In brief (TL;DR): South African tax residents can transfer R2 million per calendar year under the Single Discretionary Allowance with no prior SARS approval - a limit doubled from R1 million in the 2026 Budget announced on 25 February 2026 - plus a further R10 million per calendar year under the Foreign Investment Allowance with a SARS Approval for International Transfer (AIT). Both allowances are per adult. Above the combined R12 million, a SARS Letter of Compliance and a SARB FinSurv application apply. If you have ceased SA tax residency, transfers run under the AIT process instead. Much of what ranks online for this question still quotes the old R1 million figure - check the date on anything you read.
The 2026 change that made half the internet wrong
In the 2026 Budget, announced on 25 February 2026, the Single Discretionary Allowance was doubled from R1 million to R2 million per calendar year per adult, with the South African Reserve Bank's implementing circular following on 8 April 2026 and banks processing at the new limit shortly after - Capitec confirmed R2 million SDA processing on 8 April 2026. The allowance applies to the 2026 calendar year, resets on 1 January, and does not carry over.
That change is recent enough that a large share of the pages answering this question - including some prominent, professionally maintained ones - still quote R1 million. If you are planning a transfer to New Zealand around a figure you read online, verify the date on the page before you rely on it.
The three layers of the answer
Up to R2 million per calendar year - the SDA. No prior SARS approval, minimal paperwork - typically identity verification and confirmation of your South African bank account. For most people moving to New Zealand, landing costs, a vehicle and initial living expenses fit comfortably inside the SDA.
R2 million to R12 million - the FIA and the AIT. The Foreign Investment Allowance permits a further R10 million per calendar year, and it strictly requires a SARS Approval for International Transfer before funds move. When SARS approves the application, a TCS PIN is issued, which the authorised dealer uses to process the transfer. An AIT is valid for a year from issue and supports multiple transfers within its limit.
Above R12 million. The combined SDA-plus-FIA ceiling is R12 million per calendar year. Beyond that, a SARS Letter of Compliance and a special application to SARB's Financial Surveillance department (FinSurv) are required - a separate and more involved process with longer lead times. If you are approaching this threshold, start early.
What the AIT actually involves
The AIT is not a rubber stamp - SARS verifies your position before approving. Expect to provide proof of the source of the funds being transferred (a sale agreement, payslips, an estate distribution statement, a fund payment confirmation - a written declaration alone is usually not enough for larger amounts), a statement of your assets and liabilities covering the past three tax periods, and evidence that your tax affairs are compliant and up to date. Outstanding returns or unexplained deposits stall applications, which is why we audit a client's position before submitting rather than after SARS raises a query. Handled properly, the AIT is routine; handled casually, it is the slowest step in the chain.
Two worked examples
A couple relocating with R3.5 million in savings. Each adult holds a R2 million SDA, so the full amount moves under the SDA alone - no AIT required, minimal paperwork, and the transfer timeline is set by compliance checks rather than SARS approval. Before the 2026 change, the same couple would have needed an AIT for the amount above their combined R2 million; today they do not.
One person moving R5 million after a property sale. The first R2 million travels under the SDA. The remaining R3 million requires an AIT, supported by the sale agreement as source of funds. One application covers the full FIA portion, remains valid for a year, and supports the transfer in one movement or several - useful if the buyer pays in instalments.
Planning around the calendar year
Both allowances reset on 1 January, and neither carries over. For amounts above one year's allowances, the calendar boundary is a planning tool: a transfer split across late December and early January can use two years' allowances within weeks of each other, entirely within the rules. This is allowance mechanics, not market timing - we make no predictions about exchange rates, ever - but it can be the difference between one AIT and none, or between needing the FinSurv process and staying inside the standard allowances. If your amount is anywhere near a threshold, map the calendar before you instruct anything.
If you have ceased SA tax residency
After cessation of SA tax residency, the resident allowances no longer frame your transfers in the same way: transfers of inheritances, retirement fund proceeds and other SA-sourced capital run under the AIT process, with SARS verifying your non-resident status and the source of funds. Retirement annuity proceeds additionally require three consecutive years of non-residency from the date SARS recognised your cessation. Read more on our tax emigration services.
What this looks like on the New Zealand end
Transfers arrive by SWIFT, converted from rand at bank-beating rates with a flat R250 SWIFT fee per transfer irrespective of amount. Among our New Zealand-based clients, ANZ New Zealand, ASB, BNZ and Westpac New Zealand are the most common receiving banks - and the most common avoidable delay on the corridor is an account that has not yet cleared the bank's identity and NZ proof-of-address checks. Verify your account fully before your transfer date.
Frequently asked questions
Do both spouses get the R2 million SDA?
Yes - the SDA is R2 million per calendar year per adult, so a couple can move R4 million per calendar year under the SDA alone, before either touches the FIA.
Does the SDA carry over if I do not use it?
No. The allowance resets on 1 January each calendar year with no carry-over of any unused portion.
Do I need a TCS PIN or an AIT?
They are the same compliance step, not alternatives. The AIT is the SARS application process; when it is approved, SARS issues a TCS PIN, which your authorised dealer uses to verify the approval and process the transfer.
Can I use my SDA and FIA in the same calendar year?
Yes. The two allowances stack: R2 million under the SDA plus R10 million under the FIA gives the combined R12 million per adult per calendar year. The SDA portion needs no prior approval; the FIA portion requires the AIT before funds move.
Do these limits apply to regular monthly transfers too?
Yes - the allowances are annual totals, not per-transfer limits. A monthly transfer of living expenses, rent from a SA property, or living annuity income counts against the same R2 million SDA as a lump sum would. For recurring transfers we track your running allowance position through the year so a December transfer never bounces off a limit you did not know you had reached.
Start your transfer to New Zealand
Planning a transfer to New Zealand? WBForex handles the SA side end to end - allowances, AIT applications and the transfer itself, at bank-beating rates with a flat R250 SWIFT fee. Contact us or WhatsApp us to get started.
