Moving your Funds and inheritance from South Africa to New Zealand using Currency Partners
About Currency Partners
Currency Partners expert team confidently handle every aspect of the exchange control process for you. The services and benefits for their premium Private Client FX service for you include:
- Pre-completed electronic currency forms (they don’t require original documentation)
- Foreign tax clearance certificates from SARS
- SARB Exchange Control approval applications
- Offshore, Non-resident and Cash Management bank accounts
- Automatic market orders and target rate watch alerts
- Better price promise (They will better any live comparative quote)
- All-inclusive exchange rates
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Personal Payments
Currency Partners understand that behind every currency transfer there is a story that matters to you. Which is why they value you as a customer.
By giving you access to the best pricing available in the market, Currency Partners typically save their clients between 1% and up to 3% on the retail exchange rates from their bank with their own premium Private Client service.
Whether you are looking to make small regular payments or a large once-off currency transfer, speak to a specialist Personal Dealer who will guide you through the process every step of the way to ensure your individual requirements are met.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Foreign Investment and Tax Clearance
Thinking of investing abroad?
Currency Partners help you maximise the foreign currency you’ll have available to invest by giving you access to the best pricing and service available in the market from their select panel of banking partners. Currency Partners typically save their clients between 1% and up to 3% on the retail exchange rates from your bank with Currency Partners premium Private Client solution.
Transfers to externalise funds from South Africa are also subject to Exchange Control regulations and the annual allowances granted by the South African Reserve Bank (SARB) for this purpose. As such, each South African resident taxpayer may avail themselves of their single Discretionary Allowance (of up to R1 million) and/or of their individual Foreign Capital Allowance (of up to R10 million) each calendar year (ending 31 December) for the purposes of direct offshore investment in foreign currency denominated assets.
Single Discretionary Allowance (DA)
SA resident individuals are granted an annual Single Discretionary Allowance (SDA) of R1 million per calendar year by the SARB, to externalise funds for any legal purpose. The SDA does not require foreign tax clearance from SARS. Children under the age of 18 are granted an annual allowance of R200 000 each.
Individual Foreign Capital Allowance (FCA)
In addition to the SDA, SA resident individuals can also avail themselves of a Foreign Capital Allowance (FCA) of up to R10 million per calendar year. Unlike the SDA, the FCA requires foreign tax clearance from SARS which is valid for 12 months. Let their specialist expert team handle your application (at no additional charge) for you.
Special Approval Applications
If you want to externalise an amount greater than your annual allowances in the same calendar year, you can apply to the SARB for approval to do so. The special approval remains valid for 1 year and an extension may be applied for if required
Currency Partners also handles the tricky process of obtaining your Foreign Tax Clearance Certificate from SARS (at no additional charge) required for transfers under the annual individual Foreign Capital Allowance of up to R10 million per calendar year (ending 31 December).
After obtaining your foreign tax clearance, Currency Partners can then purchase the foreign currency you require at highly competitive preferential exchange rates from their banking partners, so you can save money on the retail rates from your bank.
If you would like to be referred to a consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Overseas Property
Whether you are buying your dream home in South Africa or abroad, or simply need to make a foreign currency transfer, they give you access to the best pricing and service available in the market so you can make significant savings and enjoy the experience.
As South Africa’s largest specialist provider of foreign exchange rates and services for individuals, Currency Partners gives their Private Clients access
to the best pricing and service available in the market.
They will make your money go further and take the hassle out of your currency transfers.
Currency Partners commitment to saving you money on the exchange rates, surpasses what conveyancers are able to offer through the banks. At Currency Partners, they will guarantee to beat any comparative live exchange rate quote and their preferential pricing terms typically result in savings of 1% and up to 3% on the retail bank rates for their clients. And especially on a property purchase, that’s a worthwhile consideration!
In addition to saving you money on the exchange rates, Currency Partners also handles any relevant exchange control obligations when introducing funds to or remitting funds from SA.
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Estate late and Inheritances. (Previously referred to as moving your inheritance to New Zealand)
Currency Partners specialises in assisting with foreign exchange transfers originating from South African estates to beneficiaries who are living abroad.
Navigating the requirements of South African Exchange Control can be complex. As South Africa’s largest specialist FX Provider they offer valuable market knowledge and expert assistance in order to simplify and expedite the process of remitting the proceeds of deceased estates to the beneficiaries.
Benefits and Services
- Multiple banking partners offering bespoke FX solutions.
- Specialist knowledge and exchange control expertise.
- SARS AIT (FTCC) and special approval applications facilitated on your behalf.
- An entirely automated and electronic registration process.
- High interest earning personal Settlement Accounts and Estate Late Accounts.
- Professional, consistent, and transparent service and pricing.
- Enhanced security features and processes ensuring the safety and security of your transactions.
If you would like to be referred to a Currency Partners consultant email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Leaving or Returning to South Africa
Currency Partners goal is to ensure that you maximise the amount of currency that goes or comes back with you.
Whether you are emigrating, immigrating, or simply moving abroad, exchange control and currency requirements can be notoriously onerous – which is why their clients seeking peace of mind, go to Currency Partners for expert assistance with this specialised process.
Emigration allowances are currently set at R20 million per family unit and their specialist expert team can advise and assist with the formal emigration process, as well as the related exchange control requirements.
Currency Partners will navigate the red tape for you, while their Personal Dealers are equipped to monitor exchange rates, manage currency fluctuations and assist you in timing your transfer so that you not only benefit personally, but financially too.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Non-Residents in South Africa
At Currency Partners, they not only facilitate your currency transfers at optimum exchange rates so you can save money, but their expert Client Services team will handle the required exchange control obligations and Reserve Bank approval applications to remit funds for Non-Resident individuals from SA.
If you’re working abroad and need to make regular or ad hoc international payments or transfers, you can benefit from their preferential pricing and the highly competitive exchange rates offered by their Private Client solution.
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Cash Management accounts
Currency Partners Client Services team are able to assist with the opening of private, high interest yielding Cash Managment bank accounts for both resident and Non-resident individuals in South Africa.
Ask their friendly Client Services team for more information and assistance with opening the bank account that is right for you
The services and benefits for their premium Private Client’s include:
- Pre-completed electronic currency forms (Currency Partners don’t require original documentation)
- Foreign tax clearance certificates from SARS
- SARB Exchange Control approval applications
- Offshore, Non-resident and Cash Management bank accounts
- Automatic market orders and target rate watch alerts
- Better price promise (Currency Partners will better any live comparative quote)
- All-inclusive exchange rates
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Tax Emigration (formally known as financial emigration)
Currency Partners, together with their tax and emigration specialists, offer their clients assistance with Tax Migration requirements, in conjunction with their foreign exchange services.
Recent regulatory changes to Financial Emigration have given rise to a new “Tax Migration” process, which includes:
- Confirmation of tax residency in terms of the South African tax residency tests by SARS
- An Emigration Tax Clearance Certificate application with SARS, requiring supporting documentation to confirm the non-resident status;
- An “exit tax” calculation on worldwide assets, in terms of section 9H of the Income Tax Act;
- SARS approval before any funds may be expatriated by an authorised dealer
- Withdrawals of Retirement Annuities, Pensions, Provident and Preservation funds once non-resident status has been held for 3 consecutive years
Value for you
- A SARS “change in tax residency” application
- Retirement products or policy withdrawals
- Emigration Tax Clearance Certificate application with SARS
- Opening of non-resident bank accounts to expatriate funds
- Preferential exchange rates so you save on your currency transfers
Again, be aware that the cheapest fees don’t necessarily mean the best rate of exchange.
Currency Partners understand that behind every currency transfer there is a story that matters to you, which is why you are their most valuable currency. They value you.
Whether you are emigrating or simply moving abroad for the adventure of a lifetime, managing your currency requirements under SA exchange control regulations can be a tricky process. That is why their clients seek peace of mind with expert advice and assistance from Currency Partners.
Emigration allowances are currently set at R10 million per individual and R20 million per family unit. Please contact their specialist team for assistance with special approval applications to transfer assets in excess of these foreign capital allowance limits abroad and for advice regarding the formal emigration process.
Currency Partners will navigate the red tape for you, while their Personal Dealers are equipped to monitor exchange rates, manage currency fluctuations and assist you in timing your transfer so that you not only benefit personally, but financially too.
They typically save their clients between 1% and 3% on the retail exchange rates from your bank, which translates into typical potential savings of between R10,000 – R30,000 per R1 million transferred (or currency equivalent).
If you would like to be referred to one email me on info@lekkerlifenewzealand.co.nz
OR
Register with Currency Partners online
Currency Partners News Letter
WHAT WE KNOW
13th January – 19th January 2025 (Week 3)
The USD.ZAR exchange rate opened last week above the (dreaded) R19.00 mark and peaked at R19.22. It then tapered off to a low of R18.68, aided by weak US data points.
As things stood, prior to last week, the Dollar enjoyed strong support due to expectations of reduced interest rate cuts, robust employment data, and anticipated policy implementations by Trump post-inauguration. Subsequently, the market has been pricing in the positive US sentiment, and as such, weaker-than-expected data points are weighing on the Dollar amidst an ever-changing economic climate.
Last week saw the release of various US inflation data, with mixed results. On balance, the figures came in softer than expected, which weakened the USD and strengthened the ZAR in response.
UK inflation and GDP figures were released last week, and both yielded a softer-than-expected outcome, leading to a fall of over 2% in the GBP.ZAR exchange rate.
Leading on from this, a trend we are seeing is that Central Banks globally continue to struggle with balancing consistent inflationary pressures against their monetary policy decisions.
Locally, we had a very quiet week with no new announcements, and the ‘no news’ trend played to our advantage as the ZAR managed to recoup some of its recent losses and outperformed a basket of emerging markets.
What others say
WHAT WE THINK
Last week we said… “This week we look forward to Inflation data from the US, which could easily urge the Dollar higher. With fewer projected cuts this year, even a slight uptick in inflation may not be enough to slow the Dollar.”
Regardless of CPI printing softer than expected, and the Dollar weakening over the course of last week, markets remain in suspense ahead of Trump’s inauguration, and with this the anticipation of stringent trade policies that are likely to add fuel to the Dollar’s fire.
The general expectation is that the USD will remain overvalued due to the proposed tariffs under Trump’s trade policy. This is raising growing concerns about the devaluation of the currencies of its major trading partners.
Locally, our inflation figures will be released this week, which will give some insight into how the SARB is managing inflationary pressures.
Manufacturing and Services data points out of the EU and UK will also be released this week, and a big point of focus in Asian Markets will be BoJ interest rate decision on Friday.
Our range for the week: R18.55 – R19.10.
