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.
White Birch are specialists in transferring funds for South Africans from South Africa to any bank in the world.
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.
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.
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.
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.
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.
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.
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
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.
You just EFT funds from your SA bank account to the Mercantile account, that should clear the following working day.
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.
You can keep it open for as long as you want, once a year we will ask you to update your personal information.
UK banks do charge a receiving fee of between £9 - £12 per transaction, please check with your bank what the exact amount it.
Yes, you can. Just email us the instruction, we will then close the account.
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.