Foreign Exchange Terms and Conditions
- This declaration is not applicable to all entities, non-residents and Foreign Nationals in South Africa.
- The Investec exchange rate used for transactions, where a conversion is required which includes a margin and fees may be charged on all transactions. If you would like more details on these fees and margin, please contact us.
In these terms and conditions:
- Authorised dealer means a dealer in foreign exchange as authorised by the SARB;
- Calendar year means 1 January to 31 December of each year;
- CMA means Common Monetary Area (Namibia, Lesotho, Eswatini and South Africa);
- SDA means Single Discretionary Allowance, applicable per private individual who is a taxpayer of good standing, bears a valid tax number and is 18 years and older;
- FIA means Foreign Investment Allowance, applicable per private individual who is a taxpayer of good standing, bears a valid tax number and is 18 years and older;
- Foreign exchange means the exchange of one currency for another, or the conversion of one currency into another currency, but excludes the currencies of Namibia, Lesotho and Eswatini;
- SARB means the South African Reserve Bank
- SARS means the South African Revenue Service