“Banks start with a wholesale market rate, add their own margin, then show you a price. The client sees only the final figure, not how much the bank has added to every unit of currency”

“If you move R100,000 at a 2% margin, you’ve given away R2,000; at R1-million, the same margin costs you R20,000”

“When it comes to international money transfers, a few percentage points can materially change what arrives on the other side”

“many people think this is a once-off transfer and don’t know that card swipes on overseas trips, online spend in foreign currency and small outward transfers also count towards the annual foreign exchange allowance”

“some mistakenly go through the full AIT process for modest amounts that still fall within the SDA”

“others exceed the R1-million SDA across different banks in the same year and only discover it when a routine transfer is stopped”

“SARS expects a full supporting file: recent bank statements, a three-year statement of assets and liabilities, proof of the source of funds and, where relevant, trust deeds and resolutions, loan agreements, capital gains tax workings, wills and liquidation and distribution accounts”

“SARS rejects or delays applications if statements are older than 14 days, if proof of source does not line up, or if trust and company documents contradict the transfer request”

“South African tax residents who have ceased residency must provide a non-resident confirmation letter, deemed-disposal calculations, and explanations of local income or capital to move funds offshore”

“Retail apps, private banks, and forex specialists in South Africa all operate under the same Reserve Bank and SARS rules for offshore transfers but differ in pricing, timing, and compliance handling”