💸 Sending money to and from South Africa
The cheapest ways to move money between your new country and SA, and the exchange-control limits to know about.
Updated 4 October 2026
Whether you're supporting family, paying off a bond or bringing your savings over, the fees and exchange rate can cost you thousands of rands a year if you're not careful.
Compare the total cost, not the fee
Banks often advertise "no fee" but build a margin of 2 to 4% into the exchange rate. Always compare the amount that arrives. Online money transfer services and specialist forex providers usually beat banks for regular transfers, and for large amounts (say, selling a house) a forex specialist can get you a better rate.
Exchange control: the allowances
- South African residents have an annual single discretionary allowance (R1 million a year at the time of writing). It covers transfers abroad without needing SARS approval.
- Larger amounts fall under the foreign investment allowance. You'll need a tax compliance status PIN from SARS (an "Approval for International Transfer", or AIT).
- Once you're a non-resident, you can bring money out of South Africa through an authorised dealer, but they'll want proof that your SA tax affairs are in order.
Tips
- Keep your SA bank account active: dormant accounts get frozen, and unfreezing them from abroad is painful.
- Have family pay rands into an SA account and settle up between you, rather than many small international transfers.
- Keep records of every large transfer for SARS and for the tax authority in your new country.
Allowance amounts are set by National Treasury and the Reserve Bank and do change. Check with your bank or an authorised dealer.