3.10. Miscellaneous commercial payments and receipts (South African Resident Individuals)

3.10.1 Payments effected under this section require the presentation of documentation and will not be deducted from the single discretionary allowance limit of R1 million per calendar year.

3.10.2 Miscellaneous commercial payments inclusive of associated costs to non-residents may be effected via an Authorised Dealer in respect of legitimate foreign obligations.

3.10.3 The following conditions are also applicable:

  • (a) Foreign currency payments may also be made in advance against documentary evidence, e.g., an invoice or agreement;
  • (b) Residents may approach their Authorised Dealer to issue guarantees on their behalf in favour of non-residents with the exception of guarantees for capital transactions and currency transfer guarantees, which need to be referred via an Authorised Dealer to the Financial Surveillance Department. Authorised Dealers may also, where applicable, approve the extension of the aforementioned guarantees;
  • (c) Residents may not participate in lotteries organised abroad, as such participation contravenes the Lotteries Act, 1997 (Act No. 57 of 1997). Furthermore, in terms of the National Gambling Act, 2004 (Act No. 7 of 2004), as amended by the National Gambling Amendment Act, 2008 (Act No. 10 of 2008), residents may not participate in any gambling activities not authorised in terms of the afore-mentioned Act;
  • (d) South African securities may be exported by residents for sale abroad only through an Authorised Dealer and the sale proceeds must be repatriated to South Africa;
  • (e) Residents may only purchase securities abroad within the R10 million foreign capital allowance, within the single discretionary allowance limit of R1 million per calendar year, or through the use of exempted foreign assets. All other applications for purchases of securities abroad must be referred by the Authorised Dealer to the Financial Surveillance Department; and
  • (f) Residents must sell to Authorised Dealers within 30 days all foreign bank notes received from non-residents as payment for legitimate transactions, e.g., services rendered, gratuities, tips, or gifts.

Scroll to Top