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• The South African Reserve Bank sets an annual amount that adults, children and business representatives may take overseas. As the rules and limits change from time to time, please ask us about the latest allowances.
• In terms of current South African Exchange Control Regulations, you may not be given your foreign exchange more than 60 days before you leave.
• You will only be given your travel allowance if you have a valid passenger ticket, e-ticket or electronic flight voucher in your name, for a journey commencing from South Africa.
• We can also provide you with foreign exchange for overland travel.

By law you must cash in your foreign exchange on returning to South Africa. If you buy your travellers cheques from us, we will convert the unspent portion - commission-free!

• Exchange rates change many times per day.
• Due to fluctuations, rates quoted on radio and television will probably not be the rates that you will receive.
• There is a difference between a 'buy' and a 'sell' rate. Different products are also sold at different rates.
• All financial institutions offer different rates. Speak to us for a competitive rate.
• If the exchange rate is in your favour, why not buy early?
• You could also buy/sell your currency on different days so you get the benefit of different exchange rates.

• Euro - European Union countries
• British pound - United Kingdom
• Australian dollar - Australia
• Yen - Japan
• US dollar - USA. The dollar is also readily accepted in Canada, South America, Africa, Russia and most Far East countries.

We will gladly draw up a visa letter - a requirement to prove that you have sufficient funds available to support yourself overseas.

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

However, should your request fall outside of these parameters, Absa 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.

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.

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 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.

The Cash Passport is a new way of taking your spending money abroad. We will load your foreign currency onto a card and you can then withdraw cash from ATMs or use it in shops, restaurants and hotels that display the Visa Electron or Mastercard symbol while you are away.

The card is pre-loaded with your spending money before you go, so you know how much you are spending while you are away from home.

• US Dollar
• Euro
• Pound Sterling
• Australian Dollar

You can use this card to pay for goods and services worldwide. It also allows you to withdraw local currency from ATMS's. These cards can also be used at Point of sale outlets. This means that you can access your money instantly at any time of the day or night.

The Cash Passport includes Emergency Assistance*, which gives you instant help, day and night, wherever you are in the world. With one phone call you can get practical help and assistance with situations such as lost passports or wallets, medical emergencies, legal problems and even translation assistance.

*This is not a replacement for Travel Insurance.

Your Cash Passport can be valid from three years (Visa cards) to five years (Master card) and can be re-used and topped up within exchange control limits. Even with a zero balance, your card remains valid (see the expiry date on the front) and you can reload it for your next trip.

• Master Cards are Chip and Pin protected for increased security.
• Visa Cards are PIN protected and have a signature panel at the back.
• Cards can be replaced after loss or theft, just like travellers cheques

Additional cards can also be purchased for family members linked to the same pot of funds, for convenience.

• You are allowed to purchase foreign exchange 60 days prior to departure.
• If the exchange rate is in your favour, why not buy early?
• You could also buy half now and half later in order to mitigate the exchange rate risk.

Absa can supply you with foreign currency banknotes in most of the world's major currencies. Given enough time, we can order them for you should they not be immediately available from our counters.

It is recommended that you always take some "destination currency" with you. This is very convenient at airports for hotels, taxis and tipping. It will also help to avoid long queues at a Bureau de Change on arrival in a foreign country.

However, we do not recommend that you carry large sums of foreign currency notes when travelling overseas. Firstly, you run the risk of loss or theft and, unlike travellers cheques, you will have to replace the loss at your own expense. Secondly, a large amount of foreign currency notes are treated with suspicion abroad due to money laundering regulations. In a number of countries, financial institutions are restricted as to the amount of banknotes they may accept from unknown parties.

• Carry small denominations of notes so as not to attract attention when paying.
• Do not buy currency on the black market - it is illegal in most countries!
• Always be vigilant and keep an eye out for counterfeit notes.
• Always check your change. Unscrupulous traders know they can fleece tourists not familiar with their currency.

Foreign banknotes are sometimes the preferred payment instrument in certain venues and countries, like many African countries.

When dealing with "soft" currencies, such as those in some Eastern European and most African countries, remember that their banknotes will be worthless and near impossible to exchange outside that country. Instead spend it, or convert it to a major currency like the US Dollar before departure.

Travellers cheques are available in the major currencies of the world, in a variety of denominations, to suit your specific needs.

Absa will provide you with American Express travellers cheques. These are readily accepted worldwide by banks, hotels and most commercial outlets.

• The Euro is accepted in most European countries
• The British Pound for the United Kingdom.
• Australian Dollars for Australia is the best option.
• The Yen will be very convenient in Japan.
• Use the US Dollar in the USA, Canada, South America, Africa, Russia and most of the Far East countries.

• In case of loss or theft, your travellers cheques may be refunded by the refund centre of American Express (Terms and Conditions do apply).
• Travellers cheques can be refunded within 24 hours. Such refunds can be facilitated 24 hours a day and 365 days a year.
• Travellers cheques are valid for an unlimited period of time and never expire.
• No commission is payable if your travellers cheques are cashed at selected fee-free outlets. Absa can advise you where these outlets are located.

Electronic transfers are normally effected at spot, i.e. the value of two business days hence, to enable banks to facilitate the exchange of the relevant currencies, and to move the funds into the account of the receiving bank.

When selecting an electronic transfer as payment method, funds will be debited from your Rand account and deposited directly into the beneficiary's foreign account and vice versa.

SWIFT transfers are useful should you need funds to be transferred to you while you are abroad. Remember this in case of an emergency.

• It is a risk-free and secure form of payment.
• It is much faster than a bank draft, should time be critical.
• You are able to stipulate the exact date of payment.
• It is convenient and fast.
• Funds received are available immediately.

Ensure that you have the beneficiary's bank details, account number, name and residential address at hand when making an electronic transfer payment and documentary evidence as called for in the SARB rules and regulations

Each transfer can be tracked using a Money Transfer Control Number (MTCN) and this number, given to the receiver only, ensures that only the receiver can collect the money.

Money is available for collection in minutes, subject to agents operating hours and differences in time zones. This is because the Western Union® Money Transfer service uses advanced technology and a unique, worldwide computer network to ensure quick payout in more than 200 countries and territories around the world.

You can even send money using Absa Internet Banking or Absa Cellphone Banking. The money is available within minutes, depending on when the banks are open and the time differences around the world. Remember you don't need to have a bank account to use the Western Union® Money Transfer Service, it is however quick and easy to open an account for you to then do your transactions electronic.

Through selected Absa branches you also have access to over 420 000 Western Union Agent Locations worldwide to collect or send money. Please note, in certain countries only the receive money service is available.

• Foreign tourists visiting South Africa receiving funds from abroad relating to their holiday or business visit to South Africa
• Foreign students studying in South Africa receiving funds from abroad to pay for their living expenses, tuition, books, etc
• Earnings of SA resident temporarily abroad
• Monetary gifts received from abroad - Gifts, other than to charitable, religious, cultural or educational organisations

Documents needed when sending or receive a Western Union Transaction (PDF Download)

South African exchange control rulings do not normally permit the issue of cheques by individuals or companies to beneficiaries who live outside the Common Monetary Area. To facilitate such payments, we can provide you with an Absa bank draft.

Bank drafts are normally sent directly to the beneficiary overseas, and are therefore a more personal way of effecting payment, since these instruments can be accompanied by a letter, invoice or personal note.

Drafts are useful for sending monetary gifts overseas and for the payment of foreign subscriptions. They can also be used for the payment of land arrangements for your upcoming trip abroad.

• Drafts can be used as travel funds. Bear in mind that drafts must generally be deposited into an overseas account and cannot be cashed like travellers cheques over the counter.
• After drafts are deposited, there is normally a delay of several days in clearance before you can withdraw cash.
• Absa offers drafts in the currency of your choice. Through our electronic system, certain branches can issue bank drafts while you wait.
• Drafts are a convenient method to make international payments if time is not a factor.
• Drafts can be stopped if lost or stolen and replacements issued (subject to terms and conditions).

Before investing in this product, SA residents will have to get a Tax Clearance Certificate from the South African Receiver of Revenue.

These accounts are governed by South African Exchange Control Rules and Regulations.

As the exchange rates fluctuate on a daily basis, the rand equivalent of the foreign currency amount deposited in the account cannot be guaranteed.

Speak to us about the interest rates on these accounts.

While this may appear to be a challenge, we see this as a golden opportunity to offer you our solutions-driven International Banking products to make your experience positive and convenient.

Our professional and technically proficient Non-Resident Centre will manage and resolve any exchange control compliance issues on your behalf. Our transacting and advisory services include exchange control applications, account opening and maintenance, South African Reserve Bank approval and a range of cross-border transactions. Call 0860 151 151 for assistance with non-resident banking.