Exchange control
How much money you can send out of South Africa
The single discretionary allowance doubled to R2 million in April 2026 — a figure most South African guides still get wrong. Here is what applies now, and what each route actually requires.
Last checked 3 August 2026 · figures verified against SARB circulars
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Single discretionary allowance
R2 000 000
per calendar year, age 18+. No SARS clearance needed.
Foreign investment allowance
R10 000 000
per calendar year. SARS AIT approval required.
Above R10 million
Case by case
Needs SARB Financial Surveillance approval too.
The number most articles get wrong. The single discretionary allowance doubled from R1 million to R2 million per calendar year with effect from 8 April 2026, when the Reserve Bank issued the circulars giving effect to the 2026 Budget. A great deal of South African content still quotes R1 million. If a provider or article tells you your limit is R1 million, it is out of date.
1. The single discretionary allowance — R2 million
Every South African resident aged 18 or older may transfer up to R2 million per calendar year offshore under the single discretionary allowance (SDA). It is deliberately broad: travel money, gifts and maintenance to people abroad, offshore investment, online purchases and general transfers all draw on the same pool.
The important practical point is what the SDA does not require. Within it you do not need a SARS Approval for International Transfer (AIT) PIN, and you do not need Reserve Bank sign-off. In most cases your bank or provider needs only proof of identity, your banking details, and the purpose of the transfer.
The allowance resets on 1 January and does not carry over — unused allowance is lost at year end, which is why transfers cluster in December and January.
2. The foreign investment allowance — R10 million
On top of the SDA, a resident in good standing with SARS may transfer a further R10 million per calendar year under the foreign investment allowance (also called the foreign capital allowance). This is the route for meaningful offshore investment, buying property abroad, or moving capital when relocating.
This one does require tax clearance: you apply to SARS for an Approval for International Transfer (AIT), valid for 12 months once issued. SARS is checking that your tax affairs are in order and that the source of the funds is properly declared, so the application asks for supporting detail about where the money came from.
Budget for the paperwork, not just the transfer. An AIT application is a document exercise — the timeline depends on how complete your tax record is, not on which provider you use.
3. Sending more than R10 million
Beyond R10 million in a calendar year you need special approval from the Reserve Bank's Financial Surveillance Department, in addition to SARS AIT clearance. It is assessed case by case rather than granted as a standing allowance, and it is the point at which most people involve a specialist cross-border adviser.
4. "Financial emigration" no longer exists
This trips people up, because the phrase is still everywhere online. The Reserve Bank's concept of "emigration" was phased out with effect from 1 March 2021 — National Treasury's stated reason was to encourage South Africans to keep their ties to the country. There is no longer a separate "emigrant" category on the exchange control system, and emigrants and residents are now treated identically for exchange control purposes.
What replaced it is a tax question rather than a banking one. Your position now follows whether SARS regards you as a South African tax resident or a non-resident — so what people once called financial emigration is now ceasing tax residency, confirmed through SARS, with transfers handled under the AIT process.
Two things worth separating: completing the old SARB emigration process did not by itself make you a tax non-resident, and ceasing tax residency is a formal SARS determination with real consequences, including a deemed disposal for capital gains purposes. This is exactly the point to take professional advice rather than rely on a web page.
5. What you actually have to produce
| Route | Annual limit | SARS clearance | Typically required |
|---|---|---|---|
| Single discretionary allowance | R2 000 000 | Not required | ID, banking details, stated purpose |
| Foreign investment allowance | R10 000 000 | AIT PIN required (valid 12 months) | Tax number in good standing, proof of source of funds |
| Above R10 million | By approval | AIT plus SARB approval | Case-by-case submission to Financial Surveillance |
Your bank or provider also has to report the transfer to the Reserve Bank against a balance-of-payments category code describing what the money is for. You will be asked the purpose every time — a reporting requirement, not red tape they invented.
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Independent and factual. dollarstorands.co.za publishes general information about currency conversion and cross-border payments. We are not a bank, a money-transfer operator, a tax practitioner or an authorised financial services provider, and nothing here is financial, tax or investment advice. Rules and limits change — confirm current requirements with the South African Reserve Bank, SARS, or your own adviser before acting.
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