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Recently SARS have randomly selected passengers and requested proof of purchase of the foreign exchange they are carrying. This refers more particularly to travellers cheques and forex and is not a new rule, rather one being enforced more rigidly now in terms of the Financial Intelligence Centre Act 2001. This proof would be a receipt of the transaction of the purchases. If the traveller has lost the proof of purchase or cannot find it, they must go back to where the forex was purchased and obtain a duplicate receipt. In the event that the traveller cannot prove that the forex in hand was purchased correctly, it will be confiscated and they will have 90 days in which to submit a claim. Some banks have included a declaration at the end of their invoice for the customer to sign, stating that they will retain all invoices for a period of 2 years and that they declare that they will travel within 60 days of the purchase date of the invoice. It also states that they will not purchase in excess of the travel allowance and that all unused forex will be returned within 30 days of return or if the trip is
cancelled.
South African Exchange Control requirements:
Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
Travel allowance covers a calendar year.
Any unutilised portion of a travel allowance may be used at any time during that calendar year.
A single discretionary allowance of R750 000 per calendar year, for residents over the age of 18 years, has been introduced. This allowance may be used for travel, donations, gifts and maintenance payments, provided the amount does not exceed the limit of R750 000 per calendar year.
Children under the age of 18 years qualify for a travel allowance of R160 000 per calendar year. For travel purposes, a valid air ticket must be presented, indicating that the journey commences from South Africa and such allowance may not be issued more than 60 days prior to departure.
The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, but the payment of airfares is excluded.
In addition, each traveller may take R5 000 in South African Reserve bank notes when visiting abroad. Where the insurance value of your personal belongings, not for sale, exceeds R50 000 you will need an NEP form attested by a bank or by Customs and Excise.
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