MOST COMPANIES are unaware that their employees who travel extensively on business are able to separate their personal holiday travel allowance of R160 000 per calendar year from their business travel allowance.

Companies that have travellers who expect to exceed the annual overseas travel allowance allocation of R160 000 during a calendar year may apply via FX Africa to the SA Reserve Bank for an Omnibus facility.

This facility is granted for the calendar year, 1 January to 31 December. Once granted, the traveller may exceed R160 000 on one trip or can make multiple trips up to the figure granted.

The company must apply in writing to FX Africa stating:

• briefly, the nature of the business and the reason for making use of this facility;
• an estimated number of business trips to be undertaken during the period;
• countries it is anticipated company representatives will be visiting; and
• a list of proposed travelling staff members, including full names and identity numbers.

Any surplus foreign exchange must be resold to FX Africa Foreign Exchange (Pty) Ltd on return. The SA Reserve Bank regulations must be strictly adhered to in all cases.

Clients who currently hold an Omnibus with FX Africa may wish to renew them and corporate companies wanting to establish this facility or who may require further information, are welcome to contact one of the FX Africa sales people on 0860 10 11 12.