enirpi
1/18/2011 23:58 EST
Hi!
I'm preparing to move to Johannesburg later this year from the United States and have questions about the financial part of things.
I'll be paid my salary in US Dollars instead of South African Rand.
I'm wondering about how easy it is to open a bank account in South Africa, and then transferring money from my US bank to a local South Africa bank as needed, or on a set schedule.
Or, should I open a bank account with a bank that has branches in the US and South Africa?
Any help would be greatly appreciated.
Thanks,
Erin
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RodP
1/20/2011 02:03 EST
Whilst I am not an expert on "Comp&Ben", I do know that you will need to have your Work Permit issued before you can open a bank account in South Africa. If yoiu are on an inter-company transfer it is best to get submit the apoplication in The States before you leave. It's quicker that way. Once you have your bank account opened everything works well. South African banking is world class, and you can transfer money anywhere in the world quite easily, despite some bureaucracy around exhange controls - forms to complete etc. There are no restrictionsas to how much of your earnings you can repatriate so long as the taxes have been paid on them.
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Consult4Immigration
1/20/2011 08:28 EST
Hi
I work for an immigration consultancy, and will gladly help.
Erin is correct that in order to open a resident account, you will need a work permit. However without a work permit (or any other kind of residency permit) you can still open a non-resident account into which no South African Rands can be deposited, only money from abroad.
But seeing that you will live in South Africa, it is best to have the work permit (before you arrive in SA) and open a resident bank account.
In terms of applying for your permit, Erin is also correct in saying that it is best to submit the application at the South African embassy. They usually take 5-10 working days. Submitting in South African can take 4-6 months!
Regarding exchange control, there are still some restrictions, but these are becoming increasingly relaxed.
As you will be paid abroad but will complete your work here, there are certain tax implications/obligations. Declaring tax and paying tax are slightly different matters, and here we recommend you speak to an expert (I can refer you to one if you wish).
If you have any other questions, please feel free to let me/us know.
Joachim Schuckmann
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sharleenbennett
1/23/2011 15:26 EST
Hi, it certainly is true that you can open a non-resident account into which foreign monies can be deposite. You can also look into off-shore banking (such as HSBS), With regards to forex, our immigrations partner can provide you with rates that are at least half of what the banks will offer you. Do let me know if you require their contact information for obligation free consultation. Cheers!
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BezzieB
6/22/2011 04:56 EST
Howzit Erin
Please get hold of Dereck Krijger from Fintec, they are a Belgium based Fianancial Service company with offices in South Africa.
They will help you sort out ALL your financial needs and reduce any "tax" implications.
dkrijger@fintec-g.com
Best wishes
BezzieB
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