Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Getting money out of SA  (Read 2698 times)

Offline Johnson

  • Sr. Member
  • ****
  • Posts: 314
Getting money out of SA
« on: July 11, 2008, 08:55:28 am »
Sorry, I know its probably been answered before but I'm reading through slowly.

My house transfer went through yesterday and the money will be coming into my SA account in 3 weeks. Lawyers werent able to do an overseas transfer.

So, how do I get +- 500k from SA to NZ when I am already in NZ?

I have left a friend with power of attorney over my accounts. I am here on a 3 year work visa.

Advice please!!!
« Last Edit: July 11, 2008, 08:57:24 am by Johnson »
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 Alta van zyl

  • Hero Member
  • *****
  • Posts: 841
Re: Getting money out of SA
« Reply #1 on: July 11, 2008, 10:06:32 am »
Friends of us were in the same situation and their son who had power of attorney paid all the money into their credit cards and they had their money withdrawn on this side.  Not sure what is the cheapest and easiest option

SA Going to NZ Advice Forum

Re: Getting money out of SA
« Reply #1 on: July 11, 2008, 10:06:32 am »

Offline MJ

  • Certified Addict
  • ******
  • Posts: 1626
  • Cambridge
Re: Getting money out of SA
« Reply #2 on: July 11, 2008, 10:29:09 am »
Can your friend with the power of attorney not transfer the money as your yearly travel allowance on your behalf. We got money out through our credit cards as well but it is painful as you can only draw $800 a day and the charges are quite high.



tandl

  • Guest
Re: Getting money out of SA
« Reply #3 on: July 11, 2008, 10:55:55 am »
Is there any chance you can apply for the tax clearance for foreign investment over the internet?  Or print out the forms and fill them in and get your friend with POA to get the bank statement and take it down to SARS?

Offline Nolan

  • Administrator
  • Supreme Being
  • *****
  • Posts: 8202
  • Stanmore Bay, Auckland
    • Art by Nolan
Re: Getting money out of SA
« Reply #4 on: July 11, 2008, 05:40:08 pm »
you would want to get it over as your travel allowance.

Offline MJ

  • Certified Addict
  • ******
  • Posts: 1626
  • Cambridge
Re: Getting money out of SA
« Reply #5 on: July 12, 2008, 08:03:43 am »
We filled in the forms and left copies of our passports and tickets with the bank and once the money from the provident fund arrived in our account we phoned the bank and told them the amount to send over.  Took a couple of calls but it worked.



Offline Shaz

  • Sr. Member
  • ****
  • Posts: 429
Re: Getting money out of SA
« Reply #6 on: July 27, 2008, 10:31:49 am »
You have to complete the forms and send them in. SARS will only do a normal tax clearance (good standing) over the net.

As for getting the money out... your friend will have to post the forms to you and you will have to sign them as they need originals to transfer money overseas. A person with power of attorney cannot transfer foreign funds.



SA Going to NZ Advice Forum

Re: Getting money out of SA
« Reply #6 on: July 27, 2008, 10:31:49 am »

Offline kol1974

  • Sr. Member
  • ****
  • Posts: 393
Re: Getting money out of SA
« Reply #7 on: November 25, 2008, 04:50:01 am »
Can a person transfer the funds to beneficiary whom in turn sends this money to you as a gift?  The bank advised me to do this as an option.  What are the tax implications for the beneficiary involved?

Offline janvs

  • Sr. Member
  • ****
  • Posts: 427
  • Arrived !
Re: Getting money out of SA
« Reply #8 on: November 25, 2008, 09:27:04 am »
Hi,

I had a person with full power of attorney in SA
This person went to a certain bank at a certain branch and transfered all my money (Just under 500k) into my NZ  bank account.
We had a few hickup and silly questions but the money was transfered.

Hint: Go to a branch in an industrial area where they are used to transfering large sums of money

Just my 64c

Jan
EOI drawn on 04/06/2008
ITA received 26/06/08
Completed ITA submitted 20/08/08
Received PR 25/11/08
Received passports with PR 21/01/09


[/u

Offline sandyb

  • Full Member
  • ***
  • Posts: 149
Re: Getting money out of SA
« Reply #9 on: November 25, 2008, 11:04:05 am »
At the moment a lot of the banks are full of ***, due to the global financial situation the reserved bank instructed them to be very strict re money leaving SA, think we are going to have lots of frustration going forward with this.




There are no shortcuts to any place worth going.

Offline Feather

  • Resident
  • *
  • Posts: 2112
  • Heather - Kaiapoi, Christchurch
Re: Getting money out of SA
« Reply #10 on: November 26, 2008, 12:23:15 am »
I have been wondering how all of this (global financial situation) was going to impact those of us who have done an Official Immigration!  We still have money over in SA that we want to transfer over and then close all accounts there.