Advice and Support for South Africans Immigrating to New Zealand

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Author Topic: Taking money out of SA  (Read 2183 times)

Offline Johnson

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Taking money out of SA
« on: February 29, 2008, 12:14:18 pm »
How do you take money out of SA?

Would be under 1 mill but over 500k.
Applied for work permit 14/04/2008
EOI submitted 20/04/2008
EOI selected 23/04/2008
ITA received 05/05/2008
Work permit approved 27/05/2008
Arrived in NZ 31/05/2008
PR received 01/10/2008

Offline TheRindels

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Re: Taking money out of SA
« Reply #1 on: March 01, 2008, 03:38:51 am »
1) 160K per family member holiday allowance per year.
2) VISA / MASTERCARD  :whistle:

SA Going to NZ Advice Forum

Re: Taking money out of SA
« Reply #1 on: March 01, 2008, 03:38:51 am »

Offline Snoozy

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Re: Taking money out of SA
« Reply #2 on: March 01, 2008, 08:45:24 am »
Doing it the master card and visa route is VERy expensive from an FX rate perspective, although it is easy. Try open a NZ bank account and transfer the cash from an Sa bank over there. For this you would need tax clearance - which is very easy to obtain, just takes about a month at the most...

Offline AndreCT

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Re: Taking money out of SA
« Reply #3 on: March 01, 2008, 10:45:53 am »
Ok the R160k is being changed to R500k (Budget 2008).
That the travel allowance
You can transfer this (see below), take it in cash, visa card, travelers cheques.
Just watch to commissions.

For the Balance:
Open a bank Account in NZ (over the internet will do).
Get Tax Clearence from SARS (Up to date tax returns and payments).
Transfer 2mil per adult to NZ.
On arrival, present your self to the bank with Passport.
Get a ATM Card and off you go

If you have more than that go to the SARS web site.
Click on exchange controls
Click on Personal regs (File T if memory serves).

You can take it all if you surender about 10% in surcharge.

Regards
Andre
EOI Submitted 27/6/06, Selected 5/7, ITA 14/9, Posted 22/12, Delivered 5/1, Status Received & Payment 8/1/07, VO Contact 15/5, Interview 15/8, PR 16/10, LSD 20/6/08, Landed 14/6/2009, IRRV 17/12/2010, Returned CT 19/12/2010

Offline hadenough

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Re: Taking money out of SA
« Reply #4 on: March 01, 2008, 11:37:35 am »
 O0Thanks Andre!

Offline Johnson

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Re: Taking money out of SA
« Reply #5 on: March 01, 2008, 07:17:41 pm »
Thank you!

I have already applied for tax clearance. Can I apply for an NZ bank account when we are on our LSD in March? What documentation will they need from me?

Is there any bank that is better in NZ than the rest?
Applied for work permit 14/04/2008
EOI submitted 20/04/2008
EOI selected 23/04/2008
ITA received 05/05/2008
Work permit approved 27/05/2008
Arrived in NZ 31/05/2008
PR received 01/10/2008

Offline Eileen

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Re: Taking money out of SA
« Reply #6 on: March 01, 2008, 07:43:19 pm »
Johnson, you'll need 2 forms of ID. So your passport and drivers license will do.
I think which bank is much of a muchness.... maybe you can have a look at their websites to find the right one for you. ANZ, ASB, Bank of New Zealand, National Bank, Westpac.



SA Going to NZ Advice Forum

Re: Taking money out of SA
« Reply #6 on: March 01, 2008, 07:43:19 pm »

Offline kol1974

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Re: Taking money out of SA
« Reply #7 on: March 02, 2008, 06:28:12 am »
Wish I was a tax guru.  SIOW if I only take R200 000-00 I will NOT need a tax clearance certificate?  Is this right?

Offline zatexnz

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Re: Taking money out of SA
« Reply #8 on: March 04, 2008, 11:10:02 am »
Johnson, you can open the NZ bank account NOW online (we're with National Bank and they're the largest lending bank - for mortgages). 
Once you've opened the account, you may make two deposits (wiring from SA) into that NZ account - no limits on amount on  the NZ side...
Then when you actually arrive in NZ, you go to nearest branch of that bank, and present your face, your passport and they order your bank cards etc right there... some banks will even give you your bank card before you walk out again.  You are then free to make deposits and withdrawals to your hearts delight and according to your budget!  ;)
lekker sweet as, y'all
~ Colleen

Offline gully

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Re: Taking money out of SA
« Reply #9 on: March 29, 2008, 10:57:12 am »
with regard to moving money out of SA - what about Insurance policies etc - do you cash them
 in or hold on to the ones like OMutual that are international?  :help:


WP Granted - 12.12.09
EOI Submitted - 09.01.10
EOI Selected - 13.01.10
ITA Received - 02.02.10
ITA Submitted - 26.02.10

Offline hadenough

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Re: Taking money out of SA
« Reply #10 on: March 29, 2008, 03:53:45 pm »
Welcome gully! Please tell us more about yourself under the Howzit thread O0  I think the policy thing is a personal choice, depending on if it is worth cashing in, freezing or carry on paying from NZ O0

Offline AndreCT

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Re: Taking money out of SA
« Reply #11 on: March 30, 2008, 12:46:47 am »
Hi Gully
Please think about this carefully. Don't cash in (ie cancel) you insurance before you have new insurance in NZ.

Please inform you insurance company that you will be overseas (its in the fine print, read it).

You should be able to convert endowments to whole life. You can take a "loan" against the value of the policy and still keep the life cover until you have new cover.

You don't want to be without insurance.
My Dad was in this boat (getting new insurance) when he died at then end of a table tennis table, half way thru a game. Made life very hard for those he left behind.

Regards
Andre

EOI Submitted 27/6/06, Selected 5/7, ITA 14/9, Posted 22/12, Delivered 5/1, Status Received & Payment 8/1/07, VO Contact 15/5, Interview 15/8, PR 16/10, LSD 20/6/08, Landed 14/6/2009, IRRV 17/12/2010, Returned CT 19/12/2010

SA Going to NZ Advice Forum

Re: Taking money out of SA
« Reply #11 on: March 30, 2008, 12:46:47 am »