Exchange Control Services

Exchange Control Services

As an authorised dealer in foreign exchange, we assist the South African Reserve Bank in administering foreign exchange control to South African businesses.

Foreign exchange controls are imposed by the government on:

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

All applications must be made through an authorised dealer.

Exchange Control Services for Businesses

  • A dynamic hedging contract is available to businesses with anticipated foreign exchange commitments. A business can therefore secure a foreign exchange rate up to six months in advance.
  • Bidvest Bank can authorise an annual omnibus allowance for business travel purposes up to R10 million, or facilitate an application to the South African Reserve Bank for a value greater than R10 million.
  • Bidvest Bank can facilitate applications for direct foreign investments or corporate acquisitions to overseas companies.
  • For individuals travelling on behalf of a business, when the R1 million allowance is exceeded, we can assist by extending the allowance by up to R2 million.
  • Bidvest Bank also assists with applications for royalties, dividends, insurance and professional fees.

Documentation

To qualify for an annual R10 million investment allowance, the following documents must be supplied:

  • A copy of the individual’s green bar-coded identity document
  • A SARS tax clearance certificate for investment purposes


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