Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Rand vs $NZ  (Read 3635 times)

Offline Marian

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Re: Rand vs $NZ
« Reply #15 on: October 28, 2007, 07:18:35 am »
Hello  everyone,
How much can a person take out, or send over in this way from South Africa to NZ.

Offline Rhodan

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Re: Rand vs $NZ
« Reply #16 on: October 28, 2007, 07:26:52 am »
Yay for the foreign exchange at moment, we got some pretty decent rates yesterday, 0.1652 for AUD and 0.1972 for NZD. 

;D

SA Going to NZ Advice Forum

Re: Rand vs $NZ
« Reply #16 on: October 28, 2007, 07:26:52 am »

Offline Marian

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Re: Rand vs $NZ
« Reply #17 on: October 28, 2007, 07:31:45 am »
Rohdan, do you perhaps know how much money we are allowed out the country

Offline Feather

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  • Heather - Kaiapoi, Christchurch
Re: Rand vs $NZ
« Reply #18 on: October 28, 2007, 07:34:08 am »
Marian, you are allowed R160k travel allowance per adult, R50k per child, settling allowance of R2mil.

Offline Marian

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Re: Rand vs $NZ
« Reply #19 on: October 28, 2007, 07:43:51 am »
Hi Heather, Thank you for the info. How does one take out R2mil. And is the travel allowance over and above the settling in allowance?

Badprop

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Re: Rand vs $NZ
« Reply #20 on: October 28, 2007, 07:59:47 am »
Marian here is a letter I got from Travelex. 

In this regard and by way of explanation, in order for the correct decision in this matter to be made, we firstly need to separate "citizenship and residential status" from the Exchange Control status of a client.
 
From the view point of the Exchange Control Department of the Reserve Bank, a person in your situation would fall into one of two categories:
 
1) Emigrant
 
    Prior to departure from South Africa, a prospective emigrant is required, for exchange
    control purposes, to place their emigration on record with the Reserve Bank through
    the submission of certain formalities through their account holding bank. These
    formalities are then forwarded to the Reserve Bank and the person/family concerned
    is placed on record as an emigrant.
 
The formalities are as follows:

a) A Reserve Bank form M.P.336(b) (attached) must be completed and submitted to the
    bank with your original Tax Clearance Certificate which must be obtained from SARS
    stating that either suitable arrangements has been made or that all your tax
    obligations has been met. 
 
b) Any remaining assets i.e policies, share certificates, property title deeds must be
    taken under the control of your account holding bank and therefore these original
    policy documents etc. would need to accompany the Form M.P336(b) and Tax
    Clearance Certificate.
 
c) Once the above has been placed on record with the SA Reserve Bank, the bank may
    release up to an amount of R4 million for a family unit or R2 million for a single person
    as a "Foreign Capital Allowance".
 
d) Proceeds of a Retirement Annuity policy may not be transferred without prior approval
    from the Reserve Bank.
 
2) South African Resident Temporarily Abroad
 
    Prior to departure, a South African resident who is proceeding abroad temporarily for
    an extended period but does not wish to relinquish their South African residence
    status, is required to complete the following formalities for Exchange Control
    purposes:
 
a) Complete a "Declaration of a South African Resident Temporarily Abroad" form
    (attached)
 
b) Usually, the Reserve Bank does not allow the transfer of funds to South African
    residents temporarily abroad, however  they have provided a dispensation that a
     South African resident temporarily abroad may avail of the foreign investment
     allowance for private individuals (which was recently increased from R 750,000=00 to
     R 2 million), provided they are able to complete the following formalities:
 
i)  Complete the Reserve Bank Form M.P.1423 (attached)
 
ii) Submit an original "Tax Clearance Certificate for Foreign Investment" to the bank
    together with the Form M.P.1423
 
 
We must advise that all banks in South Africa are bound by law to adhere to the Exchange Control Rulings as promulgated by the Reserve Bank.
 
Accordingly, any request for a transfer of funds abroad must be done in conjunction with one of the scenarios above i.e emigrant or South African Resident Temporarily Abroad.
 
In addition to the above, once the original documentation has been received and either the emigration or the foreign investment is placed on record, you may give us either an e-mail or fax instruction as to where and when the funds are to be transferred. I advise that it is a bank audit requirement that we have an electronic indemnity form on file for you of which I attach for your attention.
 
I trust the above information will provide some clarification and will be some of assistance.
 
 
Kind Regards
 
 

Offline Marian

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Re: Rand vs $NZ
« Reply #21 on: October 28, 2007, 09:22:46 am »
Thanks Badprop, that is exactly what I wanted. Will show it to hubby.

SA Going to NZ Advice Forum

Re: Rand vs $NZ
« Reply #21 on: October 28, 2007, 09:22:46 am »

greenfamily

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Re: Rand vs $NZ
« Reply #22 on: October 28, 2007, 11:25:15 am »
Hi, Why is the rate better? any idea?