August 24, 2022
Advisors receiving fees from offshore
Many advisors in South Africa earn fees when investing their client’s funds and some of these funds are invested offshore. Currency Partners assists our Partners in receiving their fees in foreign currency.
SARB Regulations 6 and 7 state that as a rule, residents who become entitled to any amount of foreign currency or a foreign asset, must repatriate that foreign currency or foreign asset to South Africa within 30 days of becoming entitled thereto. Such funds must be introduced in SA and converted to ZAR.
SA registered entities may receive foreign currency into their Customer Foreign Currency (CFC) account for services rendered to non-resident parties, on condition that the SA entity has an offshore obligation (in turn pay non-resident parties).
Options available for Advisors:
1. Receive foreign currency from abroad
Receive foreign currency from abroad, into a holding account where the Advisor can convert the currency to Rands within 30 days.
2. Receive foreign currency from abroad as a business
Receive foreign currency from abroad as a business, into a Customer Foreign Currency account allowing the business to hold foreign currency indefinitely, free to convert at their discretion.
Currency Partners offers the following value to Advisors:
- Competitive pricing on the exchange rate, saving you money.
- Currency Partners ensures that all transactions are correctly reported to the SARB and handles the administration on the Advisors behalf.
- A dedicated FX Dealer that assists with rate alerts, market orders and hedging products; the same point of contact for their clients and their own transactions.
- Currency Partners will ensure that the Advisor does not exceed the 30-day period when applicable.
- Advisors receive automatic notifications when funds are received.
- A dedicated Business Consultant in each region to assist the Advisors.
At Currency Partners, we understand that behind each and every currency transfer there is a story that matters to you, which is why you are our most valuable currency.
To speak to an expert, please contact us at email@example.com or +27 21 203 0081. We look forward to hearing from you and saving you money on the exchange rates.
SPEAK TO AN EXPERT