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How much money can you transfer out of South Africa

If you're looking to transfer money out of South Africa, you may be wondering how much you can send and what factors could impact the amount you can transfer. 

In this blog post, we'll discuss the regulations and restrictions that govern money transfers out of South Africa, as well as the impact of currency exchange rates, tax implications, transfer fees, limits on transfer amounts, and how you can send more money home by upgrading your Mama Money account.

 

Why do people need to send higher amounts internationally?

People may need to send large amounts of money to friends and family in other countries for a variety of reasons:

  • Support loved ones during political or economic instability 
  • Invest in business 
  • Medical emergencies or scheduled medical care
  • Yearly school fees payments 
     

Regulations and restrictions 

The South African Reserve Bank (SARB) regulates money transfers out of the country. You may need to provide specific documentation when transferring money to comply with regulations. Additionally, there are restrictions on how much you can transfer and limits on the frequency of transfers. These restrictions can vary depending on the type of account you have and the purpose of the transfer.

 

Currency exchange rates 

Currency exchange rates can impact how much money you can transfer out of South Africa. Exchange rates can fluctuate daily, and the rate you receive when you send money can affect the amount of money your recipient receives. Factors that influence exchange rates include economic indicators such as inflation, interest rates, and political stability. Always check exchange rates or get a quote on our app to determine exactly how much money you will send to your recipient. 

 

Tax implications 

When transferring money out of South Africa, you'll need to consider the tax implications. Taxes may be applied to money transfers, and the amount of tax you pay can vary depending on the amount of money you're transferring and the purpose of the transfer.

 

Transfer fees 

Transfer fees can also impact the amount of money you can transfer out of South Africa. These fees can vary depending on the amount of money you want to transfer and the method you choose to transfer it. Researching and comparing fees can help you find the most cost-effective option for your needs.

 

Limits on transfer amounts 

There are also limits on the amount of money you can transfer out of South Africa. These limits can vary depending on the type of account you have and the purpose of the transfer. 

For example, with a standard account with Mama Money, our customers can send up to R20,000 per transaction. However, with our upgraded account option, you can send up to R50,000 per transaction. Some banks and money transfer companies may have their own limits on transfer amounts, so it's important to check with your provider before sending money.

 

Travelling with cash from South Africa

If you're travelling to your home country, you may be wondering how much cash you're allowed to carry with you when leaving or entering South Africa. According to the South African Revenue Service (SARS), a traveller leaving South Africa must declare currency in their possession. The limit on South African bank notes is unlimited if the traveller travels within the Common Monetary Area (CMA), including Lesotho, Namibia, Eswatini (formerly Swaziland), and South Africa. 

However, if a traveller wants to travel with any amount exceeding the R25,000 allowance, they must have prior authorisation from SARB.

An online money transfer service like Mama Money can be a convenient and cost-effective option for transferring money out of South Africa. With our upgraded account option, you can send up to R50,000 per transaction, and our transfer fees are competitive with other providers. By using our service, you can avoid the hassle of travelling with large amounts of cash and the potential risk of loss or theft.

In addition, our online platform allows you to easily select the payout method, such as a mobile wallet or bank account, for your recipient. This can save you time and money compared to traditional bank transfers, which may have higher fees and longer processing times.
 

Transfer limits 


According to Sable International, South Africa has strict forex controls that allow the South African Reserve Bank to keep track of the movement of capital in South Africa. If you're a taxpayer over the age of 18 and a South African resident, you are eligible for the following allowances:

  • R1 million single discretionary allowance (no tax clearance required from SARS)
  • R10 million foreign investment allowance (tax clearance required from SARS)

These allowances can be used to transfer money out of South Africa, subject to compliance with regulations and documentation requirements.

In total, you can transfer a maximum of R11 million per year using these allowances.

At Mama Money, we offer a convenient solution for sending money out of South Africa. With our upgraded account option, you can send up to R50,000 per transaction. Learn more about upgrading your Mama Money account.

In conclusion, transferring money out of South Africa requires understanding the regulations and restrictions in place and the impact of currency exchange rates, tax implications, transfer fees, and limits on transfer amounts. 

For additional information on money transfers and regulations in South Africa, visit the South African Reserve Bank's website.

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