FinGlobal is a South African migration brand, which is the biggest in South Africa as they claim to be. The company has become a foreign exchange and remittance provider. They deal with pensions, inheritance, tax refunds, financial emigration, and retirement annuity withdrawal.

Find out more about FinGlobal and how its rebranded from Cashkows by reading this review article.

FinGlobal Forex Company Information

The company is formerly known as cashkows.com and later on as FinGlobal. It was established in 2009 by Ryno Viljoen, who is the current CEO. The company officially opened its doors in 2010. Their staff is solely based in South Africa with 3 staff. They began providing a single service which focuses on the surrender of retirement annuities for South African ex-pats. From then on FinGlobal rapidly grows and provides new services to add an online functionality. They’ve have grown their staff to over 60 devoted professionals.

Regulatory Compliance

FinGlobal is fully authorised financial services provider that is regulated by the South African Financial Services Board.

Reach And Coverage

As of today, FinGlobal consists of more than 15, 000 customers in 80 countries, despite having one office in South Africa. They have an estimate of having almost 100 employees. Besides they claim not to subcontract any of their services to third party companies. This implies that they are one one-entity business that can solve most financial needs of expats when migrating.

Exchange Rates And Fees

Moreover, FinGlobal guarantees foxed fees for particular services and processes. This means how much you’ll be paying before going through with the transaction or services.

The fees are payable only after the successful completion of the services that you need to utilise. This means they will confirm the fees when they have determined the services that suit you.

Once you accept the quote, the fees are fixed. They claim that there is no hidden charges or any unexpected costs with this occurs.

Services and Products By FinGlobal

South African Retirement Annuity

This provides you with all what you must need to know regarding cashing in your retirement annuity when financially leaving from South Africa.

Pension, Provident and Preservation Funds

FinGlobal gives expert support for expats on how to obtain their funds from South African pensions. A pension fund is a retirement fund granted by South African companies to their employees as a portion of their conditions of employment. It’s also directed by the South African Income Tax Act and the Pension Funds Act. Its goal is to guarantee you are given pension once you reaches formal retirement.

Moreover, as a part of your employment contract, it’s normal for both the employer and the employee to commit contribution in funding their pension. Both will benefit from a tax deduction for contributions delivered, as prescribed by the South African Income Tax Act.

Financial Emigration from South Africa

The firm also helps you with the method of financial emigration from South Africa. They are dedicated to assisting you all throughout the process

Financial emigration from South Africa assures and formalises your exit from South Africa for exchange control schemes. This does not mean that you are surrendering your South African citizenship. Besides, you will still hold your South African passport.

Expat tax South Africa

When you live in your country, it does not mean neglecting your taxes. FinGlobal can help you avoid being overwhelmed with the taxes at stake when emigrating from South Africa. The company can break it down in a step by step procedure for you. 

If you’re a South African who plans to live or is residing abroad, you need to decide if you are a citizen or a non-resident and if you will be expected to pay taxes in South Africa.

This is because South Africa has a residence-based tax system. People who reside in South Africa are taxed on their global income, subjected to some exclusions, in South Africa. Non-residents are taxed solely based on their income within South Africa. The Income Tax Act sets a resident for tax objectives. It’s essential to perceive that a resident for tax purposes is not certainly a resident for emigration purposes.

Transfer Money out of South Africa

Through FinGlobal you can get the financial services you necessitate to transfer your money out of South Africa.

SARS Tax Clearance

The company also offer convenient tax clearance for South African expats.

Income from South African Pensions

Since your pension is considered as an income, FinGlobal will help you in determining the different retirement funds available. 

The pension income is payable only in South Africa, but can be remitted offshore. Since it’s from a South African source it will be subject to tax in South Africa but also subject to the provisions of any Double Taxation Agreement that may exist between South Africa and the country of residence.

Inheritance and Deceased Estates South Africa

So, regardless of whether you will give or receive an inheritance, the company will help you know what to expect with South African inheritance in terms of your emigration.

South African Exchange Control

They also provide professional exchange control services for South African ex-pats that are residing overseas.

Tax Refunds for South Africans

They can help you handle your tax when you are residing overseas and will help you identify if you can qualify for a tax refund.

FinGlobal Pros and Cons

Pros

  • Does not take a commission on the transaction
  • You will know the prices and spread before initiating your transfer
  • Has a good selling point
  • Experts in terms of a heavily regulated environment
  • Offers personalised service
  • Ensures that you do not compromise any law when using their services

Cons

  • Do not state if they provide hedging options
  • Can affect you when migrating or when leaving because the SARB can direct how much can be given and under what conditions since South Africa manages and regulates all incoming and outgoing funds in the country
  • Bidvest Bank as the partner bank of FinGlobal charges a transaction fee

How Does FinGlobal Works?

Money Transfers

You do not have any limits on how much funds you can transfer out of South Africa. FinGlobal will help you with foreign exchange transfers in and out of South Africa.

All money transfer transactions in and out of South Africa are subjected to exchange control laws and regulations. This is in place by the South African Reserve Bank. Failure to abide with these regulations may amount to a criminal offence in South Africa and may incur you penalties

Annual Foreign Exchange Allowances And Transfer Limits

The residents of South Africa cannot freely transfer money overseas, which means any cross border transactions are subject to foreign exchange limitations. The current regulations that apply to South African citizens are:

  • South African Foreign Investment Allowance or FIA
  • Single discretionary allowance (SDA)
  • Special allowance (South Africa)

South African Foreign Investment Allowance or FIA

This is classified as the foreign investment allowance that is available to South African residents set by the South African Reserve Bank or SARB. This is also refers to foreign capital allowance.

Amount:

R10 million per individual annually

Who can utilise it?

It is accessible to South African residents and those who temporarily reside overseas such as those who have not finalised their emigration.

Transfer Requirements:

You should be over 18 years or older and must acquire a Tax Clearance Certificate – FIA from SARS. Additionally, you should have a green bar-coded South African identity document or a Smart identity document card.

Single Discretionary Allowance or SDA

Amount:

R1 million per individual annually

Who can utilise it?

It is accessible to South African residents and those who temporarily reside overseas such as those who have not finalised their emigration.

Transfer Requirements:

You should be over 18 years or older and must acquire a Tax Clearance Certificate – FIA from SARS. Additionally, you should have a green bar-coded South African identity document or a Smart identity document card. In this case, you are not required for a tax clearance certificate.

Special Allowance (South Africa)

Amount:

Unlimited as it is intended when an individual prefer to transfer amounts over the annual foreign capital allowance offshore.

Who can utilise it?

It is accessible to South African residents and those who temporarily reside overseas such as those who have not finalised their emigration.

Transfer Requirements:

You should be over 18 years or older and must acquire a Tax Clearance Certificate – FIA from SARS. Additionally, you should have a green bar-coded South African identity document or a Smart identity document card. In this case, you will no longer need a tax clearance certificate. You need to submit a special application to SARB for their approval.

FAQs About FinGlobal

Is it safe to utilise foreign transfers with FinGlobal?

FinGlobal abides to all regulatory requirements and is licensed with the FSB. They promote foreign transfers but they do not hold your money. Your funds are held with Bidvest Bank in a bank account that you can access.

What does FinGlobal do?

They support a fully-integrated financial migration solution to help South Africans in moving their funds in and out of South Africa. 

What 

Which social platform can I find FinGlobal?

Do FinGlobal sub-contract services to any of third party companies?

No, they don’t. To guarantee and safeguard the client’s privacy and efficiently run transactions, all services are administered by our in-house specialist team.

When selecting FinGlobal to move my money – do they have access to the funds?

The answer is no. FinGlobal states that they act as an agent to aid the transfer process. They mentioned that they have no access nor control over your money.