Trusted leaders in Forex transfer out of South Africa

The Single Discretionary Allowance (SDA) permits South African resident individuals aged 18 and older to transfer up to R2 million per calendar year to Australia without tax clearance. In addition, up to R10 million a year can be remitted under the Foreign Investment Allowance with tax clearance (also called an ‘Approval for International Transfer’). Remitting larger amounts is also possible, and these flow under a SARB (South African Reserve Bank) approval.

MyGlobalCFO leverages our deep tax and exchange control expertise to plan best use of your exchange control allowances, facilitate both the SARS and SARB applications in-house, and save you money relative to normal bank transfer when remitting the funds to Australia.

Those that have ceased tax residency generally need tax clearance (AIT) to remit Retirement fund proceeds and Emigrant Cash savings to Australia, but there are exceptions (like in the case of inheritances) where we may be able to assist without an AIT.Unlike many other players in the forex market, at no point in the process are you required to transfer the money to us or any third party account other than your own.

Most banks don’t charge just the swift fee you see on a transfer. They also build a markup within the AUD exchange rate you receive, which can be as much as 4%.

Our objective is to save clients money relative to normal bank transfer.

We do this by waiving the normal swift fee on a (resident) transfer of R150,000 and above.

Due to the large AUD turnover we do, we have access to preferential rates which allow us to pass on savings to clients through execution below all published SA bank website AUD sell rates.- and we price the saving for you.

In tandem with the above, we bring a very unique combination of Tax and Exchange control expertise which we tailor to your specific Australian migration needs.

These insights (on both the South African and Australian side) are something that traditional South African banks are unable to offer.

When MyGlobalCFO facilitates a forex transfer for you, your money remains your money.

We have partnered with two of South Africa’s leading banks, through which we open a secure Forex account in your name.

It’s through this Forex account your FX deal is executed, after which the AUD flows directly into your beneficiary Australian bank account.

Unlike many other players in the market, funds remain in your name at all times and at no point you required to transfer the money to ourselves or any third party account other than your own.

We are a registered Financial Services Provider FSCA 49859, we are authorised by the South African Reserve Bank, and we a member of South African Association of Treasury Advisers.

And we have been proudly assisting fellow South Africans moving funds to Aus for over a decade.

Tax clearance is now called an AIT (Approval for International Transfer).

If you are in the process of making the move to Aus, an AIT may be required if you are intending to move large sums (e.g. to use your foreign investment allowance to move up to R10m).

If you have already ceased tax residency, you may require an AIT to remit capital proceeds like Retirement fund encashments to Australia.

It is a formal tax compliance process which involves substantiating the underlying source of funds to SARS, and submission of ancillary documents like a 3-year asset & liability statement.

The precursor is that your e-filing profile is compliant, with no outstanding returns or debts to SARS.

Upon approval, SARS will issue an AIT pin which is required to remit the approval amount to Australia.

Once approved, clearance generally lasts for 12 months from date of issue.

Our team of tax practitioners can assist in-house with this application.

Once your forex account is funded and forex deal executed, funds will hit your Australian beneficiary bank account within 2 business days.

If you no longer have a South African bank account, we may still be able to assist.

Living in South Africa is not a pre-requisite for opening an account.

You still need to meet FICA requirements (providing KYC detail including ID and proof of residence), and the account type you need may depend on your tax status.