How to Buy Dollars in South Africa
You’ve come to the perfect site whether you’re looking to buy US dollars or any other major foreign currencies to send to family members who live abroad, travel on vacation, or invest to gain leverage over the ZAR.
What is required in South Africa to purchase foreign currency?
You’ll need a form of identity and evidence of residency in South Africa in order to purchase foreign money. You must also show proof of your travel documentation if you are purchasing foreign currency for travel.
Discover exactly what types of documents you can use for each in the following paragraphs.
Here are some methods for converting your Rand into US dollars.
The greatest ways to obtain cash before departing on vacation when US dollars are accepted are known as “in-store methods.” To use this method, you often require a flight ticket or other kind of proof of travel.
The finest ways to buy US dollars online for investments or to send money to family members abroad are generally referred to as “online techniques.”
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How much US currency can you buy?
You need to be aware of how much money a South African citizen may spend before I start with my list. You have three different categories to choose from:
Allowance for travel for South Africans
Spending on U.S. currency is restricted to R200, 000 per year for those under the age of 18. No more paperwork will be required.
For South African citizens OVER the age of 18, there is a single discretionary allowance where you are only allowed to spend a maximum of R1 million rand on U.S. dollars in a calendar year. No more paperwork will be required.
Foreign investment allowance: Using this strategy, you are permitted to invest between R1 million and R10 million in US dollars over the course of a year. You would need to produce more paperwork for this, though. A valid SARS Tax Certificate for Foreign Investment Allowance must be obtained and provided (referred to as FIA-001).
Which South African bank offers the best foreign exchange rates?
Express Remit SBI. . Quick Remit from HDFC Bank. . Remit Axis. . Click2Remit. . BarodaRemitXpress. . IndRemit. . IndusFastRemit.
