Exchange control services

Foreign exchange controls are the various forms of controls imposed by the government on the:

• purchase or sale of foreign currencies by residents
• purchase or sale of local currency by non-residents

The South African Reserve Bank (SARB) has appointed Bidvest Bank as an Authorised Dealer in foreign exchange. An Authorised Dealer's function is to assist the SARB's Exchange Control division in administering exchange control to South African residents and businesses.

Full applications to the SARB's Exchange Control division need to be made through an Authorised Dealer like Bidvest Bank.

Exchange control for individuals
The SARB's current exchange control limits (discretionary allowance) for South African residents is a maximum of R750 000 per calendar year (1 January to 31 December) for adults and a maximum of R160 000 per calendar year for those residents that are under the age of 18.

This discretionary allowance is designed for the payment of travel expenses, gifts, donations and maintenance.

The annual discretionary allowance is in addition to the existing R4 million individual foreign capital allowance allowed by the SARB. Thus as a South African resident you are entitled to invest a maximum of R4 million Rand offshore (once-off) , in addition to your discretionary allowance of R750 000.