General public

All exchange control related matters must be addressed through an Authorised Dealer or an ADLA, which are entities authorised to deal in foreign exchange.

Exchange controls assist in the monitoring of cross-border capital movements while providing flexibility to cope with situations of economic financial instability.

The Currency and Exchanges guidelines for individuals and business entities have been published to assist in providing a general understanding of the exchange control system in South Africa and its day-to-day impact on South African residents.

These guideline documents should be read in conjunction with the Currency and Exchanges Manual for Authorised Dealers and the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority which contain the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by an Authorised Dealer or an ADLA in their own capacity or on behalf of their clients in terms of the Exchange Control Regulations.

If your exchange control queries are not answered under the FAQs or below, contact an exchange control or foreign exchange official at any Authorised Dealer or ADLA who will be able to assist you with your queries.

The Currency and Exchanges guidelines for individuals are issued to assist individuals and other interested parties by providing a general understanding of the exchange control system in South Africa. The publication does not have any statutory force, nor does it replace or supersede the Exchange Control Regulations, 1961 promulgated in terms of section 9 of the Currency and Exchanges Act 9 of 1933 (Currency and Exchanges Act) or any permission, exemption or condition granted or attached to certain transactions in terms of those regulations.

The Currency and Exchanges guidelines for business entities are issued to assist business entities and other interested parties by providing a general understanding of the exchange control system in South Africa. The publication does not have any statutory force, nor does it replace or supersede the Exchange Control Regulations, 1961 promulgated in terms of section 9 of the Currency and Exchanges Act 9 of 1933 (Currency and Exchanges Act) or any permission, exemption or condition granted or attached to certain transactions in terms of those regulations.

The Financial Surveillance Department will, on application through an Authorised Dealer, consider requests to exempt certain companies from the requirement to submit supporting documentation to their Authorised Dealers for every foreign exchange transaction related to an import transaction. Refer to section B.1(H) of the Currency and Exchanges Manual for Authorised Dealers for more information.

Click here for the application form.

Relevant sections of the Currency and Exchanges Manual for Authorised Dealers:

Section B.1 – Payment for imports

Section D.1 – Forward cover or hedging transactions between Authorised Dealers and residents

Section E – Non-resident Rand account, Customer Foreign Currency accounts, foreign currency accounts and foreign bank accounts

Proposal: Letter of Compliance

The Letter of Compliance linked above reflects the confirmations that the Financial Surveillance Department requires in line with the Currency and Exchanges Manual for Authorised Dealers. This format is recommended but not prescribed by the department.

Entities are requested to advise all relevant parties of this proposed letter.

Treasury outsourcing companies and foreign exchange brokers must conduct their business through an Authorised Dealer. Refer to section A.4 of the Currency and Exchanges Manual for Authorised Dealers for more information.

Application form

Letter of compliance