Information

This barrier is unrelated to the end of the transition period, following the United Kingdom's departure from the EU.

Public ID: PID-B8DPRB

Restrictions and difficulties in transferring money to and from South Africa is affecting UK exporters and investors

in South Africa

Trade barrier summary

This affects UK companies doing business with South Africa. Many businesses face challenges and delays when transferring funds to and from South Africa, and may face the risk of fines. The Currency and Exchanges Act No. 9 of 1933 is aimed at protecting local businesses and investments and it also limits the amount of capital or funds that a South African can transfer overseas, per year. This is one million Rands per year for an South African individual, through a discretionary allowance. For a South African resident, 10 million Rands in capital allowances can be transferred per year, with prior approval and a tax clearance certificate.

Sectors affected

  • All sectors

Resolved

No

Date reported

25 September 2020

Last updated

18 December 2020

Public ID

PID-B8DPRB

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