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!
If you want to transfer your money from another service provider into an investment you’ve opened through 22seven, you’ll first need to contact your existing service provider and ask for a ‘Transfer Request Form.’ This will have important information we need to perform the transfer.
Once you have your Transfer Request Form, you’ll need to open a tax-free investment through 22seven.
If you already have one, then:
- Log into 22seven, visit the Accounts tab and click on your tax-free investment
- Click on the "TRANSFER IN TO 22SEVEN" button
- We’ll ask you for the estimated value of the funds you’re transferring into 22seven, and you’ll have the opportunity to set up a once-off and/or monthly contribution into your investment if you’d like
- Once complete, email your Transfer Request Form from your existing service provider to firstname.lastname@example.org so that we can get the ball rolling
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.