Q. what are my options for getting US finance/loan/operating capital (from existing lender) into my South African bank account
2 answers | on 17/11/09
Corne Barnard
Industry: Green Building/Renewable Energy
Pretoria, South Africa
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Answers
David van der Merwe
Industry: Business Consulting/Coaching
Seattle, United States
You require South African government approval to bring foreign capital into the country. Without it your foreign lenders will not be able to repatriate their funds when the loan is repaid or receive interest payments abroad.
To do this you must approach your South African bank and ask them to apply for foreign exchange approval on your behalf. Once approval has been obtained, it is a simlpe matter for an US bank to do a wire transfer of funds directly into your bank account.
on 6/12/09
Gautam Shah
Industry: Education/Training
Princeton, United States
Funding from overseas financial instituitons require to follow legal channels. Repayment of funding must be assured since foreign exchange is involved. You must contact your banker for securing approval of repatriation of funds from the Reserve Bank of South Africa. On basis of this approval you can approach any US bank for funding.
on 8/12/09