Banking

Forex rules
Regulations & common monetary area

All foreign exchange dealings transacted in South Africa are subject to Exchange Control Regulations and Rules as prescribed by the South African Reserve Bank. As an officially appointed authorised dealer in foreign exchange Absa is empowered to fulfill your requirements within defined limits.

However, should your request fall outside of these parameters, we can approach the Exchange Control Authorities on your behalf to seek their approval to permit you to conclude a specific transaction.

Our International Banking specialists can provide you with advice on all aspects of the foreign exchange laws. In addition, they structure and submit your application to the South African Reserve Bank.

You are, however, not allowed to purchase foreign currency when travelling to countries in the Common Monetary Area.

Common Monetary Area

South Africa, Lesotho, Namibia and Swaziland as a group are known as the Common Monetary Area. Even though they have their own currency, these countries all accept South African Rands. There is no limit to the amount of South African Rands you can take when travelling within South Africa, Lesotho, Namibia and Swaziland.

You are, however, not allowed to purchase foreign currency when travelling to countries in the Common Monetary Area.

Individuals leaving South Africa for a period of time to work or live abroad are considered to be South African residents temporarily abroad. They are entitled to their normal annual travel allowance on departure. Whilst abroad, they are also entitled to a gift allowance. No further foreign exchange may be provided without approval from the South African Reserve Bank.

South African residents who are taking up permanent residence outside the Common Monetary Area are regarded as emigrants. Absa can assist by ensuring the correct completion of all formalities with the complicated emigration regulations.

Speak to Absa about your needs
Visit an Absa Branch or call
0860 151 151
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We will contact you with more information on international banking.

                           


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