SARB Confirms No New SARS Rule on R10,000 Cash Withdrawals

The South African Reserve Bank (SARB) has dismissed social media rumours that the South African Revenue Service (SARS) will start flagging cash withdrawals over R10,000, calling the reports entirely fake and misleading.

The false information spread rapidly this past week, claiming that from 10 May 2025, cash withdrawals above R10,000—or in some versions, R50,000—would be automatically reported to SARS and the Financial Intelligence Centre (FIC).

SARB Confirms: No New Rule

The SARB made it clear: no such directive has been issued. “The article claiming that a new card withdrawal rule is due to come into effect on 10 May is fake,” the SARB said. “There is no such rule issued by the South African Reserve Bank.”

Major South African banks echoed this stance. A spokesperson from Absa confirmed that the viral posts are false and that no new rules about large cash withdrawals have been introduced.

“Customers are advised to ignore these reports and to rely on their bank’s official communication channels for any key developments,” the bank said.

What Sparked the Misinformation?

The misinformation appears to have originated from two articles on foreign-based websites posing as news platforms. Both cited a supposed “directive” linked to the Financial Action Task Force (FATF) and claimed the rule was part of efforts to curb illicit financial flows.

While the FATF has recommended stronger financial oversight in South Africa—especially as the country remains on the FATF greylist—no specific regulation about R10,000 or R50,000 withdrawals has been introduced.

Real Context: SARS Oversight and Public Anxiety

It’s no surprise that fake stories about SARS gain traction in South Africa. The revenue service has wide-ranging powers, and with the government working hard to plug a multibillion-rand budget hole, public suspicion is high.

Nonetheless, official bodies like SARB, SARS, and the FIC have urged South Africans to always verify financial information using official channels before reacting to online claims.

There is no new SARS policy flagging cash withdrawals over R10,000 in South Africa. The SARB has labeled the reports as fake news, and South Africa’s leading banks have confirmed they have received no such directive.

For the most accurate and up-to-date information, citizens are encouraged to consult SARB, SARS, or their bank’s official platforms.

{Source: BusinessTech}

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