What this page covers
Moving money out of South Africa runs through two gates: an allowance that says how much, and a tax clearance that says whether you may. Below R2 million a year only the first applies.
| Amount in a calendar year | Allowance used | SARS approval | SARB approval |
|---|---|---|---|
| Up to R2,000,000 | Single discretionary allowance | None | None |
| R2,000,001 to R12,000,000 | Foreign investment allowance | AIT TCS PIN required | None |
| Above R12,000,000 | Special allowance | AIT TCS PIN required | FinSurv approval |
| Non-resident, SA source funds | Not an allowance | AIT TCS PIN required | Case by case |
| Step | What happens | Typical time |
|---|---|---|
| Apply on eFiling | TCR01 form under Tax Status, Approval International Transfer | Same day |
| Submit supporting documents | Source of funds and asset statements | Same day |
| SARS assessment | Compliance and source of funds checked | Up to 5 business days if straightforward |
| TCS PIN issued | A PIN valid for one year | On approval |
| Bank verifies the PIN | The authorised dealer checks it with SARS directly | Same day |
| Funds released | The transfer is processed | 1 to 3 business days |
| Document | Why |
|---|---|
| Statement of assets and liabilities, three years | At cost, local and foreign |
| Source of the funds | Sale agreement, payslips, statements, inheritance documents |
| Proof of tax residency status | Resident or ceased, which changes the route |
| Outstanding returns filed | No PIN is issued while returns are outstanding |
| Bank details for the transfer | The receiving account abroad |
How these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. The AIT process replaced the separate Foreign Investment Allowance and Emigration applications in April 2023. A guide referring to an FIA TCS PIN is out of date.
The single discretionary allowance needs no SARS approval at all, which is why most people moving money to a trading account never encounter the AIT process.
★ What this means in practice
Without a valid PIN the bank cannot release the funds, regardless of how complete the rest of the paperwork is. The PIN is the gate.
✕ Common mistakes
- The AIT process replaced the separate Foreign Investment Allowance and E. The AIT process replaced the separate Foreign Investment Allowance and Emigration applications in April 2023. A guide referring to an FIA TCS PIN is out of date.
- The single discretionary allowance needs no SARS approval at all, which . The single discretionary allowance needs no SARS approval at all, which is why most people moving money to a trading account never encounter the AIT process.
- Without a valid PIN the bank cannot release the funds, regardless of how. Without a valid PIN the bank cannot release the funds, regardless of how complete the rest of the paperwork is. The PIN is the gate.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- The AIT process replaced the separate Foreign Investment Allowance and Emigration applications in April 2023. A guide referring to an FIA TCS PIN is out of date.
- The single discretionary allowance needs no SARS approval at all, which is why most people moving money to a trading account never encounter the AIT process.
- Without a valid PIN the bank cannot release the funds, regardless of how complete the rest of the paperwork is. The PIN is the gate.
To put this into practice, the Exchange Control Allowances runs the arithmetic on your own numbers; SDA and FIA Allowance Tracker covers the same ground in ordinary language; How EFT deposits work goes into the detail this page only summarises; Forex Transfer Costs is the related figure worth reading beside it; and SARB FinSurv Approval covers what this page leaves out.
Terms used on this page
Frequently asked questions
Do I need SARS approval to send money offshore?
Not below R2 million in a calendar year. That is the single discretionary allowance and it needs no TCS PIN and no Reserve Bank approval.
What is an AIT?
Approval of International Transfer, the SARS process that replaced the separate Foreign Investment Allowance and Emigration TCS PINs in April 2023.
How long does a TCS PIN take?
SARS aims to finalise a straightforward application within five business days, provided every return is filed and the documents are complete.
What does SARS ask for?
A three-year statement of assets and liabilities at cost, local and foreign, plus evidence of where the funds came from.
How long is the PIN valid?
One year from issue. Your bank verifies it with SARS directly rather than accepting the letter.
What happens above R12 million?
The transfer needs approval from the Reserve Bank's Financial Surveillance Department, applied for through your bank.
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