Remittance Workers and International Transfers
South Africa has a relatively high number of remittance workers, especially oriental residents working in specialized technical industries such as mining or engineering. The only restriction placed on them is that, since their work is being carried out in South Africa, they will be taxed on their local income (see Income Tax in the next section).
International transfers are, in theory, hassle free and easy to execute. Since most banks use the international SWIFT system for international transfers, remittance workers will often be able to specify whether their transfers should be marked standard (transfers within two days), urgent (transfers within four to twenty-four hours) or instant (transfers within15 minutes). Obviously, the more hurried the transfer is, the more expensive it will be.
There are occasional hiccups with the system, and delays on standard payments of up to ten days are not unheard of. This would, however, be an exceptional, worst-case scenario that would give you considerable grounds for complaint.
International transfers can be executed online. However, you may need to contact your bank’s call centre for transfers of quantities that exceed certain limits (these limits differ with the various chains and account types). You’ll typically be asked to provide your personal details and answer a few set secret questions to prove your identity.
