Foreign Exchange Allowances
What is Foreign Exchange Allowance?
The Reserve Bank controls and monitors all money that leaves and comes into the country. Part of this exchange control programme is that when you travel overseas, you can only exchange a certain amount of money for overseas currency.
How much is the Foreign Exchange Allowance?
The annual travel allowance is 1 million for adults and children over the age of 18. Children under the age of 18 are granted an annual allowance of R200 000 each.
There used to be a separate holiday and business allowance but this no longer exists. The annual allowance applies to all forms of travel during the year.
The allowances are valid for a calendar year from 1 January to 31 December. Your allowance is determined on the date of departure. If you do not use your entire allowance during the year it falls away - you cannot accumulate allowances from one year to the next.
You can use your full allowance in any way you like, including foreign cash, credit card, draft or traveller's cheques.
Can you get an additional allowance?
If the R200 000 allowance is not sufficient for the year, you can apply to the Reserve Bank for an additional allowance.