South Africa - Apply for Bureau De-Change License

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Procedure

Apply In Person

1. To Apply for Bureau De-Change License, the applicant has to approach the SOUTH AFRICAN RESERVE BANK link
2. An application form will be provided to the applicant by the concerned officer.
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach photocopies of the required documents along with the application form while submitting it.
6. Submit all the documents with the completed form to the concerned officer.
7. The applicant has to pay the prescribed fee as requested by the authority.
8. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
9. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
10. Once the process gets completed, the applicant gets a call from the office regarding the application.
11. For further process, follow the instruction given by the officer.
12. This entire process can be completed within 15 - 30 days or as per the timeline advised by the respective department authority.

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Required Documents

• Application form
• Passport copy
• Share holder permit copy
• Fee receipt (if required)
• National identity card
• Address proof
• Any other documents (if required)

Office Locations & Contacts

SOUTH AFRICAN RESERVE BANK
Prudential Authority
370 Helen Joseph Street,
Pretoria, 0002
P O Box 427,
Pretoria, 0001
Telephone: +27 12 313 3911 / +27 86 112 7272
Email: [email protected], [email protected]
Contact link

Eligibility

• Any share holder who intends to Apply for Bureau De-Change License is eligible to make this application.

Fees

• The applicant has to pay the prescribed fee as requested by the authority.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 15 - 30 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since January 1908.

Required Information

• Name
• Nationality
• Resident Status
• NRIC/FIN/Passport No
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address
• Educational Qualifications
• Other details
• Signature

Need for the Document

• The primary function of a bureau de-change is the buying and selling of money in multiple currencies. Bureaus de-change earn money on the spread above the price at which they buy currency. Typically, bureaus de- change also charge a commission in addition to the spread.

Information which might help

The financial requirements for setting up a BDC are as follows,

• A minimum paid-up share capital of N35 Million.
• A non-refundable application fee of N150,000.
• A non-refundable licensing fee of N1 Million.
• A Mandatory caution deposit of N35 Million.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

More information which might help people.