South Africa - Foreign Exchange Controls South Africa - Foreign Exchange
South African Reserve Bank (SARB)
Tel: +27 (0)12 313 3911; Fax: +27 (0)12 313 3133
www.resbank.co.za
When South African authorized dealers of foreign exchange open documentary import letters of credit in favor of foreign exporters, they effect payment against the presentation, by the exporters, of invoices and shipping documents to the foreign negotiating bank prior to the arrival of goods in South Africa.
Authorized dealers may also provide foreign exchange on a cash-with-order basis to cover the cost of permissible imports up to an amount of R50,000 but authorized dealers will require the usual documentary evidence that the exchange provided was used for the purposes stated and that the goods have been imported into the country. Prior Exchange Control approval by SARS is required for amounts exceeding R50,000.
Private and corporate payments by means of credit and/or debit cards are limited to R50,000 per transaction. The cardholder can make multiple purchases provided it does not exceed the limit.
Foreign Exchange regulations are detailed here:
http://www.resbank.co.za/RegulationAndSupervision/FinancialSurveillanceAndExchangeControl/EXCMan/Pages/TableOfContents.aspx.
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