SARB MANUALS FOR: Exchange control and international transactions
Exchange control is a function of the South African Reserve Bank (SARB) to assist in the monitoring of cross-border capital movements while providing flexibility to cope with situations of economic financial instability. To assist entities with compliance SARB publishes updated Currency and Exchanges Manuals with the latest information on what is automatically allowed in terms international transactions, and what traders may do pending permission from an authorised dealer (such as their bank).
The purpose of these manuals is to create a general understanding of the exchange control system in South Africa and its day-to-day impact on South African residents.
Currency and Exchanges guidelines for individuals
The Currency and Exchanges guidelines for individuals are issued to assist individuals and other interested parties by providing a general understanding of the exchange control system in the Republic of South Africa.
Currency and Exchanges guidelines for business entities
The Currency and Exchanges guidelines for business entities are issued to assist business entities and other interested parties by providing a general understanding of the exchange control system in the Republic of South Africa.
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These guideline documents should be read in conjunction with the Currency and Exchanges Manual for Authorised Dealers and the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority which contain the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by an Authorised Dealer or an ADLA in their own capacity or on behalf of their clients in terms of the Exchange Control Regulations.
In other words, these manuals contain what a bank or foreign exchange broker may do to assist their clients with international transactions.
The simplest way to ensure your import and export transactions are SARB exchange control compliant is to work with a foreign exchange broker. This entails opening a foreign exchange account used exclusively for the purpose of making and receiving international payments.
The major benefits of opening a foreign exchange account are:
- It includes assistance from your dedicated forex broker
- Transactions incur no hidden fees or commissions
- Payments are automatically safe and Reserve Bank compliant
Because a foreign exchange account makes import and export finances so easy and cost effective, we include one FREE with every new import export license registration.
Find more help with your import logistics, original resources, leading-edge training, and assistance with customs licenses on Trade Logistics.
