Settling overseas accounts in South African Rand
Category: Business and Money > Consulting
Asked by: kulamanu-ga
List Price: $20.00
03 May 2006 09:13 PDT
Expires: 04 May 2006 09:32 PDT
Question ID: 725108
Is it legally possible for a South African company to settle a US account in the SA rand equivalent of the US dollar without first seeking SA Reserve Bank approval?
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Re: Settling overseas accounts in South African Rand
From: myoarin-ga on 03 May 2006 12:40 PDT
Do you mean: is it possible for the company to pay SA rands in settlement of an invoice in US dollars? In this case, it would certainly depend upon the willingness of the party that issued the invoice to accept payment in rands, which is unlikely, as that party would be accepting the exchange risk and have to secure SA exchange control approval if the party wanted to transfer the funds to a dollar account. Furthermore, the party would have to have an account denominated in SA rand (which would probably be with a SA bank, making the transaction a local one that is not subject to exchange control. This is a free comment, not an official answer to your question, indeed, not one at all, but perhaps it suggests to you something that you can clarify.
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