How Exchange Control Affects South African Citizens

Single Discretionary Allowances

  • Residents over 18 years old qualify for a Single Discretionary Allowance of up to R1 million per annum.
  • Residents under the age of 18 qualify for an annual allowance of R200,000.00

Investment Allowance

Residents over 18 years old also qualify for an Investment Allowance of R10 million per annum, subject to a valid SARS tax clearance certificate for investment purposes being issued by SARS, and a valid green barcoded identity document or your Smart ID Card

Foreign Exchange for Travel

Foreign exchange can be purchased up to 60 days prior to date of travel. As a Bidvest Bank client, you are able to book your foreign exchange up to six months in advance by taking out a Dynamic Hedging contract.

Overseas Property Purchases

Individuals can purchase property in an overseas country up to any Rand value without affecting their private individual investment allowance, subject to an application process to the South African Reserve Bank.

Bidvest Bank can also assist individuals with an application to the Reserve Bank for an additional investment allowance over and above the annual R4 million.

Single Emigrants

A single emigrant qualifies for a R4 million ‘settling-in’ allowance and R8 million per family unit (a single parent with children), this is subject to an application process to the South African Reserve Bank.

Students

Students living abroad for legitimate full-time studies benefit from an annual study allowance equivalent to the rand amounts of the Single Discretionary Allowance of up to R1 million per annum. This is under the provision of enrolment for that specific academic year.