Q: Are there restrictions on the forms in which I can take my allowance?
The Reserve Bank no longer regulates the forms in which you can take your allowance. You may take 100% in cash should you wish to do so.
Q: Can MCY supply me with any foreign cash ?
A: Yes, Master Currency stocks major currencies and can also access certain other currencies that you may require.
Q: Do children qualify for an allowance?
A: Children under the age of 18 qualify for an allowance of R200 000. Once they reach their 18th birthday they are entitled to the full R1 Million allowance.
Q: Does a company Omnibus affect my holiday allowance?
A: If you travel for business purposes but your employer does not have an omnibus facility in place it does form part of your travel allowance. If your employer has an omnibus facility in place it will be calculated separately.
Q: Does my allowance include the commission that I pay to buy foreign exchange?
A: No. The R1 Million single discretionary allowance does not include the commission. The commission is paid over and above the amount.
Q: How does Exchange Control affect me?
Exchange Control means that we cannot change South African currency into foreign currency freely. The Reserve Bank controls and monitors all money that leaves and comes into the country and regulates what we may and may not do with foreign currency.
Q: What amount can I take out of the country when I travel?
A: The annual single discretionary allowance as granted by the SA Reserve Bank is R1 Million per adult per year.
Q: What is an omnibus allowance?
Credit Card Usage
A: An Omnibus allowance is a company travel allowance to be utilised by nominated staff members of a particular company.
The limit that can be approved by Master Currency without SA Reserve Bank permission is less than R20 million per company per calendar year.
An amount above R20 million must be approved by the SA Reserve Bank. An application by the company can be made to MC on an official company letterhead with full motivation and a proposed travel schedule.
The Omnibus facility may not be deposited into a foreign bank account.
Q: Are there any charges involved?
A: Each credit card company will have their own charges for cash withdrawals and purchases made in a foreign country and it is always best to confirm with your bank before you travel what charges will apply to you.
Q: Do I need to declare if I want to use my credit card overseas?
A: Any money converted to foreign currency including that spent on your credit card forms part of the R1 000 000 annual single discretionary allowance.
Q: Is it better to use a credit card than travellers cheques or bank notes?
A: Using a credit card internationally can be expensive as you have no control over the rate of exchange which your card is charged with.
Once you have purchased your foreign currency in the form of travellers cheques or cash your conversion is complete and the rate is fixed.
Your credit card company may also levy quite high charges on credit card usage overseas whereas with travellers cheques and bank notes there should be no further charges after purchase.
Q: What do I do if I lose my credit card overseas?
A: Before you leave South Africa enquire with your credit card company if they can provide you with a list of global emergency telephone numbers to use should your credit card be lost or stolen overseas.
Alternatively any hotel that you are staying in should normally have emergency information on record and should be able to assist you.
Q: Which credit cards can be used overseas?
A: All brands including Mastercard, Visa, American Express and Diners Club are accepted around the world for payment for goods and services.
Q: Can money be transferred to myself abroad?
A: Yes, a person locally can transfer money to you abroad only if you have not utilised your full travel allowance and you have given power of attorney to either the bank or the person that will transfer the money to you. You need to go to a bank that’s closest to you whilst overseas and advise the full banks address to the person here locally, in order for MC to do the transfer.
Q: How long does it take?
A: A telegraphic transfer takes about two to three days not taking weekends and public holidays into account.
Q: What is a Telegraphic Transfer?
A: A telegraphic transfer is a bank to bank transfer and can be used to prepay and pay for your hotel accommodation, tour, car hire etc. directly.
To utilise this product for payment you would need an original foreign invoice and full banking details.
Q: Do you deliver on weekends?
Single Discretionary Allowance
A: Due to security risks dealing with foreign currency deliveries on weekends can only be undertaken by special arrangements.
Q: Does Master Currency offer a delivery service?
A: Master Currency will deliver to any business premises or travel agent during normal business hours.
Q: How far in advance do I need to place an order?
A: You may order your forex 24 hours before it is required and subject to currency availability. Last minute orders and deliveries also are subject to currency availability.
Q: Is there a minimum amount for delivery?
A: Yes, there is a minimum delivery fee of R191.00 that applies. The delivery fee will be calculated on the distance.
Q: What do I need to provide when the delivery is done?
A: When the Master Currency representative arrives to deliver your foreign exchange you need to provide them with your passport, ID air ticket and utility bill (not older than 3 months and displaying your physical address), as well as the payment for the foreign currency.
Q: What forms of payment do you accept?
A: We can accept the following forms of payment: Cash or Credit Cards (American Express, Diners Card, Visa and Mastercard).
Q: Where does Master Currency deliver to?
A: Master Currency offers a delivery service to any travel agency or business premises during normal business hours.
Q: What is a Single Discretionary Allowance (SDA)?
A: These are the amounts that may be taken out of South Africa by South African residents in a calendar year.
The Single Discretionary Allowance granted by the South African Reserve Bank is R1 Million per adult and children under the age of 18 yrs is R1 000 000 per calendar year.
Q: What does the Single Discretionary Allowance cover?
A: The SDA covers the following:-
1) Travel allowance
2) Study allowance
3) Donations to missionaries
4) Monetary Gifts and Loans allowance
5) Maintenance Transfer
6) Alimony and child support payments
7) Wedding expenses and other special occasions