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Old 22.10.2008, 22:25
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Transferring funds from CH to ZA, how long should it take?

I transferred funds from my CS account to my South African bank account in the first week of this month (in total 10working days now)and it still has not come through thon my ZA account. Should it take this long?
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Old 22.10.2008, 22:38
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Re: Transferring funds from CH to ZA, how long should it take?

I'm pretty sure it's never taken that long when I've done so. How did you make the transfer, I usually use UBS internet banking?

Maybe you should contact your bank here and ask them to track it.

Good Luck
Nats
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Old 22.10.2008, 22:48
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Re: Transferring funds from CH to ZA, how long should it take?

I have done this and it has not taken that long. A couple of working days, but not more than 4-5.

I would chase it up if I were you.
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Old 23.10.2008, 00:11
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Re: Transferring funds from CH to ZA, how long should it take?

It can be a problem sending money in your name from here into your
South African bank account if you are still a South African citizen.
I did this and was informed by my bank in SA that a large sum of money
could be taxed for this reason.It's all a bit confusing but I think
it has something to do with prevention of money laundering.Find out
from your bank what's going on.
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Old 23.10.2008, 07:37
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Re: Transferring funds from CH to ZA, how long should it take?

Thanks all for the advice I will certainly give a call to the bank today.
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Old 23.10.2008, 08:25
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Re: Transferring funds from CH to ZA, how long should it take?

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It can be a problem sending money in your name from here into your
South African bank account if you are still a South African citizen.
I did this and was informed by my bank in SA that a large sum of money
could be taxed for this reason.It's all a bit confusing but I think
it has something to do with prevention of money laundering.Find out
from your bank what's going on.
I concur with this. Amounts of up to 10000 ZAR appear to attract no attention. However, earlier this year i made a largish transfer in excess of 10K. The transaction was flagged and the person who has power of attorney over my affairs whilst i am here was contacted by the bank and questioned about my status.

Apparently you are required by law to register (with your bank and SARS) when you are working abroad and transferring forex back home.

I suspect your transaction has been flagged and frozen (a normal wire transfer via ZKB takes no more than 3 working days to reflect back home, whilst a priority transfer takes 24 hours) whilst they try to contact you.

My solution (although you lose a minimal amount on the exchange) is to purchase cash here in Zürich. There are no forex restrictions and you can purchase huge sums over the counter. Technically one should declare all monies brought into SA but realistically i have never been checked by customs w.r.t. the amount of cash i have in hand.
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