Gifts from overseas into SA bank account

By Marc Sevitz · Updated

C

C said:
26 March 2015 at 12:32

I'm a non-South African citizen on a temporary visa. What are the regulations when my parents send money gifts from Europe into my South African bank account? Is there a limit before I need to pay tax on the money? Why does the bank always call you to ask what it's for?
TaxTim Marc

TaxTim Marc said:
26 March 2015 at 19:40

There are no tax consequences of this - the bank needs to know for Exchange Control purposes, but this is not a tax query.