The South African Reserve Bank has published amendments to its Currency and Exchanges manuals for Authorised Dealers and Authorised Dealers in foreign exchange with limited authority (ADLAs), updating the permissions, conditions and reporting expectations that govern foreign exchange transactions under the Exchange Control Regulations. The updated text reiterates key quantitative parameters and operational controls, including a single discretionary allowance of ZAR 2 million per adult per calendar year for legal purposes abroad (with current transfers above this level subject to Financial Surveillance Department verification), a ZAR 10 million foreign capital allowance for residents for offshore investments subject to South African Revenue Service tax-compliance verification, and a ZAR 400,000 travel allowance cap for minors. It also sets out tighter guardrails around channels and documentation, including limits and follow-up evidence requirements for import advance payments (with advance payments above ZAR 100,000 requiring subsequent sight of a SARS Customs Declaration bearing the MRN), advance-payment parameters for imported capital goods (up to 100% of ex-factory cost up to ZAR 10 million, and 50% above that), and a four-month settlement window for merchanting transactions. Card and cash provisions include a ZAR 100,000 per-transaction cap for small permissible cross-border payments made by credit or debit card and an explicit prohibition on using South African cards to fund international trading accounts (including crypto-asset trading), alongside a ZAR 100,000 limit on the export of Rand notes and an overland travel dispensation allowing certain Common Monetary Area residents up to ZAR 100,000 per calendar year for transit through a Southern African Development Community country.
South African Reserve Bank 2026-04-08
South African Reserve Bank updates exchange control manuals for authorised dealers following Budget Speech announcements
The South African Reserve Bank has amended its Currency and Exchanges manuals for Authorised Dealers and those with limited authority, updating permissions, conditions and reporting expectations for foreign exchange transactions. The revisions reaffirm quantitative limits on discretionary, capital and travel allowances, tighten controls on import advance payments and merchanting settlement, and clarify card and cash provisions, including caps on small cross-border card payments, restrictions on funding international trading accounts and limits on exporting Rand notes.