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Legal ways to buy and sell foreign currency
Comply with foreign exchange regulations to ensure legal currency conversions.
Converting foreign currency into rands, or rands into a foreign currency, doesn’t have to be a complicated process, but there could be quite a bit of red tape to ensure compliance and prevent fraud. This applies whether you need spending money while travelling, or you’re making international payments, sending money across the border to family or friends, or investing offshore. If you aren’t aware of these legalities, you could end up breaking exchange control (forex) laws accidentally.
Navigating forex laws: What you need to know
Whether you’re a seasoned traveller, a first-time globetrotter, or simply need to send or receive money internationally, you need to understand exchange control regulations and abide by them to ensure smooth transactions and compliance with the law. The South African Reserve Bank (SARB) provides clear guidelines regarding currency exchange. These cover different cross-border transactions – for example, allowances for travel, gifts, overseas study expenses, foreign investments, import payments and distributions from estates.
It is illegal to buy or sell currency outside authorised channels. When you need to exchange foreign currency, always use official channels to avoid legal complications. For example, when you return to South Africa, you can safely convert any remaining foreign currency back to rands within 30 days of your return.
The Nedbank Travel Card makes it easy for you to buy, convert and manage up to 8 international currencies
It’s best to use a bank or licensed forex dealer – this ensures that you avoid scams and swindlers, and that your transactions comply with exchange control laws. There is no rule that you need to convert forex back into rands at the same place that you exchanged rands for forex, so you have some flexibility.
Keep your proof of international travel – for example, passport stamps and any travel receipts. You may need to produce these documents to convert unused forex back to rands.
Could you be breaking exchange control laws?
You can’t buy forex from family, friends, or acquaintances you meet on social media – this is a direct violation of SARB regulations, and both you and the person you buy from could face legal action. However, you can buy forex from your bank account for a family member who is travelling abroad, provided you report it correctly to SARB. You’ll need to provide a copy of their passport and ticket, they will need to accept the SARB declaration, and the transaction must be made against their single discretionary allowance or travel allowance (if they’re your child).
Ignorance of the law is no defence, so you could still be charged for breaking forex regulations even if you weren’t aware of them. It’s better to know the rules and obey them.
Converting back to rands after 30 days
What happens if, at some time after an overseas trip, you discover forgotten foreign currency tucked away in your travel bag, but you’ve missed the 30-day cut off? It’s against the law to sell this forex privately, but you don’t want to waste this money. In this case, you can apply to SARB for exchange control approval and provide explanations for the delay. A Nedbank forex consultant at a forex branch or the forex service desk can help you make the application. Once SARB has approved your request, you can visit a forex branch to convert the currency to rands.
Nedbank Travel Cards make conversion easier
The Nedbank Travel Card makes it easy for you to buy, convert and manage up to 8 international currencies via the Money app or Online Banking. You get the perks of locked-in exchange rates and easy conversion.
You must convert your funds within 30 days of your return to South Africa, although you are able to cash out your travel card after the 30 days on our digital channels. If you have funds on your card and have not used it for a year, you will be charged a monthly fee until the funds are depleted.
If you would like to keep your money in the international currency you’ve chosen, you can send a request to retailfx@nedbank.co.za to transfer the remaining forex into your foreign currency account.
By adhering to SARB regulations and using authorised channels like Nedbank, you can ensure easy forex transactions while complying with the law.
