’s quite easy to make a royal mess of things.
Your homework basically covers the fact that your single discretionary allowance allows you up to R1M transfer from South Africa, and your annual foreign investment allowance is up to R10M per year.
And that’s pretty much it!
Well, of course the first thing you should know is that your SARS record needs to be up to date. Secondly, you won’t need a tax clearance certificate for your single discretionary allowance, but you will need one for your transfers that fall within your foreign investment allowance.
Got it? Good.
Next, of course, you need to know that Retirement Annuity transfers are not covered by either of these allowances, nor is money from an inheritance. For either of these types of income, you will need to consider financial emigration (which isn’t as scary as it sounds).
Next up, you need to open that forex trading account. An instant access deposit account will allow you to transfer money from South Africa as well as funds from any other (legal) source. These accounts:
- are quick and easy to set up and open
- let you transfer funds using your personal exchange control allowance (competitive foreign exchange rate)
- bear interest – the rate is calculated basedon your account balance (competitive interest rate)
- offer a debit order facility – for recurring payments (upon application)
- give you internet access to review your transaction history (upon application)
See, that’s not too hard, is it? Of course, the admin can be a bit of a headache, but luckily you have the help of the good folks over at finglobal.com to help you with all your financial migration needs. No, but really, we do understand that managing your finances can be a daunting task, and we don’t want you to feel out of your depth. So we’re here to assist you and give you advice even if you choose to do it all by yourself.
Let us call you for an obligation-free assessment and get your money moving to in the right direction.
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