Moving money out of South Africa when emigrating: R10 million a year, after one SARS PIN

Tips · 2026-10-22 · 10 min read

South African couple review bank papers beside a laptop at their kitchen table, with a packed suitcase by the door.

Moving money out of South Africa when emigrating now runs through SARS, not a Reserve Bank form. Once you cease to be a tax resident and hold a Tax Compliance Status (TCS) PIN for emigration from SARS, an Authorised Dealer may transfer up to R10 million for you per calendar year. In the calendar year you leave, there is also a once-off allowance of up to R1 million that needs no TCS PIN letter at all.

This guide puts the two limits in order, converts them roughly into Australian dollars and flags the retirement fund rule that runs on its own clock. It is general information from the South African Reserve Bank (SARB) and SARS, not tax advice: check your case with SARS or a registered tax practitioner.

Financial emigration is gone, so what took its place?

Plenty of people still say "financial emigration". It is an everyday phrase now, not an official process. The SARB says the emigration concept recognised by its Financial Surveillance Department was phased out with effect from 1 March 2021, and Form MP 336(b) was withdrawn. The change is now handled through SARS.

In practice, two steps replaced the old form:

Your tax status. You declare to SARS that you have ceased to be a tax resident. SARS says the change must be declared by capturing the date on the Registration, Amendments and Verification form (RAV01) on eFiling, after which it sends a letter asking for supporting documents.
Your money. The SARB says individuals who cease to be residents must get a TCS in respect of "emigration" from SARS before Authorised Dealers may transfer their funds.

So the order is fixed. The tax step comes first, and the banking step leans on it. We covered the tax side in detail in our guide to ceasing tax residency with SARS. This post stays with the money.

R10 million a year and R1 million once: the two limits side by side

The SARB's Financial Surveillance questions and answers set out both allowances. Read them as two separate doors with different keys.

Allowance	How much	TCS PIN needed?	Who and when
Transfer after ceasing tax residency	Up to R10 million per calendar year	Yes, the SARS TCS PIN for emigration, plus the other conditions	Private individuals aged 18 and older who cease to be tax residents
Travel allowance in the year you leave	Up to R1 million	No TCS PIN letter needed	Once-off, only in the calendar year you cease to be a resident
Old SARB emigration route (Form MP 336(b))	Not available	Not applicable	Phased out from 1 March 2021

Three details in that wording matter.

"Per calendar year." The R10 million limit is written per calendar year, not per tax year and not per lifetime. If what you want to move is larger, ask your Authorised Dealer how it handles transfers that run into a later calendar year.

"Aged 18 and older." Moving with children? Ask your Authorised Dealer how money in their names is treated.

"Once-off." The R1 million travel allowance applies in the calendar year you cease, and the SARB calls it a once-off dispensation. It is there for that year only.

What those rand limits look like in Australian dollars

The SARB does not publish a rand to Australian dollar rate, so this is a cross rate from two official US dollar rates. The SARB published 16.4262 rand per US dollar for 16 October 2026, and the Reserve Bank of Australia's rate that day was 0.6947 US dollars per Australian dollar.

R10 million is roughly US$609,000, or about AUD 876,000.
R1 million is roughly AUD 87,600.
For New Zealand, using the RBA's rate of 1.2285 New Zealand dollars per Australian dollar on the same day, R10 million comes to roughly NZ$1,077,000.

Treat these as a rough comparison using the official US dollar rates of 16 October 2026. Rates change every day, and the amount you actually receive depends on the rate and charges on the day you transfer.

For most people leaving for a sponsored job, the R1 million allowance is the number to plan around first. Think of a boilermaker leaving Secunda for a boilermaker and metal fabricator job in Perth, or a nurse moving from Durban to Christchurch: the first months of rent, a bond on a flat and a car often have to be paid before the first payslip arrives.

The order to do it in: from signed offer to money in your new account

Every move is different, but for someone leaving on a work visa the official steps line up like this.

Get the sponsored job and visa sorted first. The money plan follows the move, not the other way round. If your CV still lists duties instead of results, Build AI CV can help you turn your trade or professional history into a clear application. For the visa itself, see our guides to the Skills in Demand (482) visa for South Africans and the AEWV for South Africans.
Use the R1 million travel allowance in the year you leave. No TCS PIN letter is needed for it, so it can cover the first stretch abroad while the SARS process runs.
Declare your change of tax residency. Capture the date you ceased on RAV01 on eFiling or, since 21 February 2022, on your ITR12 return. SARS then sends a letter asking for supporting documents, as set out on its page on ceasing to be a tax resident.
Apply for the TCS for emigration. This is the SARS compliance status the SARB says Authorised Dealers need before they may transfer your funds.
Give the TCS PIN to your Authorised Dealer. With the PIN and the other conditions met, transfers of up to R10 million per calendar year may be allowed.
Have an account ready on the other side. In Australia, Moneysmart says a new arrival can open an everyday transaction account at a bank branch with proof of identity such as a passport. Employers there usually pay wages straight into your bank account. In New Zealand, apply for your free IRD number, which identifies you for tax and is kept for life.

The SARB's own wording on all of this is on its Financial Surveillance FAQ page.

Retirement annuities and preservation funds run on a three-year clock

Retirement savings follow a separate rule from the R10 million allowance.

SARS's tax directive guide, effective 17 April 2026, says members of a retirement annuity fund or a preservation fund who have ceased to be resident for an uninterrupted period of three years or longer can withdraw the full benefit before retirement. Those rules have been in force since 1 March 2021.

The older shortcut is closed. SARS no longer accepts tax directive applications with the reason "Emigration Withdrawal" submitted on or after 1 September 2024, because the legislation behind it was repealed.

So if part of your savings sits in a retirement annuity or preservation fund, do not count on it for your first year in Brisbane or Auckland. Plan as if that money stays put for at least three uninterrupted years after you cease, and ask your fund and a tax practitioner what the payout would look like.

When those three years start, what proof to keep and how to set things up from abroad is in our guide to withdrawing your retirement annuity after emigrating.

Why your ceasing date is also a money decision

It is tempting to treat the tax date as paperwork and the transfer as the real job. SARS links them. When an individual ceases to be a tax resident, a deemed disposal for capital gains tax takes place on their worldwide assets, excluding immovable property in South Africa.

That means shares, unit trusts and other assets can count as disposed of for capital gains tax on the date you cease, even if you sell nothing. The same date also starts your three-year retirement fund clock. Get advice on the date before you capture it, because it shapes both what you owe and when you can move your money.

Moving costs come in more than one currency. Our breakdown of emigration document costs for South Africans covers the rand side of your paperwork, and Australia's visa charges from 1 July 2026 covers the Australian side.

Common mistakes South Africans make when moving money abroad

Looking for the old Reserve Bank form. Form MP 336(b) was withdrawn when the SARB phased out its emigration concept from 1 March 2021. Anyone still selling "financial emigration" as a separate SARB process is out of date.
Thinking the R1 million needs a TCS PIN. It does not. It is the once-off travel allowance for the calendar year you cease, and no TCS PIN letter is required.
Thinking the R10 million can go without one. It cannot. The SARS TCS PIN and the other conditions come first.
Counting on a quick retirement annuity payout. "Emigration Withdrawal" directives are no longer accepted from 1 September 2024. The three-year uninterrupted rule applies.
Picking a ceasing date without checking capital gains tax. The deemed disposal is tied to that date.
Paying someone who promises to "speed up" SARS or the bank. Be wary of anyone offering shortcuts. Use eFiling, your own bank and, where you need help, a registered tax practitioner.

Frequently asked questions

Is financial emigration still required to move money out of South Africa?

No. The SARB says its emigration concept was phased out with effect from 1 March 2021 and Form MP 336(b) was withdrawn. The change now runs through SARS: you cease to be a tax resident and get a Tax Compliance Status for emigration before Authorised Dealers may transfer your funds.

How much money can I take out of South Africa when I emigrate?

Authorised Dealers may allow transfers of up to R10 million per calendar year per private individual aged 18 and older who ceases to be a tax resident, if the conditions, including the SARS TCS PIN, are met. In the calendar year you cease, you may also transfer up to R1 million as a once-off travel allowance without a TCS PIN letter.

What is a TCS PIN for emigration?

It is the Tax Compliance Status in respect of "emigration" that SARS issues. The SARB says individuals who cease to be residents must have it before Authorised Dealers may transfer their funds under the R10 million allowance. You give the PIN to your Authorised Dealer.

Can I cash out my retirement annuity when I leave South Africa?

Not straight away. SARS's tax directive guide says members of a retirement annuity or preservation fund who have ceased to be resident for an uninterrupted period of three years or longer can withdraw the full benefit before retirement. "Emigration Withdrawal" directive applications submitted on or after 1 September 2024 are no longer accepted.

Roughly what is R10 million in Australian dollars?

About AUD 876,000, as a rough cross rate using the official US dollar rates of 16 October 2026: 16.4262 rand per US dollar from the SARB and 0.6947 US dollars per Australian dollar from the RBA. Rates change daily, so check on the day you transfer.

Key takeaways

The SARB's financial emigration process ended on 1 March 2021; moving money now depends on SARS.
Up to R10 million per calendar year may be transferred after you cease tax residency, with the SARS TCS PIN for emigration.
Up to R1 million can go once, in the calendar year you cease, without a TCS PIN letter.
Retirement annuity and preservation fund money needs three uninterrupted years of non-residence before a full withdrawal.
Your ceasing date triggers a deemed disposal for capital gains tax, so get advice before you capture it.

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