Banking & Digital Solutions

Forex buying tips

Planning an international holiday? Don’t forget to buy your forex. Here are a few tips to help when purchasing currency for your next trip.

Whether you need to pay for taxi fares, tips or small purchases, it’s always a good idea to have the right currency with you on your travels. But when it comes to purchasing your holiday cash, many leave it to the very last minute.

To make sure your trip to the Standard Bank Bureau de Change is timely and as pain-free as possible, here are a few things to keep in mind:

1. Plan ahead

You can buy forex up to 60 days prior to your overseas travels.

2. Know your allowance limits

South African residents (over the age of 18 years) qualify for a Single Discretionary Allowance (SDA) of up to R2 million per calendar year.

This allowance covers travel, gifts, donations, maintenance and offshore spend. Residents under the age of 18 qualify for an annual allowance of R400 000 for travel purposes.

3. Have the right documents ready

When buying forex, make sure you have:

A valid passport
Proof of travel arrangements (flight tickets and accommodation confirmation)
Your green bar-coded ID, Smart ID or valid Temporary residency permit
Proof of address (not older than three months)

4. Unused forex must be returned

According to the Reserve Bank, all unused forex must be sold back to an authorised dealer within 30 days of returning to South Africa.

5. Compare exchange rates carefully

‘Commission-free rates’ are not always what they seem. When buying forex, do the math yourself (based on the current exchange rate) to ensure you’re getting the best deal possible.

6. Use convenient delivery options

We offer direct delivery services, allowing you to order forex without visiting a branch.

Forex can be delivered to your approved business premises (typically within 24-48 hours depending on cut-off times) and is processed at the prevailing exchange rate prior to delivery.

This provides a safe, convenient way to secure your travel money ahead of your trip.

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_{Disclaimer: This article is for information purposes only and does not constitute financial, tax or investment advice. Readers are strongly encouraged to seek financial or legal advice before making any decisions based on the content.

Standard Bank, its subsidiaries or holding company, any subsidiary of the holding company and all of its subsidiaries, make no warranties or representations (implied or expressed) as to the accuracy, completeness, or suitability of the content of this article. The use of the article and any reliance on the content is at the reader’s risk.}