Comprehensive Guide to the Approval for International Transfer (AIT) Process

Navigating cross-border transactions requires careful planning, and one key step for South African businesses is understanding the Approval for International Transfer (AIT) process. In this article, we provide a clear and concise overview of AIT, explaining what it involves, why it’s necessary, and how it impacts your international payments.

Understanding AIT and Allowances

The AIT process is essential for transactions utilising the R10 million Foreign Capital Allowance (FCA)or conducting specific cross-border transfers such as inheritances, trust distributions, or emigration proceeds. An AIT is required for the FCA, but not for the R1 million Single Discretionary Allowance (SDA).

Also important to note is that an AIT application requires that funds are verifiable, readily available and denominated in ZAR, which must be  supported by current bank statements (within 14 days), with all tax affairs up-to-date.

The AIT Application Process with Currency Partners

Our streamlined process ensures compliance and efficiency:

1. Initiation: Existing clients and Partners should log in to their MyCURRENCY Portal to select “Apply for AIT” to initiate the process.
2. Documentation: You will need to provide key details (amount, purpose, source of funds) and submit the relevant supporting documents including an ID and recent proof of address.
3. Submission: Together with our trusted tax providers, our expert team reviews application and supporting documentation before submitting the application to SARS.
4. Approval: Upon successful assessment of tax compliance and funds verification by SARS, a valid 12-month Tax Compliance Status (TCS) PIN is issued for externalising the applicable funds.

Why Choose Currency Partners?

Choosing Currency Partners ensures large international transfers are handled smoothly at highly competitive exchange rates:

• Complimentary Service: We offer complimentary AIT Application Services together with our currency transfers.
• Expert Support: Our experienced team provides full guidance, significantly minimising administrative burdens and maximizing the likelihood of first time success on all applications.
• Efficiency and Security: We guarantee secure and efficient processing through our trusted tax providers and secure FX platform.
• Competitive Exchange Rates: Our clients benefit from access to the best service and pricing in the market so they can make significant savings on their currency conversions.

We encourage early applications this time of year to guarantee seamless and timely international transfers before the annual allowances for 2025 expire at the end of the year. Please don’t hesitate to contact us for more information and assistance.