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adventurer1

Resbank Travel Allowance Pit Falls

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Morning All

 

Be aware:

When transferring ZAR funds on your annual R1Million "travel" allowance, your bank will inform you that you are not allowed to use your Credit Card after the money was transferred.

(you can not make any accommodation bookings or car rental or any purchases with your ZAR Credit Card)

 

This is if you use your whole travel allowance (transfer R1M to the US).

 

ALSO, the Reserve bank will count ALL Credit Card transactions for that calendar year towards your R1M travel allowance. Thus, if you transfer your R1M in December of a year, what ever you've spent on your CC during that calendar year (from Jan), will already count towards Travel allowance.

 

For those transferring lower amounts, this won't be an issue.

 

I know that you can take up to R10M per family (excl travel allowance), be careful on which allowance the bank transfer your money out. (also make sure that you have individual bank accounts in US to transfer it to- for each person you want to claim the allowance - above 18-as you can't transfer an allowance to a third party. Spouse can't claim allowance if the allowance are NOT paid into that individuals name), otherwise you might get fined and red flagged by the Res Bank.

 

 

 

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If you're transferring funds offshore it's easy enough to use the capital allowance. Or of course officially emigrating, where its a bit of a schlep initially with paperwork but you can then take everything off (the excon limits aren't hard for this, you just apply for higher, they approve individual transactions of hundreds of millions of rands without a problem) and then the whole family amount can go into one account too, that's not an issue either. Ours all went into one account on the initial transfer. ( Also you can have one spouse officially emigrating and one not, if you should want to keep ordinary resident bank accounts in SA as well.)

 

Transferring off at the current exchange rate though....sheesh. Of course it could always get worse, but ouch.

Edited by SJ27
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Ouch! its R15.91 to the Dollar today!

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Hi all,

 

Please contact me with any questions or concerns about the R1mil Discretionary allowance, R10mil foreign investment allowance as well as emigration.

 

Also an interesting article this morning, Pravin back as Minister of Finance, rand has strengthened already this morning.:

http://www.bdlive.co.za/national/2015/12/13/zuma-brings-back-gordhan-drops-van-rooyen

 

Have a blessed Christmas!

 

Tanya vd Westhuizen

Forex Capital Foreign exchange services

 

Tel: 0027 79 877 2325

0027 21 671 0804

 

www.forexcapital.co.za

Edited by tanyavdwes

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