General Forex Questions

What are the current foreign exchange allowances?

The allowances have increased to: R160 000 per annum per adult (12+) and R50 000 per annum per child (under 12 years old).

How soon can I buy my foreign exchange?

Foreign exchange can be bought 60 days prior to departure.

Can one buy foreign exchange on a one-way ticket?

Yes, provided you are not emigrating and intend returning to South Africa within twelve months of departure.

May one keep unused foreign exchange for further trips?

No, according to the Reserve Bank rules, all foreign exchange needs to be re-purchased, through an authorised dealer, within a month of returning to South Africa.

Why can’t one purchase foreign exchange for Namibia, Lesotho or Swaziland?

They form part of the common monetary area, for which there is no foreign exchange allowance.  There are no restrictions to the amount in Rands that passengers take to Namibia, Lesotho and Swaziland.

What does common monetary area mean?

Those are areas where the South African Rand is used and accepted.

In what format can one take foreign exchange?

Foreign exchange can be bought in the form of traveller’s cheques, foreign cash, drafts and cash passport cards.

Are there any restrictions as to how much foreign cash one purchases?

No, one is entitled to take one’s full allowance in the form of foreign cash, credit card, draft or even traveller’s cheques.

What is a draft?

A draft is like a cheque, but in foreign currency, which can be deposited or cashed at banks overseas.

Can one accumulate one’s allowance if not utilised during the current year?

No, if one does not utilise one’s allowance during the current year it falls away.

Have a question that hasn’t been answered? Email us at support@fxafrica.co.za.