rattiegyal

My mother is a resident of South Africa. She's now 71 and selling up to move to the US to be with my sister. She's in the process of selling her property and needs to transfer all her funds from her Standard Bank account to her UK Lloyds account. What is the easiest way (and lowest cost charges) to do this? She has been contacted by someone claiming to work for FGM-FX who are based in the UK. They do not have a website and I am concerned this is a scam as the girl said it would cost her R5000 for this girl to organise the transfer. I'm living in the UK and have no idea of what the rules are in SA, but would imagine they have restrictions etc. (we're all originally from Zimbabwe). Any help please, or info, would be most appreciated as my mother is all on her own and I don't want people taking advantage of a slightly confused old lady!! She has had her UK account for over 20 years (holds a British passport too).

Thanks

Errol

I inherited my mother's estate (UK citizen resident in South Africa) in 2005. I understand the circumstances are different for your mother but estate attorneys didn't help much regarding the transfer of funds to me in the United States. In my case it was the banks couldn't transfer the funds without approval from the S.A reserve Bank.

I left South African in 1974 (didn't formally emmigrate) and in all those years after that I returned for a ten day vacation! I was a non resident of South Africa and I didn't hold South African citizenship.

I couldn't believe it when the authorities had me complete tonnes of paperwork that I was a non resident. After a couple of months they approved the bank to transfer the funds. The cost was minor.

Your mother is a resident in South Africa and South African can hold investments with approval to a certain limits outside the country. I am sure there are different rules for emmigrating which I assume that is the case for your mother. The bank should be able to help or at least place you on the right track or hire a South African Chartered Accountant that can arrange her financial affairs that she can legitimately qualify to expatriate all the funds over the minimum number of years.

Errol

Donna Allan

Hi rattieygal

Not 100% sure but your mom may have to get a tax clearance certificate (we did when we were leaving SA and transferring all our money out) but then we are both SA citizens (I'm dual citizen hold a British passport). We transferred our money into an offshore account with Barclays and it also did not cost us much either.

Maybe your mom needs an appointment with the bank manager of Standard Bank and he/she surely should be able to advise your mom of the laws/regulations and if your mom has a bank account with Lloyds then they could transfer the monies over.

OH inherited money at the beginning of this year and he transfered it straight into his account (an Irish bank) with no problems.

Donna

NicoleRoux

Did you come right yet?