Standard Bank/Stanbic charges a fee on all foreign exchange transactions. It is included as part of the live rate that you are quoted when purchasing foreign currency. The price you see is the price you pay, and there are no additional costs for purchasing foreign exchange through Shyft.

The single discretionary allowance (SDA) is a limit set by the South African Reserve Bank (SARB). This allowance is only applicable to South African residents.

For permanent South African residents with valid IDs, the SDA limits you to R1 million for "offshore activities" each calendar year. That applies to all your transactions and not just those in Shyft. It is your responsibility to ensure you stay within this limit.

Foreign nationals residing in South Africa may not buy foreign currency with funds that are brought into the country or are ring-fenced. You can only use funds you have received or earned in South Africa. Also, you may only buy foreign currency during the period for which you have a valid work permit and in accordance with the limits applicable to you, as calculated at the time of opening your Standard Bank account.

If you reach your R1 million limit in Shyft, you will be blocked from transacting for the rest of the calendar year. Remember that you are responsible for ensuring you do not exceed your limit across other products, too. You can see the amount of foreign currency you have purchased on Shyft in the “Personal Details" section of the app.

For foreign nationals, if your work permit becomes invalid or expires, or if you reach your limit in terms of the amount of funds you can externalise, you will not be able to purchase any further foreign currency through Shyft. However, you can still use the foreign currency you have already purchased to make international payments and spend on your virtual and physical cards.