Changes to Reserve Bank Regulations
The South African Reserve Bank recently changed its regulations with regard to South Africans using their debit cards while overseas.
SOUTH AFRICANS TEMPORARILY ABROAD MAY NOW:
- Use their South African debit cards up to the current maximum (R1 million) of the annual Single Discretionary Allowance (SDA)
- If under the age of 18, spend up to the current maximum (R200 000) of the annual Travel Allowance on their South African debit cards
How Exchange Control Regulations Affect South African Citizens
When you need to make any type of payment overseas, Bidvest Bank is an authorised dealer and can help with administering exchange control and applying for prior approval. We understand the exchange control regulations and can help ensure that you abide by them. See how Exchange Control can affect South African citizens.
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