Includes how foreign exchange is managed and implications for U.S. business;
Last Published: 7/14/2019
The Exchange Control Department at the South African Reserve Bank (SARB) administers a foreign exchange policy that has been progressively relaxed over recent years. Authorized foreign exchange dealers, normally one of the large commercial banks, must handle all international commercial transactions and report every purchase of foreign exchange, irrespective of the amount, received by South African residents and companies. In practice, there are only limited delays in the conversion and transfer of funds.  All inquiries regarding exchange controls should be directed to an authorized foreign exchange dealer, who will, if required, refer the matter to the Exchange Control Department of the SARB.  Find more information by consulting  list of authorized dealers in 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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More Information

South Africa Market Access Foreign Exchange