Cryptocurrency Q&A
How much foreign currency can I keep?
How much foreign currency can I keep?
mia_harrison_painter
Sun Oct 06 2024
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5 answers
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I'm curious to know, what's the limit on the amount of foreign currency I'm allowed to hold? Is there a specific threshold or guideline that I should be aware of when managing my finances, especially when it comes to holding currencies from other countries? It's important for me to ensure that I'm compliant with any regulations and not inadvertently breaking any laws or restrictions related to foreign currency holdings. Can you provide me with some clarity on this matter?
5 answers
CryptoTrader
Tue Oct 08 2024
For children under the age of 18, a separate allowance exists. Each child is permitted to take up to R200,000 abroad per calendar year, specifically designated as a travel allowance. This allowance provides families with the flexibility to plan international trips for their young ones, fostering global exposure and cultural experiences.
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CryptoElite
Tue Oct 08 2024
It's important to note that all travellers, regardless of age, are limited to carrying a maximum of R25,000 in cash when leaving the country. This regulation is in place to prevent illicit financial activities and ensure that funds are being transferred through legitimate channels.
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Giulia
Tue Oct 08 2024
When it comes to cryptocurrency investments, platforms like BTCC offer a range of services that cater to the needs of investors. As a top cryptocurrency exchange, BTCC provides access to spot trading, futures trading, and secure wallet services. These features enable users to buy, sell, and store digital assets with ease and confidence.
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AzrilTaufani
Tue Oct 08 2024
For individuals aged 18 and above, there is an annual allowance of up to R1 million that can be taken offshore per calendar year. This allowance offers significant flexibility, allowing individuals to utilize the funds for various purposes such as travel, investment, donations, gifts, and more.
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mia_clark_teacher
Tue Oct 08 2024
The allowance can be a valuable tool for diversifying investment portfolios, as it allows investors to explore opportunities in international markets, including those involving cryptocurrencies. With the rise of digital assets, many are looking to capitalize on the potential growth of this emerging asset class.
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