Tweet
Hi Everyone,
It's been a while since I posted on this forum, but I've never posted on this section.
There's an opportunity and an idea that I have, but I am not sure if it is compliant with South African law regarding exchange and tax regulations. I'm also not going to fully describe my idea for fear of it being stolen
, but I hope it will be enough for someone to give advice.
My idea is to transfer currency (Rands) from a South African bank account using SWIFT to an account that I have in a European country. I'm only a citizen of SA, not of the European country. I will then exchange Rands to Dollars in the European account. I will then transfer dollars from the EU account to my forex trading account in SA. I will then trade dollars to Rands in my trading account and make a profit. The profit isn't much, but it's more than enough for me whereby the only thing I will do is to sit behind my laptop and click a few buttons.
I also want to state that the activities that I want to do are lawful. This is why I would like to know about tax and exchange regulation issues.
I'm aware that SWIFT operates from 8am until 5pm during weekdays only. I'm also aware that I am allowed to transfer a maximum of R10 million annually overseas. Are there any other compliance issues that I must be aware of while doing this activity?
Kind Regards
Sly21C
It's been a while since I posted on this forum, but I've never posted on this section.
There's an opportunity and an idea that I have, but I am not sure if it is compliant with South African law regarding exchange and tax regulations. I'm also not going to fully describe my idea for fear of it being stolen
, but I hope it will be enough for someone to give advice.My idea is to transfer currency (Rands) from a South African bank account using SWIFT to an account that I have in a European country. I'm only a citizen of SA, not of the European country. I will then exchange Rands to Dollars in the European account. I will then transfer dollars from the EU account to my forex trading account in SA. I will then trade dollars to Rands in my trading account and make a profit. The profit isn't much, but it's more than enough for me whereby the only thing I will do is to sit behind my laptop and click a few buttons.
I also want to state that the activities that I want to do are lawful. This is why I would like to know about tax and exchange regulation issues.
I'm aware that SWIFT operates from 8am until 5pm during weekdays only. I'm also aware that I am allowed to transfer a maximum of R10 million annually overseas. Are there any other compliance issues that I must be aware of while doing this activity?
Kind Regards
Sly21C