Important SARS Bank Withdrawal Guidelines (As of May 10, 2025)

In an effort to increase tax compliance and financial security, the South African Revenue Service (SARS) has instituted new regulations pertaining to cash withdrawals from bank accounts starting of May 10, 2025.

Daily Withdrawal Limit: People are not automatically subject to a SARS alert when they take out up to R10,000 in cash each day.

Monitoring of Large Withdrawals: If a withdrawal exceeds R10,000, it is reported and may lead to a request for an explanation from SARS, particularly if the transaction conflicts with the person's income records.

Pattern of Withdrawals: Recurring significant withdrawals can still be examined for trends that might point to suspicious activity, even if daily withdrawals fall below the R10,000 threshold.

Rule Scope: Only card cash withdrawals, including those made at ATMs and in-branch transactions, are subject to these rules. This rule does not apply to internet payments or card swipes.

Emergency Withdrawals: People are urged to save pertinent documents (such as medical bills) in case of situations, such as medical demands necessitating withdrawals over R10,000, so they may present it to SARS upon request.

These actions are a component of SARS's endeavours to strengthen financial stability and guarantee tax adherence in South Africa.