South African exchange control: bringing money in, getting it out, and the paperwork in between
Money flows into South Africa easily. Getting it out again is where the paperwork starts, so keep records from day one.
The short version
- South Africa still has exchange control, run by the South African Reserve Bank (SARB) through banks licensed as Authorised Dealers [1].
- If you're a foreign national here temporarily (on a work, retired person's or similar visa), you declare your foreign assets to your bank and can later take out what you brought in, with documents [2].
- Immigrants with permanent residence declare their foreign assets too, and can send back what they brought in within five years, with conditions [2].
- Residents can send up to R2 million a year (about £90,100) abroad under the single discretionary allowance, raised from R1 million on 8 April 2026 [3][4].
- On top of that, the foreign investment allowance lets residents invest up to R10 million a year (about £450,500) abroad, with a SARS tax compliance PIN [2][5].
Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = ZAR 22.1972).
How exchange control works
Back home in Blighty, you can move your own money wherever you like. In South Africa, cross-border money is monitored and, above certain limits, needs permission. The SARB's Financial Surveillance Department sets the rules, but you deal with your bank, not with the Reserve Bank. SARB says all exchange control matters "must be addressed through an Authorised Dealer or an ADLA" [1]. An ADLA is a firm such as a bureau de change with limited authority.
The rules are in two documents updated through the year: the Currency and Exchanges Manual for Authorised Dealers and SARB's plainer-English Currency and Exchanges guidelines for individuals [1][2]. Changes come by numbered circulars.
What matters most is which box you're in:
| Your status | How exchange control treats you |
|---|---|
| Visitor (up to 90 days) | Non-resident: bring in what you like, convert at a bank |
| Foreign national temporarily resident | Bank as a resident, but your declared foreign assets stay yours to take back out |
| Immigrant with permanent residence | Resident, with special rules for what you brought in during the first five years |
| South African resident | The annual allowances apply |
| Someone who has ceased tax residence | Can move remaining assets out, with SARS approval |
Bringing money in
There's no limit on bringing foreign money into South Africa. Visitors can bring in foreign currency in any form and change it at any Authorised Dealer or ADLA [6]. The hard part comes later, when you want to take money out, and that's where records matter.
If you're here on a temporary visa
SARB's guidelines (January 2026) say foreign nationals who are temporarily resident must [2]:
- declare in writing to an Authorised Dealer when they arrive whether they hold foreign assets, and confirm they haven't applied for the same facilities elsewhere
- then they may bank on a resident basis, hold non-resident rand or foreign currency accounts, and invest their foreign assets
Later on, you can [2]:
- take back out the capital you brought in, with supporting documents
- transfer funds you've built up in South Africa, if you can show where they came from and the amount is reasonable for your local earnings
- take your household effects and car, if they were imported or bought with transferable funds
- transfer pensions, lump sums and bonuses, with documentary evidence
Small transfers of up to R3,000 (about £135) per transaction a day, within R10,000 (about £450) a month, fall outside these rules [2].
If you've got permanent residence
Immigrants must declare their foreign assets to an Authorised Dealer on arrival and undertake not to put them at the disposal of South African residents [2]. They also need proof of permanent residence. Within five years of immigrating, they can send back out the assets they brought in, including growth, subject to conditions. After five years, they can retransfer the rand equivalent of what they brought in, including growth [2]. Immigrants can also pay foreign insurance, pension, medical aid, loan and tax commitments from South Africa, with documentary evidence [2].
People who've applied for permanent residence and are still waiting can use the single discretionary allowance [2][4]. Our guide to permanent residence in South Africa covers the routes.
Keep the paper trail
Whichever box you're in, the golden rule is simple: keep records of every pound you bring in. That means:
- UK bank statements showing the money leaving
- the SWIFT confirmation or transfer advice
- the South African bank's confirmation of the inward payment
- your written declaration of foreign assets to the bank
- for property, the purchase documents and proof the price was paid with money from abroad
Years later, when you sell up and head home, your bank will ask where the money came from. A shoebox of transfer slips can save you weeks. Our guide to banking in South Africa as a Brit explains account types.
Taking money out: the allowances
Residents aged 18 and over get two annual allowances. The calendar year runs January to December, not the UK tax year.
| Allowance | Limit per calendar year | What you need |
|---|---|---|
| Single discretionary allowance (SDA) | R2 million (about £90,100) from 8 April 2026 | A valid green bar-coded ID or smart ID; no SARS approval needed |
| Foreign investment allowance (foreign capital allowance) | Up to R10 million (about £450,500) | A SARS tax compliance status PIN for the transfer, plus ID |
| Above R10 million | No fixed limit | More SARS checks and SARB approval |
Sources: SARB [2][3][6] and Moonstone's summary of the April 2026 circulars [4].
The SDA covers travel, gifts, maintenance and offshore investment, at your discretion. Children under 18 get a travel allowance of up to R400,000 a year (about £18,000) [3]. Foreign nationals can get a travel allowance within the SDA limit [3].
The bigger allowance needs a tax compliance status (TCS) PIN from SARS. You apply through SARS eFiling under the "Approval International Transfer" (AIT) option, which SARS describes as catering for residents sending funds abroad and for people who've ceased tax residence [5]. You'll need no outstanding returns, no unpaid SARS debt (unless you've agreed a payment arrangement), and up-to-date registered details [5]. You give the PIN to your bank, which checks it online.
Cash at the border
From April 2026, travellers can carry up to R100,000 in South African banknotes per person (about £4,500), up from R25,000 [4]. Unused foreign currency bought for travel should be sold back within 30 days of coming home [2].
Moving back to the UK
When you decide to come home for good, there are three main routes out for your money.
- As a temporary resident: take out your declared foreign capital and reasonable local savings, with documents, as above [2].
- As an immigrant within five years: retransfer what you brought in plus growth [2].
- As a South African tax resident ceasing residence: the old "formal emigration" process ended on 1 March 2021 [6]. You now cease tax residence with SARS, get a TCS PIN for "emigration", and can then transfer up to R10 million a year, with a one-off R1 million travel allowance in the year you leave [2][6]. Retirement fund lump sums are only paid once you've been non-resident for three consecutive years [2].
In the year you cease residence, you can also export household effects up to R1 million per family unit [2]. Coming home also brings UK tax questions, so read our guide to coming back: tax in your first year home.
Inheritances
If you inherit from a South African estate while living abroad, the cash can be sent to you once the estate's liquidation and distribution account has been accepted by the Master of the High Court [2]. Inheritances from genuinely foreign estates don't need to be declared to your bank and can be kept abroad, but they still need declaring for tax [2].
Common mistakes
- Not declaring foreign assets when you arrive. It's easy to skip, and it makes getting money out later much harder.
- Mixing money. Keep money you brought in separate from rand you earn locally, so the paper trail is clean.
- Using an unlicensed money transfer firm. Use a bank that's an Authorised Dealer or a licensed ADLA, as SARB requires [1]. Ask to see proof of the licence if you're not sure.
- Leaving tax admin until you want to move money. No TCS PIN means no big transfer. Keep your SARS affairs tidy.
- Assuming UK rules apply. They don't, and the rules change by circular. Check with your bank before any large transfer.
Exchange control is general information here, not advice. Your bank's exchange control desk can tell you exactly what applies, and a tax adviser who knows both countries can check the tax side. Our community group for Brits in South Africa is also a good place to hear how others got on.
Sources
- South African Reserve Bank: Financial Surveillance – general public
- South African Reserve Bank: Currency and Exchanges guidelines for individuals (7 January 2026)
- South African Reserve Bank: Exchange Control Circular No. 7/2026 (8 April 2026)
- Moonstone: SARB finalises Budget-linked exchange control reforms (April 2026)
- SARS: Manage your Tax Compliance Status (updated 22 October 2026)
- South African Reserve Bank: Financial Surveillance FAQs