Money brought into South Africa from overseas by both residents and non-residents are freely remittable back overseas without restriction.

Clients need to prove that these funds were originally brought in from abroad.

The generally accepted proof used here is a copy of the Swift Payment that can be given by your overseas bank who made the initial payment into South Africa.

Authorised dealer banks need to have sufficient evidence of the ‘source of funds’ and clients will need to provide an audit trail showing the funds originating from overseas and being transferred into SA.

In most cases, just a copy of the swift payment is needed but in some instances clients will need to submit a more comprehensive audit trail particularly if the transfer into South Africa was effected through a third party such as a money transfer agent.

The onus is on the client to provide sufficient evidence to satisfy the bank beyond reasonable doubt that these funds originated abroad. If so, then the client is allowed to freely move this money back out of South Africa without restriction or hassle.