Topping up foreign holiday allowance

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.

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