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Good-to-know: Tips on exchange rates, travel and emigrating
When you’re looking at exchange rates, remember:
- Exchange rates change many times per day.
- Due to fluctuations, rates quoted on radio and television probably won’t be the rates you receive.
- There’s 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.
- To get the benefit of different exchange rates, buy or sell your currency on different days.
- Make sure that your passport is valid for six months after your return date.
- Use your Banking App or Online Banking to notify the Fraud Call Centre of when and where you’re travelling to.
- Need a visa? Apply with plenty of time. Embassy timelines can be unpredictable.
- Take copies of your passport, travel documents, bank cards and the purchase agreement for travellers cheques in case of loss, theft or emergencies.
- Give your itinerary and contact numbers to family — be savvy, stay safe.
- When you buy travel tickets with your Absa Credit Card, you automatically qualify for free, basic Travel Insurance. Get a free quote to upgrade your Insurance online or call us on 0860 151 151. Ensure that you read the terms and conditions to make sure what the insurance entails here.
- Check your airline restrictions on hand luggage and the size of toiletries allowed on board.
- Check the latest COVID-19 travel rules and requirements directly from your airline right up until the day that you fly.
If you’re a South African resident taking up permanent residence outside the common monetary area (South Africa, Lesotho, Namibia and Swaziland), you’re regarded as an emigrant. We can help you complete your emigration regulation documentation correctly.
Exchange control regulations:
For exchange control purposes, your South African bank account becomes subject to regulatory restrictions.
Formalise your emigration through one of our foreign exchange branches as follows:
- Complete a form M.P.336(b) — Emigration: Application for foreign capital allowance. The form is available from the South African Reserve Bank website, www.resbank.co.za
- Get an Emigration Tax Clearance Certificate (IT21 (a)) from the South African Revenue Service (SARS). Submit your Form M.P.336(b) and Tax Clearance Certificate, if applicable, to one of our dedicated foreign exchange branches.
- You’ll also have to submit any other documentation as required on the form M.P.336(b), including a copy of your permanent residence permit, if you’ve been granted permanent residency abroad.
Need help?
Please get in touch with us: 0860 151 151
International caller :+27 (0) 11 335 40199
Email us: forex@absa.co.za
