Let us answer your questions about transferring money.

You may have some questions about transferring your hard earned money, and its understandable. You have the right to want to know more about our service before you choose to transfer with us. Below are the answers to the questions we get asked most regularly.

Who is WhiteBirch Forex?

White Birch are specialists in transferring funds for South Africans from South Africa to any bank in the world.

Why should I use WB Forex and not the bank?

Your money is still transferred safely and securely via the bank, however as an intermediary we are able to negotiate the exchange rate that you get for your transaction which is better than what the commercial banks will offer you.

How much can I transfer from South Africa?

Every resident above the age of 18 has two allowances that they can use to transfer funds from SA:

R1,000,000 - Single Discretionary Allowance

As a resident, you may transfer a total of R1 000 000 from SA every calendar year. Please note that all card transactions, travel allowance and gifting while you are abroad are included under this allowance.

R10,000,000 - Foreign Investment 

Allowance As a resident, you may also use this R10 000 000 allowance per calendar year. A tax clearance is required from SARS. This tax clearance is associated with the Foreign Investment Allowance and differs from a normal ‘good standing’ tax clearance.

You may also transfer funds abroad more than these allowances. Please contact us for more information.

The minimum requirement for transferring funds is that you must be in possession of a green bar-coded ID document or the latest ID card.

Can I open a foreign bank account online in order to transfer my money abroad?

For UK accounts, we can offer guidance on how to open a online account. for other countries, they may allow you to open bank accounts online, and would recommend researching it using the foreign bank’s website for more information.

What are the costs involved in transferring funds from South Africa?

The only fee you will pay is the bank transfer fee of R250 per transaction irrespective of the amount. This is the normal bank transfer fee. WB Forex service is free.

When appointing WB Forex to move my money, do you have access to my funds?

No, we do not, we act as your agent to facilitate the process and the transaction, we negotiate the exchange rate on your behalf and never have access to or control over your money.

Must I pay tax on the money that I want to transfer abroad?

Foreign transfers do not attract any tax liabilities. Normal tax rules apply to the transaction. An example would be donations. Tax is incurred when funds are donated to a third party living abroad.

Is it safe to do foreign transfers through WBFOREX?

WBForex adheres to all Regulatory requirements and is registered with the FSB. We facilitate foreign transfers, but a client’s funds are held with Mercantile Bank in a bank account only accessible to the client

Is the Mercantile bank account in the UK or SA?

Mercantile bank is a South African bank, the transfer account is in South Africa, clients can use the account like any other South African bank account except for making international transfers. The account is in the clients name, no costs involved in keeping the account open, clients can use the account at any time to do transfers.

How do I transfer money into the Mercantile account?

You just EFT funds from your SA bank account to the Mercantile account, that should clear the following working day.

How do I get my money from the Mercantile into my UK bank account?

Once the funds have cleared into the Mercantile account, we will get a report, you then instruct us when you are ready to do the transfer, we will give you a rate, once you happy with that rate you confirm this to us on email, we will lock in that rate and do the transfer and do the transfer. Thefunds should then clear in your UK bank account the following working day.

How long can I leave my Mercantile account open for?

You can keep it open for as long as you want, once a year we will ask you to update your personal information.

What fee does Mercantile charge to keep the account open/running cost?


Will my UK bank account charge me to receive the money in my UK bank account?

UK banks do charge a receiving fee of between £9 - £12 per transaction, please check with your bank what the exact amount it.

Can I close the Mercantile account at any time?

Yes, you can. Just email us the instruction, we will then close the account.

What are your fees?

Our money transfer service is free, however, the bank do charge a set transfer fee of only R250 per transfer irrespective of the amount you send abroad.

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