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 Absa Online Banking to notify the Fraud Call Centre of when and where you’re travelling to.
- Need a visa? Apply in advance. 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, click here for the terms and conditions.
- 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.
Good to know: Tips on exchange rates, travel and becoming a non-tax resident:
- Private individuals who cease to be residents for tax purposes will be regarded as non-tax residents. Absa as an Authorised Dealer may, on confirmation that a private individual has cleared his/her tax residency status with SARS, allow the transfer of assets abroad, subject to tax compliance.
- In respect of the withdrawal of retirement funds when South African residents cease to be residents for tax purposes in South Africa, payment of lump sum benefits to individuals who are no longer South African tax residents per SARS definition, shall only be allowed by Authorised Dealers if the individual member has remained a non-tax resident for at least 3 (three) consecutive years.
- All private individuals who wish to be regarded as non-tax residents will have to prove their tax compliance with SARS and submit the applicable TCS PIN for verification to the Authorised Dealer.
- Unsecured debt, like overdrafts and credit cards, have to be settled and closed prior to capital transfers being effected.
- Visit one of our dedicated foreign exchange branches, with your TCS PIN to arrange capital transfers and formalise your non-tax residency status.