South Africa Guide: Money

Our money guide provides information on bank accounts, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Banks

  Where to manage your finances

  South Africa’s banking system is not only the most sophisticated in Africa (which isn’t necessarily saying much) but also the equal of that in many western countries.

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  Accounts

  How to open a bank account in South Africa

  You can open a bank account in South Africa whether you’re a resident or a non-resident. It’s best to open a South African bank account in person, rather than from abroad.

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  Currency

  What is the currency used in South Africa?

  The South African unit of currency is the rand (R), which is divided into 100 cents.

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  Obtaining Cash

  How to get cash for daily use

  There are various methods of obtaining smaller amounts of money for everyday use.

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  Importing & Exporting Money

  How to receive and transfer money

  South African bank notes in excess of R5,000 (€516) per person aren’t allowed into the country unless you have the necessary permit from the South African Reserve Bank, 370, Church Street, Pretoria 0002 (write to PO Box 427, Pretoria 0001, Tel. 12-313 3911, www.reservebank.co.za).

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  Cost of living

  The price of life in South Africa

  Just how much does living in South Africa cost on average? From eating out to utilities, we’ll take a look and see how far you can expect to stretch that paycheck.

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  Double-Taxation Treaties

  What countries have treaties with South Africa?

  The following is the status in October 2010 of agreements to avoid double-taxation of income accruing to South African taxpayers from foreign sources, and to foreign taxpayers from South African sources.

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  Income tax

  What you need to know about income tax in South Africa

  Until 1st January 2001, a ‘source-based’ tax system was in use, meaning that tax was payable only on income from (or deemed to be from) a South African source.

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  Capital Gains Tax

  Who is liable to pay Capital Gains Tax in South Africa?

  Taxpayers, including individuals, trusts, companies and close corporations, will be taxed on the profit they make when they sell an asset or property. Capital Gains Tax is basically a tax on the resale of assets.

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  Property Taxes

  All you need to know about property-related taxes

  Property-related taxes include municipal rates (sometimes confusingly referred to as ‘property taxes’) and charges for refuse and sewerage, although the latter apply mainly to those in urban areas; there are no refuse or sewerage services in some rural areas!

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