Foreign exchange in South Africa is controlled by the South African Reserve Bank more commonly known as the SARB.

The local market is governed by exchange control regulations which control the flow of money out of South Africa. 

The South African foreign exchange market is structured in a way that all money leaving South Africa is controlled and overseen by the Reserve Bank who nominate a number of 'Authorised Dealers' or banks to oversee and regulate the market on their behalf.

In certain instances the Reserve Bank of South Africa will receive exchange control applications from these authorised dealers seeking for advice and an authoritative opinion from the exchange control department.

To send money out of South Africa all funds have to be directly or indirectly approved by the SARB via exchange control regulations.

The SARB exchange control manual can be found on their site www.reservebank.co.za where you will also be able to find further information on exchange control regulations in South Africa.