The South African Reserve Bank’s Financial Surveillance Department issued an exchange control circular amending the Currency and Exchanges Manual for Authorised Dealers to increase the single discretionary allowance for South African resident individuals aged 18 and over from ZAR 1 million to ZAR 2 million per calendar year, and to raise the travel allowance for resident individuals under 18 from ZAR 200,000 to ZAR 400,000 per calendar year. The changes take effect from the date of the circular and follow the 2026 Budget Speech announcement referenced in the Budget Review. The amendments update the definition of the single discretionary allowance and align multiple operational provisions to the new limits, including travel-related transactions by Category Two authorised dealers, use of the allowance for offshore share incentive and rights-related transactions alongside the ZAR 10 million foreign capital allowance, and the ability for Central Securities Depository Participants, with an authorised dealer, to facilitate transfers of domestic listed securities abroad up to ZAR 2 million without a TCS PIN letter if a Financial Surveillance Department confirmation letter is viewed. The manual also sets out that current transfers above ZAR 2 million are subject to Financial Surveillance Department verification based on proof of bona fides and legitimacy, and introduces a once-off ZAR 2 million travel allowance in the calendar year an individual ceases South African tax residency without requiring a TCS PIN letter, alongside export of household and personal effects up to ZAR 2 million per family unit under a SARS customs declaration. The amended Authorised Dealer Manual is available via the South African Reserve Bank website.
South African Reserve Bank 2026-04-08
South African Reserve Bank doubles the single discretionary allowance to ZAR 2 million and increases minors travel allowance to ZAR 400,000
The South African Reserve Bank’s Financial Surveillance Department has amended the Currency and Exchanges Manual for Authorised Dealers to double the single discretionary allowance for South African residents aged 18 and over to ZAR 2 million per calendar year and the travel allowance for residents under 18 to ZAR 400,000. The amendments update the definition and use of the single discretionary allowance, including for travel-related transactions, offshore share incentive and rights-related transactions, and transfers of domestic listed securities abroad up to ZAR 2 million without a TCS PIN letter where a Financial Surveillance Department confirmation letter is viewed. Current transfers above ZAR 2 million require Financial Surveillance Department verification.