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Limitations on foreign exchange transactions for family support

On past 1st July 2018, Instruction no. 6/2018, from 19th June, entered into force establishing limits on foreign exchange transactions for family support, in order to provide greater security and predictability in respect of access to available foreign currency for the largest possible number of foreign exchange residents who need such currency for the subsistence of dependents outside the country.

According to such Instruction, the limits are in the following amounts:

  • € 1.000,00 (one thousand euros) as monthly limit for sale by beneficiary, specifically for family support; and
  • € 2.500,00 (two thousand and five hundred euros) as monthly limit by orderer.

However, the Instruction clarifies that the expenses related with health and education are not subject to any limit as long as they are paid directly to the institutions that provide such services.

In what regards the operations involving transfers related with family support, contributions to class entities and other transfers of a private nature ordered by the same person, for each calendar year, the limit of KZ 12,000,000.00 (twelve million Kwanzas) per orderer is maintained.

The role of the Banks is therefore fundamental, since they must ensure rigorous verification of documentation requirements in order to ensure compliance with Know Your Customer (KYC) and Customer Due Diligence (CDD) provisions and they must also provide special attention in checking the consistency between the financial capacity/level of income of customers and transfer amounts.