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South africa bop codes for forex trading

south africa bop codes for forex trading

new data fields and changes to current data fields. (iv) Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller. Background, as an authorised dealer in foreign exchange, we are required to report all cross-border customer transactions to the South African Reserve Bank (sarb). You may also have to give additional information. BOP category changes, in an attempt to align with International Monetary Fund (IMF) standards, sarb has introduced significant changes to the BOP categories. Future dated payment instructions loaded in the 30-day window from 15 July to that are not processed before, or has a value date beyond will have to be processed according to the new bopcus v3 requirements. It is an allowance within an overall limit of R1 million per calendar year which a South African resident over the age of 18 years may avail. This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the Authorised Dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.

Balance of Payment categories - inward payments. The Balance of Payment. Trade finance repayments in respect of exports. Foreign exchange accepted by residents from non-residents. Inward and outward categories.

Signed SSIs must be scanned and emailed to email protected or faxed. For some customers, the impact might also involve system changes. What value of Krugerrand coins can be taken out of South Africa? (vi) Travellers must convert unused foreign exchange to Rand within 30 days of returning to South Africa. As a result, there could be delays in payment. The resident individual must produce a valid green bar-coded South African Identity Document or Smart ID card for identification purposes and the identity number is mandatory when reporting the transaction in terms of the Reporting System. (viii) The cost of land arrangements (hotels, cruises, tours, etc.) forms part of your travel allowance, but payment locally of airfares do not. Banks may allow the export of Krugerrand coins or the equivalent in fractional Kruggerrand coins up to an amount of R30 000 as gifts by residents to non-residents.

(i) A tax-payer in good standing and over the age of 18 years, can invest up to R10 million in his/her name outside the Common Monetary Area (CMA-Lesotho, Swaziland and Namibia per calendar year. Introduction of new BOP forms, all current balance of payments forms have been aligned to bopcus v3 reporting requirements. For example, reporting on fees for processing done on materials will have the following sub-codes: Click here to view bopcus Inward Categories and Outward Categories. Non-resident visitors may export up to 15 Krugerrand coins or the equivalent in fractional Krugerrand coins, supported by the prescribed sars Customs Declaration, provided that they can prove that the coins were acquired with the proceeds of foreign currency introduced.