Foreign Currency Account (FCA)
In addition to the single annual discretionary allowance of R750 000, South African residents are entitled to a once off individual foreign currency transfer of a maximum of R4 million for investment purposes.
The limit for family groups is R8 million.
There are two options on how you can invest these funds:
- Open a Bidvest Bank FCA and invest your money locally in the foreign currency of your choice. FCA's are available in US Dollars, Great British Pound, Euros or Australian Dollars. The funds invested earn interest in the specified foreign currency but it remains a South African-held and operated account. To open a FCA, the minimum deposit required is R25 000 and the maximum deposit is R4 million.
- Invest the money in an overseas financial institution. In this case, Bidvest Bank assists you in transferring your funds to the overseas bank or investment firm via Telegraphic Transfers or Drafts.