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Hey Patrick - are you under attack again? I have noted over the last few days that the site seems to be experiencing rather slow responses, not all the time, but fairly regularly, enough to be a bit of an irritation sometimes. Maybe it's from my side as well, but it hasn't been really noticable on other sites as yet. Just thought I'd let you know.

Hello.Apparently my family member did this already.The first time he had to go into the bank for them to show him how to do it.Afterwards he did it online.He said the money was received as a gift.How much tax was he charged?How much is donations tax and is there a way to avoid/re-claim it in the future?

Hi Delusion
I'm not a tax expert, but no tax would have been charged on the transfer to the account. I have no idea if anything needs to be declared to SARS at the year end, but I have never encountered any discussion or comment of this nature. In my opinion, no liability for tax will exist based on the 'gift' declaration.
But work on getting your own account sorted in the mean time.

Reading all the feedback here, as good and well intended as it may be, I feel that it's much like building a house with shady foundations. My recommendation is that Delusionsofgrandeur puts some priority on sorting out his basic financial issues first. Two issues are at play here. 1. The requirement for a local bank account with which to fund his investments. 2. The not yet mentioned requirements of the SARB Exchange Controls as he is a South African Resident temporarily abroad, and in terms of the law, still subject to these controls (draconian as they may be).

The reason I mention item 2 is that when he transfers funds from offshore for investments either through a family members account or directly via a broker/fund manager, the recipient of the funds needs to make a declaration to the SARB (via the receiving bank in SA) as to the origin, purpose and nature of the funds (for Balance of Payments purposes). One can see this then unfolding into a problem, as the funds are non resident sourced, but are initially owned by a resident. The could then raise eyebrows and result in an admin nightmare trying to set the record straight with SARB post the event if the issue is identified. This could cost Delusionsofgrandeur some hard earned cash in additional banking charges as the receiving bank in SA would have to be his liaison party with SARB, and they don't do this for free, or cheaply either.

The issue of FICA as mentioned in the posts is correct when you are resident in SA. However, banks hold numerous accounts of people who are not resident in SA, and although still subject to FICA and KYC regulations, the requirements for this differ somewhat due to the nature of the of the residency status of the account holder. Therefore it is possible for an account to be opened with a SA bank subject to the applicable rules.

My advice -
Approach any one of the many banks in SA stating your current situation and that you wish to open an account to transfer surplus income earned whilst temporary abroad, asking them what documentary evidence they require to arrange for the opening. Any bank who says they want proof of residence in SA (like a rates account, etc) don't know what they are talking about so ignore them. and try someone else. Although this may take time to finalise, at least once it's done it's done. Then you should have no issues with SARB, Exchange Controls,  and transfering funds to your broker. Your foundation is in order and you can start to build on it. (You may have to provide this FICA/KYC info to a broker as well, dependant upon who you choose and their requirements.)

Just my 2 cents worth.

Purchasing "negative" shares.....
Naughty, naughty.

S.Africa May retail sales growth accelerates to 6.2 percent y/y.
Growth in South Africa's retail sales quickened more than expected to 6.2 percent year-on-year in May from a revised 2 percent in April, Statistics South Africa said on Wednesday. On a month-on-month basis, sales were up 2.2 percent in May and rose 3.6 percent in the three months to May compared with the same period the previous year. Economists polled by Reuters had expected year-on-year sales growth of 2.5 for May.

Should do well for the likes of SHP and WHL recently batterred, but I don't reckon this figure is sustainable in the short/medium term

Does anyone have any idea where I can view Hourly stock charts? The best I have found is FT.com, which provides up to 10 days of data and includes the appropriate indicators and overlays (EMA, RSI and the rest). I have found plenty sites that provide Daily, Weekly and Monthly charts. What I am looking for is Hourly charts for up to 30 days history. Does anyone offer this?

Actually - ain't got much to say these days. Too busy doing stuff that pays the bills at the moment, considering both my portfolios (competition and real life) are taking serious knocks (Thanks Helicopter Ben). I do however constantly follow the forum, kinda like a lurker I suppose. I am also looking at an exercise regarding gearing which I'll post on the appropriate topic in the next day or so for opinions.

As I slowly make my way further down the leaderboard with the help of CPI, MMI and WHL, I start to get excited that I may soon be in the bottom 50% of the table.......