Forex – Regulations

What are the Balance of Payment (BoP) category codes?

All cross-border transactions must be reported to the South African Reserve Bank (SARB) in accordance with SARB regulations. BoP category codes categorise the type or purpose of the cross-border transaction. i.e. goods, services, imports, etc., enabling the SARB to monitor capital inflows and outflows.

How do I buy property overseas?

South African resident individuals (not companies) can invest up to R10 million per calendar year in offshore property using an AIT (see “What is an AIT and SDA?”). For property purchases exceeding R 10 million, an application to SARB is necessary. Future Forex assists with AIT and SARB applications as a complementary service.

What is an Advanced Payment Notification (APN)?

An APN is an application made by an importer to give notice of the intention to make an Advance Import Payment, above R50 000, to a supplier in respect of imported goods. This is submitted via SARS E-filing. An Advance Import Payment is any foreign exchange payment made for the import of goods before the What is an Advanced Payment Notification (APN)?

What is an AIT (previously FIA) and SDA?

South Africa has exchange controls that allow the Reserve Bank to keep track of capital outflows and inflows. Every calendar year, each South African resident over the age of 18 is granted a R1 million SDA (Single Discretionary Allowance) and R10 million AIT (Approved International Transfer) to send funds offshore. These two allowances combined form What is an AIT (previously FIA) and SDA?