Can A Foreigner Open A Standard Bank Account In South Africa? Non-Resident Requirements To Open A Standard Bank Account In South Africa.
Standard Bank Group Limited is a major South African bank and financial services company. It is Africa’s largest lender in terms of assets.
The headquarters of the company, Standard Bank Centre, is located on Simmonds Street, Johannesburg.
The current bank, now called Standard Bank, was formed in 1862 as a South African subsidiary of the British overseas bank Standard Bank, under the name The Standard Bank of South Africa.
In 1992, the bank acquired its operations from ANZ Grindlays Bank in eight African countries.
A majority of the new banks acquired were renamed Stanbic Bank, to avoid confusion with the previous parent (and today rival), Standard Chartered, which was still operating in Africa.
A few more banks in Africa were acquired in the 1990s, before adopting that Stanbic name.
Standard Bank now trades under the name Stanbic Bank in Botswana, the Democratic Republic of the Congo, Ghana, Kenya, Malawi, Nigeria, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
Who Is A Non-Resident In South Africa?
Non-residents are foreign nationals living outside South Africa. This includes South Africans who have emigrated.
A person is a non-resident if the individual is not ordinarily resident in South Africa or does not meet the requirements of the physical presence test.
Can A Foreigner Open A Standard Bank Account In South Africa?
Whether you’re studying or working in South Africa or want to invest in the country from abroad, temporary residents and non-residents can easily open a Foreign Nationals bank account.
As a temporary resident or non-resident, you can open a bank account in South Africa.
Non-Resident Requirements To Open A Standard Bank Account In South Africa
- A valid passport
- Address of your current residence
- Three months’ bank statements from your previous country’s bank, showing the activity on the account
- Certificate of Introduction from your previous country’s bank, showing your personal details and signed by a bank official, with their name and contact number on the letter
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