New limit on how much cash South Africans can have on them when travelling

The National Treasury has increased the limit on South African banknotes when travelling from R25,000 to R100,000.

This was contained in the National Treasury’s 2026 Full Budget Review, published on 25 February 2025.

As part of the 2026 Budget Review, the National Treasury included a section on South African banknotes limits.

It said to maintain purchasing power for travellers, the limit on South African banknotes that can be carried in cash was increased.

It increased the limit on cash holding South African banknotes when entering or exiting South Africa from R25,000 to R100,000.

It added that the South African Reserve Bank will also publish operational reforms to reduce red tape.

In the future, Authorised Dealers will be allowed to renew authorities previously granted by the Reserve Bank for local settlement in foreign currency.

This is provided there are no material changes in the circumstances under which the original approval was granted.

The time lag for residents entering cross-border merchanting transactions will be set at four months, regardless of the foreign payer’s jurisdiction.

The Reserve Bank will enhance supervisory oversight to combat money laundering, counter the financing of terrorism, and address tax infringements.

The Reserve Bank will work with the South African Revenue Service and the Financial Intelligence Centre to achieve its goals.

Other changes for South Africans

The National Treasury also announced other changes in its 2026 Budget, which will affect many South Africans.

The single discretionary allowance limit for private individuals was increased from R1 million to R2 million per calendar year.

This allowance is available through authorised dealers for all purposes, including travel, gifts, remittances, investments, and donations.

Permitted single discretionary allowance transfers via authorised dealers in foreign exchange with limited authority were also increased from R1 million to R2 million.

The limit for miscellaneous imports, services, or subscription payments made via credit or debit cards was increased from R50,000 to R100,000 per transaction.

This adjustment aligns with current digital payment trends in international e-commerce and digital services.

To reduce red tape, the limit for miscellaneous payments to non-residents was increased from R100,000 to R200,000 per transaction.

As part of efforts to promote foreign trade and investment in South Africa, the interest rate caps on inward foreign loans are removed.

This change is subject to the loans being market-related and reported to the South African Reserve Bank.

To promote South Africa as a competitive financial and investment hub for the African continent, the National Treasury will expand the HoldCo concept for corporations.

This will allow asset managers to manage their portfolios locally in foreign currency, as corporations are permitted to do.

The reforms would enable the creation of a “synthetic financial centre” to engage in two main activities –

• The management of portfolios of foreign assets
• The trading of foreign currency-denominated financial instruments

“This will enable asset managers to intermediate in global capital flows, particularly those invested in Africa,” it said.