The South African Reserve Bank’s Financial Surveillance Department updated its Currency and Exchanges guidelines for individuals to remove the requirement to obtain a South African Revenue Service Tax Compliance Status (TCS) PIN for current transfers that exceed an individual’s single discretionary allowance. The guidance retains the R1 million per calendar year single discretionary allowance for South African residents aged 18 and older and states that current transfers above this limit will be subject to Financial Surveillance Department verification and approval on submission of proof of the bona fide nature and legitimacy of the transfer. It also clarifies that a SARS TCS PIN remains required for additional transfers of a capital nature, including transfers under the R10 million per calendar year foreign capital allowance.
South African Reserve Bank 2026-01-07
South African Reserve Bank removes tax compliance status PIN requirement for individuals’ current transfers above the R1 million single discretionary allowance
The South African Reserve Bank’s Financial Surveillance Department updated its Currency and Exchanges guidelines, removing the need for a South African Revenue Service Tax Compliance Status PIN for current transfers exceeding the single discretionary allowance. The R1 million per calendar year allowance remains, with transfers above this requiring verification and approval. A SARS TCS PIN is still necessary for capital transfers, including those under the R10 million foreign capital allowance.