From 1 March 2018, new regulation came into effect, allowing South Africans to transfer their tax-free savings funds between service providers without losing the ‘tax-freeness’ of their money. This movement of funds won’t trigger a capital gains event with the South African Revenue Service (SARS), which means easy tax returns - yay!
To transfer your money out of an investment through 22seven to another service provider:
- Log into 22seven, visit the Accounts tab and click on your tax-free investment
- Select the "TRANSFER OUT OF 22SEVEN" button and follow the prompts
- We'll send you an email with a 'Transfer Request Form' attached to it. You will need to fill this form in and submit it when opening a new account at the financial services provider you'd like to transfer your funds to
The service provider you're transferring the funds to will either email us the completed form directly, or email it back to you to pass on to us. We'll take things from there.
You can follow the progress of your transfer via your investment account card on your 22seven profile at any time, but we’ll also be in touch via email with important updates to keep you in the loop.
You can choose to keep your investment through 22seven open, or click on your investment account card and select the 'Deactivate' button (once it reflects a 0 balance). If you deactivate it, your investment will become greyed out and move to the bottom of your Accounts tab where you can still access historical statements and tax certificates, or reactivate your investment by setting up a new once-off or monthly contribution in future.