As an authorised dealer in foreign exchange, Absa complies with the South African exchange control regulations.
As a South African resident over the age of 18, you are permitted a single discretionary allowance (for the purpose of travel allowance, monetary gifts, donations to missionaries, study allowances and maintenance payments) of R1 000 000 per calendar year.
As a South African resident under the age of 18, your discretionary allowance is limited to R200 000 per calendar year.
- In addition to the discretionary allowance, you may take R25 000 in cash out of the country for use upon your return to South Africa
- These limits differ for businesses and must be applied for once a year
- When buying foreign exchange, you are required to present your valid passport, and return ticket, as well as proof of residence if you are not an Absa account holder
- You may not be given your foreign exchange more than 60 days before you leave
- You are not allowed to purchase foreign currency when travelling to countries in the Common Monetary Area, i.e. Lesotho, Swaziland and Namibia.
