This guide brings together the practical basics you need to understand how South African and German exchange control works, what’s allowed (and what’s definitely not), and where to look when you’re unsure. We’re not financial advisors — just a community sharing knowledge so you can make confident, well-informed decisions.
Disclaimer - We share general information to help our community understand how foreign exchange and cross-border rules work. We are not financial advisors, and nothing on this page should be taken as financial or legal advice. Regulations change, individual situations differ, and money matters have real consequences — so always double-check details and speak to a qualified professional if you’re unsure.
Can I exchange currency for friends and family visiting South Africa?
No. Private individuals may not act as foreign-exchange dealers. For useful background reading, see this article from FinGlobal and the official guidance on the South African Reserve Bank website.
When transferring money from Germany to South Africa, consider the following key points to ensure a smooth and cost-effective transaction:
Check the current exchange rates and compare rates offered by different providers to get the best deal. There is a selling and buying rate, and it is not the same as the rate you hear on the news. See for example FNB. Click on the icon for the FNB Link.
Choose the method that suits your needs best. Options include bank transfers, online money transfer services (e.g., Wise, PayPal, Western Union), and specialized remittance services.
Ensure the service you choose is secure and reputable. Look for providers with strong security measures and good customer reviews. Make sure it is an authorised dealer. You can find a list of Authorised dealers in South Africa in this document from the South African Reserve Bank. Click on icon for the Reserve Bank link
Double-check the recipient’s details, including bank account number, branch code, and name, to avoid delays or lost funds.
Look out for hidden costs, such as unfavourable exchange rates or additional charges by intermediary banks.
Be aware of transfer fees, which can vary significantly between banks, online transfer services, and other financial institutions. Some providers may offer lower fees for higher amounts. Some companies charge a percentage and others a flat rate per transaction.
Understand how long the transfer will take. Some services offer faster transfers, sometimes within minutes, while others may take several days.
Be aware of any regulatory requirements in both Germany and South Africa. Some transfers may be subject to limits or require additional documentation. Your residence status. The purpose of the exchange
Understand any potential tax implications in both countries. Large transfers might attract scrutiny or be subject to taxes.
The amount of money you want to exchange. Some institutions have a limit on the amount, and some offer better rates for higher amounts
Choose a provider with good customer support to assist you if any issues arise during the transfer process.
Until 31 December 2024, the threshold for this obligation was payments exceeding €12,500 (or the equivalent in another currency). From 1 January 2025, the threshold has been raised to €50,000 under Section 67(2) AWV.
In practice, this means: if a German resident receives a payment from a non-resident, or makes a payment to a non‑resident (or resident for the account of a non‑resident), and the amount is above €50,000 (or equivalent), a report must generally be submitted.
Note: Some payments are exempt or follow different rules (e.g., transactions for goods, certain financial instruments).
For full details and to ensure you’re using the correct form (e.g., Z4‑notification) or portal, see the Bundesbank’s guidance: here.
Please remember: regulations change. Always check the latest official documentation or seek professional advice if you are unsure.
The person receiving the money in South Africa, even if you send money to yourself or your family, will need to submit a SARB (South African Reserve Bank) Reporting Mandate form.
“All cross-border transactions must be reported to the South African Reserve Bank in accordance with SARB Regulations.
Balance of Payments Reporting (BoP Reporting for short) is an electronic message system used by Authorised Dealers (i.e. Banks) to report cross-border transactions to the South African Reserve Bank (SARB).
When completing an application for a cross-border transaction, clients are required to provide the reason/s for the transaction. Use the lists provided to select the correct Inwards or Outward BoP Code/s for your transaction. Please note: a transaction may involve more than one reason.” – RMB Bank
Most institutions will request the information from the recipient electronically for example an email or online form. This information must be submitted at least once a year.
If the person receiving the money does not submit this form, the money can be sent back to the remitter.
| Term | Description |
| SWITFT | Society for Worldwide Interbank Financial Telecommunication. |
| SWIFT code | Every Bank has a SWIFT code. Purpose: Identifies a specific bank in international financial transactions. It’s like the bank’s global phone number. Format: 8 or 11 characters long.
|
| BIC | Bank Identifier Code.
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| IBAN | International Bank Account Number. An international bank account identifier is used to uniquely identify the account of a customer at a financial institution |
| BoP Codes | In international banking, BOP codes (short for Balance of Payments codes) are used to indicate the reason or purpose of an international payment. When you send money from Germany to South Africa, the South African Reserve Bank (SARB) requires a BOP code to ensure the transaction is properly categorized for reporting on the country’s balance of payments. |
The following businesses can assist with Forex and International Money transfers.
Assisting clients with International Money Transfers to or from South Africa At Currency Assist, we come to work every day striving to find a solution to the biggest problem with international money transfers… Transparency! This is our mission. Everyone knows they are paying too much for their transfers but can’t
Foreign Exchange- ZAR to EUR This guide brings together the practical basics you need to understand how South African exchange control works, what’s allowed (and what’s definitely not), and where to look when you’re unsure. We’re not financial advisors — just a community sharing knowledge so you can make confident, well-informed decisions. Before you move a single rand or euro, take a moment to breathe, read, and, when in doubt, chat to a qualified professional.
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