3. South African Resident Individuals

The foreign exchange restrictions on South African resident individuals have been liberalised with the intention of reducing the administrative burden for individuals undertaking foreign exchange transactions.

Individuals are permitted to conduct a foreign currency account with an Authorised Dealer and/or a foreign bank account for the following purposes:

(a) for travel as authorised (see section 3.3 (h));
(b) foreign investment (see sections 3.1 and 3.6);
(c) legitimate foreign earned income (see section 3.6.4); and
(d) foreign inheritance (see section 3.10).

The following dispensations listed hereunder are available to individuals: