FICA and Reserve Bank Requirements
The foreign exchange industry of South Africa is regulated by the South African Reserve Bank under the Exchange Control Regulations of 1961
And as accountable institutions authorised dealers with limited authority must abide by the Financial Intelligence Centre Act 38 of 2001
To enable us to deal with clients, authorised dealers with limited authority must verify their client’s information including their clients Identity and residential address. Further to this the South African Reserve Bank under Exchange Control has laid out minimum requirements for both identification and documentary evidence based on the purpose of the transaction.
Below is a guide to what is required to transact based on the purpose of the transaction. This includes the acceptable types of identification, acceptable documents for proof of address and any additional documentary requirements.
Individual Travel
Based on your residential status within the country the following is applicable
South African Resident
- Acceptable Identification: South African Passport, Foreign Passport along with South African Bar Coded ID.
- Proof of address: please see list of acceptable types and validity period here
- Additional Documentary Evidence: flight ticket (e-ticket), should you be travelling overland then your vehicle registration number.
Temporary Resident (Foreign National)
- Acceptable identification: Valid Foreign Passport, Valid permit
- Proof of address: Please see list of acceptable types and validity period here
- Additional Documentary Evidence: Flight ticket (e-ticket), should you be travelling overland then your vehicle registration number.
- Bank Statements or Payslips for 3 months.
- Please note that should your permit be for any other purpose other than to work in South Africa please contact your nearest branch for additional requirements and restrictions.
Non-Resident
- Acceptable identification: Foreign Passport along with valid visitors permit.
South African Resident
- Acceptable identification: South African Bar-Coded ID or Smart Card
- Proof of address: please see list of acceptable types and validity period here
Temporary Resident (Foreign National)
- Acceptable identification: Valid Foreign Passport, Valid permit
- Proof of address: Please see list of acceptable types and validity period here
- Bank Statements or Payslips for 3 months.
- Please note that should your permit be for any other purpose other than to work in South Africa please contact your nearest branch for additional requirements and restrictions.
Non-Resident
- Acceptable identification: Foreign Passport along with valid visitors permit.
- Additional Documentary Evidence: To remit money, proof of previous exchange of currency into rand to the same value or more must be provided
