migrate-2-oz-on-facebook migrate-2-oz-on-twitter migrate-2-oz-on-linkedin migrate-2-oz-on-pinterest migrate-2-oz-on-google

Banking in Australia

foreign-exchange-services

For individuals who want to live and work in Australia, the process of getting a visa is daunting enough as it is. Once your application has been approved, you’re faced with the challenge of getting your finances over to Australia. Migrate 2 Oz offers the value-added service of helping successful applicants set up a bank account in Australia and getting their money across to help them start their new life in their new country.

Foreign Exchange:

Migrate 2 Oz is proud to offer our clients foreign exchange services in partnership with Exchange4free, who are a leading worldwide money transfer agent specialising in foreign exchange. Through Exchange4free, we are able to provide clients with a ‘one-stop-shop’ solution – saving the time and hassle of dealing with your bank, standing in queues and struggles through the process of moving money.

Exchange4free has built up a good reputation for offering clients great exchange rates and even greater service. Exchange4free is an Authorised Financial Services Provider (FSP) and is regulated by the Financial Services board.

R4M Foreign Investment

  Private individuals may invest R4 Million per person outside of South Africa per calendar year
  These funds can be invested into offshore investment portfolios, property or other investments
  Please note that all transfers are authorised, processed and paid out via an authorised dealer in South Africa in strict accordance with exchange control and anti-money laundering regulations to ensure that all funds received and paid out are safe and secure
     
    r4m-foreign-investment-application
 

R1M Foreign Investment

  Private individuals may now use their R1 Million Single Discretionary Allowance without having to obtain a SARS Tax Clearance Certificate
  This R1 Million forms part of the annual Discretionary Allowance which includes travel, gifts and maintenance
  These funds can be invested into personal bank accounts, offshore investment portfolios, property or any other investments
     
    r1m-foreign-investment-application
 

Gift Allowance

  This allowance can be used to send amounts up to R1,000,000 overseas as gifts however any amounts over R100,000 under the Gift Allowance are taxable at 20%
  The effective maximum amount payable overseas under the gift allowance is thus R100,000
  Gifts can only be paid from a person currently residing in South Africa to a third party currently living overseas (who can either be a non-resident or a South African resident temporarily abroad)
  Please note that all transfers are authorised, processed and paid out via an authorised dealer in South Africa in strict accordance with exchange control and anti-money laundering regulations to ensure that all funds received and paid out are safe and secure
     
    gift-allowance-application
 

Travel Allowance

  Private individuals are allowed to utilise the following allowances for overseas travel per year:
    - R1 000 000 per adult
    - R200 000 per child
  Funds can only be transferred into an overseas bank account held in the name of the traveller
  Please note that all transfers are authorised, processed and paid out via an authorised dealer in South Africa in strict accordance with exchange control and anti-money laundering regulations to ensure that all funds received and paid out are safe and secure
     
    travel-allowance-application
 

Non-Resident Funds

  Non-Residents: A non-resident living and working in SA is freely able to move their money out of the country as long as you can prove ‘reasonable’ source of funds (employment contract, payslips and bank account)
  Funds from Abroad: Funds brought into SA from abroad are can be freely remitted back out the country as long as you can prove that these funds came in from overseas (copy of swift payment and bank account)
  There are no limits on these allowances and you do not require a tax clearance certificate from SARS
     
    non-resident-funds-application
 

Formal Emigration

  SARB MP336b Forms: Formal emigration submission via the South African Reserve Bank
  SARS IT21a Clearances: Emigration tax services and advice for South African living overseas
  Retirement Annuities and Pension Funds: Cash in your South African retirement annuity or pension
  Non-Resident Bank Accounts: Open a non-resident bank account in South Africa for free to formalise emigration process
  Inheritances: Process formal emigration procedures and authorise the overseas remittance of inheritances
  Foreign Exchange: Guaranteed best exchange rates, no international transfer fees and zero commissions
     
    formal-emigration-application