If you're a South African living in Australia or New Zealand, transferring money from South Africa is one of the most common — and most misunderstood — parts of life abroad. Whether you're moving savings, receiving an inheritance, selling property back home, or accessing retirement funds, the process involves more than simply wiring money between accounts.
South Africa has exchange control regulations administered by the South African Reserve Bank (SARB) and the South African Revenue Service (SARS). These regulations determine how much you can transfer, what documentation is required, and what approvals — if any — you need before funds can leave South Africa.
This guide explains exactly how the process works, what the limits are, and what you need to prepare.
Please note: This article provides general information only and is not financial or tax advice. Individual circumstances vary significantly. Always consult a registered tax practitioner in South Africa, Australia, and/or New Zealand for advice specific to your situation.
Key takeaways for SA expats transferring money to Australia or New Zealand
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South Africans who are still tax residents can transfer up to R2 million per year without SARS approval (Single Discretionary Allowance)
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An additional R10 million per year can be transferred with SARS Approval via an Approved International Transfer (AIT)
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If you have completed tax emigration, all transfers require an AIT — but there is no annual cap once approved
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Documentation requirements vary depending on the source of funds — savings, property sale, inheritance, and retirement funds each have different requirements
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Exchange rates and transfer fees can significantly affect how much you actually receive — compare options carefully
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Processing times vary — starting early reduces pressure and avoids EOFY delays
How much money can South Africans transfer to Australia or New Zealand?
This is the question most South African expats ask first — and the answer depends on your tax residency status.
If you are still a South African tax resident:
South Africa's exchange control regulations allow individuals to transfer funds offshore using two allowances:
- Single Discretionary Allowance (SDA): Up to R2 million per calendar year. No SARS tax clearance is required, but your transfer must go through an authorised dealer (a registered South African bank or forex provider).
- Approved International Transfer (AIT): An additional R10 million per calendar year, subject to SARS approval. You must apply for a tax compliance status (TCS) pin from SARS before the transfer can be processed.
These limits reset on 1 January each year and cannot be carried over.
If you have completed tax emigration from South Africa:
Once you are formally a non-resident for South African tax purposes, the SDA no longer applies. All offshore transfers require an AIT, but once SARS approval is obtained, there is no fixed annual cap. Large transfers — such as the full proceeds of a property sale or the value of a retirement fund — can be processed under a single AIT approval.
This is one of the key financial benefits of completing tax emigration through SARS, and a reason many South African expats in Australia and New Zealand choose to formalise their non-resident status sooner rather than later.
What documents do you need to transfer money from South Africa?
Incomplete documentation is the most common cause of delays in international transfers. What you need depends on the source of the funds.
For standard savings or personal funds (within the SDA):
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Valid South African ID or passport
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South African tax number
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Proof of your overseas address
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Bank account details for the receiving account in Australia or New Zealand
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Source of funds declaration (your bank or forex provider will supply the form)
For transfers requiring an AIT (above R2M or post-tax emigration):
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All of the above, plus
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SARS tax compliance status (TCS) pin — obtained through the SARS online portal
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Completed AIT application through your authorised forex dealer
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Proof of source of funds (bank statements, investment account statements)
For property sale proceeds:
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Signed sale agreement
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Transfer duty receipt
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Attorney's undertaking or trust account confirmation
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SARS clearance (non-resident withholding tax certificate if applicable)
For inheritance funds:
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Letters of executorship or letters of authority
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Liquidation and distribution account from the estate
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SARS estate tax clearance
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Death certificate and will (where applicable)
For retirement fund or policy surrenders:
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Completed surrender application from the insurance house or fund administrator
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SARS tax directive
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Proof of tax emigration status (if applicable)
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Your bank's or forex provider's transfer instruction form
Getting these documents together before you initiate a transfer — not while the transfer is in progress — makes the process considerably faster and less stressful.
How does the transfer process actually work?
Understanding the steps involved removes most of the anxiety around international transfers. Here is how it typically works from start to finish.
Step 1: Determine your allowance and transfer type
Establish whether your transfer falls within the SDA (up to R2M, no approval required) or requires an AIT (above R2M, or if you are a non-resident). If you are unsure of your tax residency status, this needs to be resolved first.
Step 2: Gather your documentation
Collect all documents relevant to the source of your funds. The list above is a starting point — your forex provider or specialist will confirm exactly what is required for your specific transfer.
Step 3: Apply for SARS TCS pin (if required)
If your transfer requires an AIT, you will need to obtain a tax compliance status pin from SARS via their online eFiling portal. This confirms that your South African tax affairs are in order and authorises the transfer.
Step 4: Select your forex provider and get a quote
You are not required to use your existing South African bank for international transfers — and in many cases, a specialist forex provider will offer better exchange rates and lower fees than a commercial bank. Compare options before committing.
Step 5: Submit instructions and documentation
Once you have selected a provider and confirmed the exchange rate, submit your transfer instructions and documentation. Processing times vary: straightforward SDA transfers can settle within two to four business days; complex transfers involving AIT approval, property settlements, or retirement funds can take several weeks.
Step 6: Confirm receipt
Once funds arrive in your Australian or New Zealand account, confirm receipt with both your overseas bank and your South African provider, and keep records of the transfer for tax purposes.
What affects exchange rates and how much should you pay in fees?
The ZAR/AUD and ZAR/NZD exchange rates fluctuate constantly, and even small movements matter when transferring large amounts. A 1% improvement in the exchange rate on a R500,000 transfer is R5,000 — roughly equivalent to the entire fee from a competitive forex provider.
What to compare when choosing a transfer provider:
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The exchange rate offered relative to the mid-market rate (the "real" rate shown on Google)
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Any flat transfer fees charged
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Whether intermediary or receiving bank fees apply
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Processing time — faster is not always better if it costs significantly more
Most commercial South African banks charge a spread (the difference between the mid-market rate and the rate they offer you) of 2–3% plus a flat fee. Specialist forex providers typically offer spreads of 0.5–1.5% with lower flat fees, which adds up to a meaningful difference on transfers above R100,000.
One approach some expats use is transferring funds in tranches rather than all at once — watching exchange rate movements and transferring when rates are more favourable. This requires patience and monitoring, but can result in a better overall outcome for large amounts.
Does EOFY affect when you should transfer money from South Africa?
For South Africans in Australia and New Zealand, the End of Financial Year (30 June in Australia, 31 March in New Zealand) can influence the timing of international transfers for several reasons.
Why EOFY matters for transfers:
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Large transfers received in Australia or New Zealand may need to be declared as income or assessed for tax implications in the financial year they are received — timing a transfer across an EOFY boundary can affect which year's tax return it falls into
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EOFY is a busy period for banks, forex providers, and SARS — processing times can extend in the last two weeks of June
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If you are making concessional superannuation contributions using transferred funds, these must be received and processed before 30 June to count in that financial year
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Property settlements, inheritance distributions, and retirement fund payouts timed around EOFY require extra lead time to ensure funds arrive when needed
The practical advice is simple: if you are planning a significant transfer that has any EOFY relevance, start the process at least four to six weeks before you need the funds to arrive.
Frequently asked questions about transferring money from South Africa to Australia or New Zealand
Can I transfer money from South Africa to Australia without SARS approval?
Yes — if you are still a South African tax resident and your transfer is within the R2 million annual Single Discretionary Allowance, no SARS approval is required. You simply need to go through an authorised dealer (a registered South African bank or forex provider) with the required documentation.
How long does an international transfer from South Africa take?
Straightforward SDA transfers typically take two to four business days once all documentation is in order. Transfers requiring AIT approval, involving property proceeds, or accessing retirement funds can take several weeks to several months depending on the complexity and the parties involved.
What is the best way to transfer rands to Australia or New Zealand?
Compare specialist forex providers against your South African bank before proceeding. For transfers above R100,000, a specialist forex provider will typically offer a significantly better rate than a commercial bank. The exchange rate difference and lower fees usually make the comparison worthwhile.
Do I pay tax in Australia or New Zealand on money transferred from South Africa?
The tax treatment depends on the nature of the funds. Money you have already paid tax on in South Africa (personal savings, for example) is generally not taxed again when transferred to Australia or New Zealand. However, investment income, rental proceeds, inheritance, and retirement fund withdrawals may have different tax implications in your new country. Always confirm with a local tax professional.
What happens to the SDA if I complete tax emigration from South Africa?
Once you have formally ceased South African tax residency through SARS, the Single Discretionary Allowance no longer applies to you. All transfers as a non-resident require an Approved International Transfer (AIT). The advantage is that there is no annual cap on non-resident transfers once AIT approval is obtained — making it the preferred route for expats with significant assets still in South Africa.
Can Rand Rescue help me transfer money from South Africa to Australia or New Zealand?
Yes. Rand Rescue specialises in helping South African expats transfer funds internationally, access retirement annuities and policy funds, and complete tax emigration from SARS. We work with authorised forex dealers and manage the documentation process on your behalf. A free, no-obligation consultation is the best place to start.
Ready to move your money?
Whether you're transferring savings, accessing a retirement fund, receiving an inheritance, or completing your financial emigration from South Africa, the process is more straightforward than most people expect — when you have the right support.
Rand Rescue has been helping South African expats in Australia and New Zealand transfer funds since 2008. We handle the documentation, liaise with SARS and the relevant institutions, and keep you informed throughout.
Get a free, no-obligation quote →
Related reading: Tax Emigration from South Africa — a complete guide · Policy Surrenders — accessing your SA retirement funds from abroad
This article provides general information only and is not financial, tax, or legal advice. Exchange control regulations and tax laws change regularly. Always consult a registered tax practitioner in South Africa, Australia, and/or New Zealand for advice specific to your circumstances.
