Plural noun: STEWARDS

a person employed to look after the passengers on a ship, aircraft, or train.

a person responsible for supplies of food to a college, club, or other institution.


3rd person present: stewards

  1. (of an official) supervise arrangements or keep order at (a large public event).”the event was organized and stewarded properly”
  2. Manage or look after (another’s property).”security is found in reparticipating in community and stewarding nature”
  3. A person who manages another’s property or financial affairs; one who administers anything as the agent of another or others. a person who has charge of the household of another, buying or obtaining food, directing the servants, etc.

Sending or Receiving Money

What Details Do You Need for a Bank Transfer?

  • The exact amount that you want the payment to get made including the charges must be in your account.
  • The name of the person, or business, that you’re paying or transferring funds to.
  • The six-digit sort code for the account that you’re paying to [if in the uk].
  • The IBAN or account number for the account that you’re paying to.

What bank details should I not give out?

Never give out your PIN, card number, card expiry date or CVV unless paying for something securely online. These details can be used to access the funds in your account

What is an account number?

An account number is specific to your particular account. If you have multiple accounts, for example a savings account and a current account, they will have different numbers, even if you hold them with the same bank.

Account numbers are eight digits long. There are some that are seven digits, but a zero is added to the front of the number to standardise the length. Your Capitec Bank account is 10 digits

What is a sort code [USED IN UK]?

The sort code describes the UK bank and the branch where you opened the account. It’s made up of six digits, grouped in pairs. You don’t need to worry about spacing the numbers out when entering them online.

The earlier digits describe the bank, and the later digits refer to the branch. Some banks are online-only and don’t have brick-and-mortar branches. For these banks, every customer is given the same sort code. 

Six-digit sort codes in the UK date back to 1957, and were a result of the industry becoming more automated. 

How long does it take to send money to South Africa?

On many popular routes, you can send your money within one day, or even within hours. Sometimes, different payment methods or routine checks may affect the transfer delivery time. Stewards Financial Custodians always keep you updated, and you can track each step in your account.

Understanding How Tax Works with Large Money Remittances in South Africa 

Sharing your money with friends and family back home can also mean taking on extra financial costs, and sometimes these costs can even be reflected onto the person receiving the gifted money. In South Africa, all non-residents who choose to send money into the country are not charged with tax but there are a few procedures that one needs to follow.

One of the most important facts to remember when it comes to gifting money to a South African resident is that it is only taxable when the person who gifts the money is also a resident of the country. The South African Revenue Services (SARS) requires that all South Africans who gift money to friends or family members need to inform them about these activities.

SARS regulates a Donations Tax which is a type of tax paid by the South African resident who gifts your money. The Donations Tax is paid by filling out an IT144 form and then sending it to the South African Revenue Services. It is required that the Donations Tax be paid in full by the end of the month that follows the month the donation or “gift” was made. People who transfer money into South Africa from other countries would not be required to pay tax.

How Much Can I Receive as a Gift Tax-Free in South Africa? 

Excited about receiving money as a gift from a loved one but not sure about the tax implications? In South Africa, the Donations Tax only becomes applicable once you have given more than R100 000 in one single tax year. Yes, this means that you can receive money as a gift tax-free as long as the total does not exceed R100 000.

If the amount gifted is more than R100 000, the donor is required to pay a 20% tax on the value of the money gifted. Money can also be received as a gift tax-free to a South African resident from a donor in another country.

Sending Money from South Africa to Another Country 

For anyone interested in sending money out of South Africa and into another country, it is important to note. There are different requirements which one needs to comply with to successfully send the money to a recipient in a foreign country. These requirements all depend on your reason for sending the cash out of South Africa. An individual may not pay a 3rd party without valid support documentation.

Take time to consider factors such as how much money you want to send and the exchange rate to get the best service for you. In this respect Stewards Financial CustodiansPty Ltd. [FSP748] is your perfect treasury specialist for cross border payments. Give us a call to get a rate / find out more [details are on our website].

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