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South African Exchange Control Requirements

All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.

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Rules for South African residents travelling abroad

  • Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
  • Travel allowance covers a calendar year (1 January - 31 December)
  • Any unutilised portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
  • A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
  • Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
  • The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
  • In addition, each traveller may take R25 000 in South African Reserve Bank bank notes when visiting abroad.
  • Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

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Get in touch

Email: fnbforextrade@fnb.co.za

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Qualifying criteria

  1. FNB Online Banking
  2. FNB qualifying account

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Documents needed

The sales contract will be required as is this will dictate the type of guarantee that must issue and its contents.

The beneficiary will need to present the documentation called for under the guarantee to trigger the payment should the applicant default in terms of the sales contract.

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What you get

A demand guarantee is an independent undertaking issued by a bank (guarantor), on behalf of a party (applicant) for payment on presentation of a written demand by another party (beneficiary) stating that the applicant has defaulted in terms of the contract between them.

Guarantees may be issued as follows

  • A Direct Guarantee is a guarantee issued by the guarantor/bank and handed to the beneficiary.
  • An Indirect Guarantee is a guarantee issued by a local bank, on the behalf of the guarantor, in the beneficiary's country.

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Who's involved

The beneficiary

The entity/individual in whose favour the obligation has been issued, who requires security against the risk of the applicant's non-performance or default under the primary contractual obligation.

The applicant

The entity/individual applying for the issuance of a Guarantee covering a particular payment/performance.

The guarantor

The bank (or party) who has issued a Guarantee on behalf of the applicant. The guarantor is usually the applicant's bank situated in the same country as the applicant.

Foreign guarantees

Contractual undertaking

Parties to trade transactions who are not comfortable with the risk of non-performance by their counterparty have a range of guarantees available to them.

What this is

Minimal administration

A demand guarantee is an independent undertaking issued by a bank (guarantor), on behalf of a party (applicant) for payment on presentation of a written demand by another party (beneficiary) stating that the applicant has defaulted in terms of the contract between them.

What's hot

Security

Provide security to the beneficiary for non-performance of the applicant



Low admin

Requires minimal administration, once issued



Assistance

Assists in securing contracts



Reduces risk

Reduce risks to the beneficiary. Assure the beneficiary of the serious intent and business standing of the party whose obligations are underwritten



Who's involved

Minimum of three parties

A guarantee usually involves a minimum of three parties.

Getting it made easy

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Qualifying criteria

Documents needed

Pricing guide

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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Physical address

4 Merchant Place
Corner Fredman Drive and Rivonia Road
Sandton
2196

Postal address

PO Box 650149
Benmore
2010