| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | ZAR R 48,006.79 | No Fee | 4.8007 | 1-3 days | more... |
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OFX (UK) | ZAR R 47,315.00 | No Fee | 4.7315 | Not specified | more... |
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Moneycorp | ZAR R 47,019.55 | No Fee | 4.702 | 1-3 days | more... |
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OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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South Africa and Dubai, the financial hub of the United Arab Emirates (UAE), only established formal diplomatic ties in the mid-1990s, but have since developed a strong relationship. Bilateral exchanges are primarily driven by international trade, investment and travel. Although there are no restrictions to transfer money from Dubai to South Africa, some limitations apply to money transfers leaving South Africa. When transferring large volumes of money, for example to move internationally or purchase property, working with a foreign exchange broker who is well versed in the South African market is strongly recommended.
Temporary residents and non-residents are permitted to repatriate money that they have previously sent to South Africa, for example, transferring investment revenue back to Dubai. However, you will be required to show documentation for the transfer, such as a copy of the SWIFT records and bank statements. Additional paperwork is usually required for particular purchases such as when you want to buy or sell property. A specialized broker may be the best person to help you to prepare these documents.
Non-residents or visitors to South Africa who want to sell property will be able transfer funds brought in for the purchase back out of the country, in addition to any profits gained. Rental income from a South African property may also be transferred out of the country if the owner can provide particular supporting documentation. Before wiring money to South Africa to purchase property you must first consider any additional charges and paperwork that will be required. South African citizens and permanent residents are allowed to freely transfer money out of the country up to a level of 1m rand per year, or R4m in the case of foreign investment; above this level, however, prior approval must be sought from the South African Reserve Bank (SARB).
Emirati nationals must have a visa issued by the South African Consulate General before they will be allowed entry into the country. This applies whether the purposes of the visit are for study, tourism or business. Permanent residents or natives of particular countries are subject to a visa exemption. You can view the list of these countries on the website for the South African Consulate General in Dubai. Among the necessary documents for applying for a visa to South Africa from Dubai are a valid passport, a completed application form and a vaccination certificate. Visas are processed within five business days. Travellers from Dubai can apply for tourist visas, business visas, family/friend visit visas and transit visas.
South Africa boasts a sophisticated banking system. Expats have numerous options of both local and international banks to choose from when they want to transfer money from Dubai to South Africa. The main banks include First National Bank, ABSA, Nedbank, Investec, Rand Merchant Bank and Standard Bank. Banks operate from Monday through to Saturday and feature a wide array of online and mobile banking services. Opening a bank account is fairly straightforward. You will need to provide a proof of ID as well as proof of your South African address. Credit accounts are not so easy to open, so it is recommended that expats open an international account in Dubai before travelling to South Africa.
Residents of South Africa will be taxed on their worldwide income, even if the income includes assets overseas. However, non-residents are only taxed on income earned within South Africa. You are considered a resident of South Africa if you are in the country for more than a particular number of days before or during the tax year of assessment. Based on your situation, it is recommended that you consult with a broker or financial advisor prior to moving funds or relocating to South Africa.
Trade between South Africa and Dubai continues to strengthen. This developing relationship eventually led to the creation of the South African Business Group, headquartered in in Dubai, which aims to strengthen networking between the business communities and to facilitate further trade. South Africa is Dubai’s 35th largest trade partner for Dubai, according to information from the Embassy of the United Arab Emirates. In 2014 total trade, including exports, imports and re-exports, amounted to AED5.47bn. The UAE is South Africa’s largest trade partner in the Middle Eastern region, and its 24th largest market for South African exports worldwide.
Products exported from South Africa to the UAE consist mainly of gold, steel, base metals, electronics equipment, machinery, defence equipment, minerals, plastic goods, chemicals and food items. Dubai’s physical infrastructure has also benefitted from South Africa’s construction, service and consultancy sectors. On the other hand, Dubai exports consist mainly of oil and derivative products, transportation equipment, machinery, consumer electronics, ball bearings, textiles, home appliances and computer accessories.
There are increasing opportunities for investors, vacationers and entrepreneurs from Dubai as interests in South African real estate grows. This heightened attention is especially focused on residential and commercial property in the Cape region of the country. Since 2003, Dubai has invested as much as R1.07bn, which amounts to 0.25% of total investment in South Africa. These investments have been focused on the areas of transportation, real estate, storage, warehousing and business services.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
