My daughter just had a birthday and my parents (her grandparents) wanted to send her some money to buy a new cell phone as a present. This couldn't be done through the bank and a moneygram with Rennies was not allowed as well. Now I have to ask them to send the money to a Korean and he/she has to accept it on my behalf. Why is this?
2007-11-13 00:27:08 · 11 answers · asked by Porgie 7 in Travel ➔ Africa & Middle East ➔ South Africa
To askbabbs: It still doesn't make any sense. This is a mere 300 US $!
2007-11-13 00:41:41 · update #1
Why is it then possible to send the money to someone from another country?
2007-11-13 00:43:56 · update #2
To all: Here's the deal. I send money to my dad's personal account monthly. He pays my home, flat and other stuff ( Edgars, Woolworths, church and policies) with it. But he can't transfer money to my personal account in Korea! Also, he can't send the money through Rennies to me (personally) or my personal account in Korea!
2007-11-13 02:14:10 · update #3
To all: I send money to SA all the time! On this occasion I wanna RECEIVE money from SA!
2007-11-13 10:23:24 · update #4
Something funny here, it's fairly easy to send small amounts over to friends, family or just to make purchases. (Thats exactly why Rennies does such a roaring trade, transfer takes place instantaneously as far as I know).
2007-11-13 23:04:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Got some good answers here and I'm not going to add to that. Just want to correct something Heavy D 2 said.
The R30 000 per year restriction he's talking about is actually the max amount you can give someone as a gift before you get taxed on it. And it's not R30 000 anymore, it's R100 000 as of the 2008 tax year, which is now.
The tax is calculated at 20% of the amount exceeding R100 000 and is payable by the donor to the South African Revenue Service. This is to counter tax evasion schemes and not to stop people getting money out of the country.
2007-11-13 07:58:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
South Africa has Exchange Control regulations that prohibit sending Foreign currency overseas unless there is a legitimate reason. It has always been like that although many of the regulations have been relaxed in recent years. As far as I know a South African can send Foreign Currency to a relative overseas as a gift but I have no idea what the limits are on that.Maybe your Parents were incorrectly advised by the Bank which would not be unusual in these days of lower standards and they should speak to an authoritative source who can correct the position.
2007-11-13 03:21:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
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2015-01-24 11:16:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the goverment doesn't want money to leave the country. furthermore, they don't want you to be able to transfer money to a south african abroad, as it would make it possible for that south african to have more than the limited amount of rands taken out of the country in that year. we are one of the few countries who restrict travelers taking forex abroad. at present you can't buy more than R140 000 per year. should you be able to transfer, a person could take out the max forex, and then transfer the rest of his money over via somebody else's account. it's probably to deter people in emigrating and not investing in RSA. it is a pity - especially because it is such a small amount (relatively speaking!) in your case!
you can "beat the system" though, if they pay for the cellphone directly and there's no cash involved. preferably do this via a credit card, else you pay A LOT of transaction costs!!!! good luck!
2007-11-13 01:12:02 · answer #5 · answered by Anonymous · 3⤊ 0⤋
Porgie it has all to do with South African forex control laws. They don't want SA citizens to take or receive money outside the country without the reserve bank knowing about it. It can be done legally though. The bank in South Africa from where her grandparents want to transfer the money should be able to obtain permission from the Reserve bank on their behalf granted that they did not take their yearly quota of forex out of the country. I have done this through ABSA ten years ago myself to help a friend in need.
On another occasion I made use of Western Union. They did all the paperwork on my behalf.
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2014-09-24 11:42:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I was not aware of this as I still have money transferred from my account in SA to my bank account here in NZ and never have a problem. The only extra info that I supply SA bank with is a swift-code number. I will ask someone to make some enquiries in SA.
2007-11-13 08:27:53 · answer #8 · answered by Commodore 5 · 0⤊ 0⤋
Well firstly I'd like to see some evidence that it is in fact illegal please.
Rennies is only allowed to trade in foreign currency for the purpose of international travel. It a restriction on them - not a blanket ban.
What reason did the bank give for being unable to do it?
A solution:
Find a website that sells the type of cellphone she wants - in the country where she is. Then buy it for her using your credit card. Put in her name and address for delivery.
2007-11-13 01:11:47 · answer #9 · answered by Roger C 6 · 1⤊ 0⤋
That's news to me. Funny that the successful economies in the world don't have that law...or do some?
If you still have a SA bank account, they can deposit it there and if you have your SA bank card with you, you can draw from an autoteller. Done that here in Taiwan. The service charges are just very high.
2007-11-13 04:33:21 · answer #10 · answered by Vango 5 · 1⤊ 0⤋