How Can A Non-Resident Open A Bank Account In South Africa? Can A Foreigner Open A Bank In South Africa? Here Are The Requirements.
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 Bank 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.
A non-resident account at a bank has all the advantages of a normal bank account. However, this account type is limited since you cannot receive deposits in Rands unless if you own a property and let it out.
You must present the following documents when you want to open a non-resident bank account in South Africa.
How Can A Non-Resident Open A Bank Account In South Africa?
- Birth certificate/passport
- Recent bank statements (usually three months old) from your previous country’s bank
- Proof of address such as utility bills
- A certificate of introduction from your home country’s bank. This should be signed by a bank official
- Provide at least the minimum opening deposit
Which Is The Best Bank To Open An Account In South Africa?
Here are the five best banks to open an account in South Africa.
1. Standard Bank
Standard Bank operates in over twenty countries and has products for foreign nationals.
2. Absa Bank
Absa Bank has a wide network of branches and ATMs. It offers a wide range of products including travel and currency accounts. Additionally, Absa offers credit and debit cards.
3. Mercantile Bank
Mercantile Bank offers a wide range of services including transactional banking, payment services, foreign exchange, lending, etc.
4. First National Bank
FNB South Africa provides personal, commercial, and corporate banking services.
5. Nedbank
Nedbank is one of the largest banks in South Africa, with a good ATM network and a wide network of branches. Nedbank also offers business banking services.
Find Out Any Question & Answer Concerning Standard Bank.