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Opening a Bank Account in South Africa

Opening a bank account in South Africa may not be the greatest foreign experience; in fact it’s a frustrating and time consuming process. New World Immigration understands that it’s not just your visa or permit that is of importance but covering your day to day expenses. Having said this, opening a banking account can be easy if you follow our advice below.

 

 

Opening a resident bank account in South Africa should not be a problem as long as you have a valid work permit or temporary residence permit and have the necessary documentation on hand. By law, banks in South Africa are required to ask you for proof of identity, you must be 18 years of age or older and proof of address.  A minimum opening balance would need to be deposited into your newly opened bank account, although some banks do require a significant amount.

The following documents will be required when you open your bank account:

  • Valid Passport with valid work permit or temporary residence permit
  • Proof of residential address (Utility bill)
  • 3 months bank statements and introduction letter from foreign bank

It is important to remember that the type of bank account you will be allowed to open in South Africa depends on the type of permit or visa you currently been issued with from the Department of Home Affairs.  If you have a work permit this should allow you to open up a resident account with no restrictions place on your bank account. However if your current visa or permit does not allow you to earn a income in South Africa then a non-resident account will be your only option but you would be subjected to certain restrictions such as;

  • South African currency may not be deposited into your account
  • Foreign currency may only be deposited into your account

It’s always best to do some research and compare pricing before choosing a bank as fees does slightly differ for certain transactions such as international money transfers.  Its best to use a website called bank monitor to view all costs and to see which bank best suits your needs.

For more information email me on charl@nwisouthafrica.co.za or call me on 002721 555 0951

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