Hi can anybody help please

My husband (who is south african) myself and our young son are emigrating to SA in 6 weeks (Cape Town). I am fortunate that my employers are going to keep me on a casual contract until Christmas i.e. get paid for whatever hours i work.

I have two questions

1 - How do we get our money out of the UK into SA?
2 - My employers need to pay my salary into a bank account using sort code etc and by BACS payment. I dont want to keep my current ac with Barclays as this will cost lots to use my debit card (i.e. poor exchange and high commission rate) any advice?

Thanks

Well, firstly, I assume you read most of the stuff on this forum about life in the SA and you know the whole drill about the crime, BEE, employment, not taking to strangers etc etc...and your husband being from SA knows what the life is like on this side.
I guess the easiest way to get the money to SA is to do a wire transfer but for that you'll need already established account on this side. You can open simple transmission account fairly quickly but for that you got to be here..
It also depends on how much it is, if it is say 2000 3000 thou another possibility is perhaps to bring it in as traveler’s checks and then cash them when depositing the money. Under no circumstances carry more than 1000 or so in cash on you, guys on this side can spot an easy target a mile away and for the first few days/weeks use your credit card, it is accepted almost everywhere. Close your account in UK only after you set up SA account, that way at least you'll have the use of the card so no need for waddles of cash. For salary payment guys on this side can give you all the details you need once the account is established, SA has one of the best banking systems in the world, both Standard Charter and Barclays have bought majority stake in the 2 local banks worth something like 3bn pounds.

Thanks Stormer

Yes know the drill about life in SA have visited lots of times over the last 5 years and like you say my husband has lived there so we know what to expect. The last 8 days living in the UK and working both in Manchester and Birmingham city centre have been very scary and I will take my chances in SA rather than let my son grow up with the now daily fear of terrorism here in the UK. Sounds like we are running way which isnt true as we made the decision to return to SA two years ago but this just underpins our decision.

Anyway thanks for the information didnt even think about putting the money in my account here and then wiring it over to our account there when we arrive. Do you know if there will be tax implications doing this as the money we will transfer will be from the sale of our house and about 700,000r.

Many thanks

I don't think there will be any tax implications as you can prove the origin of the money. When you wire the money to the SA bank, guys here will ask you to come and fill and sign a document that declares the origin of the money before they release it,they have to do that for any transfer of more than 50k, regular stuff.
And don't make ant rash decisions, life in SA is nice and tough at the same time.
good luck
stormer

Thanks again thats great.

Hi

We were in CT for 3 months earlier this year and bought a house there - planning to go back in Jan 06. When I transferred the money to pay for the house from Barclays in UK the receiving bank in SA charges you about 0.5% for "handling". Can work out quite expensive if you send a lot. I was told by ABSA bank that we couldn't open a rand account but we could have an account to which we could transfer money from UK (at the charges above every time) In addition we wouold be charged every time we made a withdrawal. We could not have an account into which we could pay Rand without some kind of residency.

Hope this helps (although it's not great news)
BTW are you in Burnley??

empyrian
Her hubby is SA national so he could probably get ZAR account opened with no problem. The foreign account currency info you give is correct but only if you are non resident.Where did you buy in CT?

Hi Stormer
we bought in Durbanville - didn't want to be in touristy bit. We 've got 3 year temp resident visas planning to go back Jan06 as the vendor askedto rent the house for a few months (divorcing I think). Long term plan is OZ but we love SA and might stay who knows? Where are you? BTW - like your other posts - you're very helpful