Foreign Exchange Declaration and Indemnity

1. I am a South African resident 18 years and older who qualifies for a SDA of R2 000 000 and a FIA of R10 000 000, per calendar year. 
2. The SDA may be used for any legal purpose(s), such as travel allowances, gifts, foreign credit card spend, foreign investments provided the cumulative amount does not exceed the permissible limit. 
3. The SDA may not be used to disguise transfers that would otherwise be declined and may only be used for the purpose(s) stated on the Balance of Payments (BOP) form. 
4. I am responsible for managing my FIA and SDA limits (as amended from time to time by the SARB) and must ensure that I do not exceed them, whether by dealing through Investec and/or through any other authorised dealer. 
5. As the SDA is provided to accommodate foreign spend which includes, but is not limited to, my annual (as determined by a calendar year) foreign travel expenses, gifts, maintenance and offshore credit and/or debit cards spend, I must take these into consideration when managing the usage of my SDA across all my bank accounts, including with other South African banks. The SARB will consider current account payments in excess of R2 million via an application submitted to them. 
6. Tuition fees payable to an educational institution does not form part of the SDA, provided the payment is made directly to the offshore institution. 
7. Transfers of a capital nature, foreign investment, must be remitted in foreign currency. 
8. Applicants must have a valid Green Bar Coded ID or a Smart Card ID. 
9. Further to SARB Circular 1/2021, loop structures are permitted, provided these where structured from 2021-01-01. In need I will consult with the Exchange Control team. I understand that loop structures established within the guidelines of Circular 1/2021 must be reported to the SARB as well as on an annual basis thereafter. 

1. A passenger ticket (e-ticket) and valid passport will be required.
2. Individuals younger than 18 years are allowed an amount of 400 000 per calendar year for holiday travel. Minors do not qualify for SDA.
3. In the event of my travel arrangements being cancelled, all foreign exchange provided by Investec must be refunded to Investec within 30 days of such cancellation.
4. Any unused/unspent foreign exchange purchased for travel related purposes must be sold to any authorised dealer within 30 days of my return to South Africa.

1. The gift and/or loan portion of the SDA may only be sent to a non-resident or a South African who is temporarily abroad (but not travelling for business or holiday).

1. FIA transactions over R2 000 000 must be accompanied by a compliant Tax Compliance Status Letter (PIN Letter).
2. I will not enter into any transaction(s) abroad, whereby capital or any right to capital will be directly or indirectly exported from the Republic of South Africa in excess of my FIA.
3. Only authorised foreign assets may be used as collateral offshore with no recourse to South Africa whatsoever. The issue of any guarantee to non-resident parties, must therefore be referred to Investec FX Excon (fxexcon@investec.com) before doing so.
4. I may re-introduce funds to my Rand or foreign currency account in the Republic of South Africa.
5. Residents of Lesotho, Eswatini or Namibia are not permitted SDA or FIA from South Africa and must refer to their bankers in the CMA.

1. I am 18 years and older and I understand that as a private individual who ceases to be tax resident in South Africa, I have accordingly advised my bank/s. I may avail of my R 2 000 000 transfer the calendar year that I cease to be a tax resident for travel purposes only. I understand that this cannot be availed off in subsequent calendar years. All foreign merchant card spending is also not permissible under the travel allowance.
2. I understand that ceasing of tax residency must be dealt with directly with the South African Revenue Service (SARS) and Investec does not provide this service and accepts no liability in this regard.
3. I will provide all relevant documentary evidence, including any confirmation from SARS, in support of the transaction and failure to provide may result in delays.

I agree that according to the South African Reserve Bank, Financial Surveillance Department guidelines, the following conditions apply:

1. Crypto currencies may only be purchased utilising my foreign investment allowance, under SDA and FIA.
2. Dealing in crypto assets is performed at my sole and independent risk.
3. The investment decision is made by me and all profits generated will be for my sole benefit.
4. The ultimate source of funds is from my own financial resources and regarded as own funds.
5. I may not use another individual’s SDA or FIA through the granting of a loan, gift or any other similar agreement.
6. The repatriation of value to South Africa through crypto assets is currently not reportable on the FinSurv Reporting System.
7. I confirm that it is my responsibility to refer to www.resbank.co.za website for detailed information should I require it.
8. I confirm that my source of funds is my own.

I hereby declare that:

1. I have familiarised myself with the above information to my satisfaction.
2. The payment is not in breach of any laws or regulations.
3. The onus is on me to comply with the above requirements and I confirm that I do.
4. If requested, by Investec Bank or the SARB, all relevant documentation will be provided within 24 hours.
5. All information provided, this declaration and the indemnity below remain valid and binding for any foreign exchange transactions I may enter into with Investec Bank, whether acting in person or through an intermediary, and until terminated by agreement in writing between myself and Investec Bank.

1. I agree that I will not make any claim against Investec as a result of Investec providing me with foreign exchange upon my request, save for any loss or expense that I may suffer due to the gross negligence, wilful fraud and / or misconduct on the part of Investec.
2. I agree to indemnify Investec for any losses or expenses (including, without limitation, legal costs on an attorney and own client scale) it may suffer as a result of the implementation of my request to be provided with foreign exchange in the event that I have not provided complete and accurate information.
3. I also acknowledge and understand that Investec will not be responsible for any failure by the SARB’s Financial Surveillance Department to deal with or approve my application or for any delays in the process and I indemnify Investec accordingly.
4. I acknowledge that my foreign exchange available balance with Investec, SDA and FIA, may not be the real time balance as displayed online due to any processing delays which occur.