Topping up foreign holiday allowance | Fin24
 
  • Budget Blowback

    Can Cyril Ramaphosa take the heat when the toyi-toyi starts? asks Ferial Haffajee.

  • Support Package

    Eskom will get R69bn in support over 3 years with strict conditions, the finance minister has said.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Topping up foreign holiday allowance

Dec 03 2014 13:19

A Fin24 user wants to know about the R1m allowance South Africans may use when going on holiday overseas. He writes:

I spend five months of the year holidaying in Europe and have set up a Euro Bank account with Lloyds International Bank to fund my holiday expenses.

I want to top this up with R500 000.

Can I do this using my R1m holiday allowance or do I have to get a Sars clearance certificate before the funds can be transferred?

If I can use my allowance, what is the procedure to follow to get these funds transferred?

Jan Lombard, head of financial surveillance at Bidvest Bank, responds:

Yes you can use your R1m holiday allowance if it falls within the same calendar year.
 
Since you will not be in South Africa, you will have to sign a power of attorney with the bank to do the subsequent top-up on your behalf, if within the same calendar year.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

bidvest  |  money  |  money clinic  |  insurance  |  forex
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you think government can solve the Eskom crisis?

Previous results · Suggest a vote

Loading...