Are you a non-resident South African looking to open a bank account back in your home country? Which banks in the country offer banking services to non-residents? It’s a question that a lot of people have been asking. Non-resident accounts are designed not only for South Africans living and working abroad but also for foreign nationals looking to keep their money in South Africa. So, which banks offer this type of account?
Banks in South Africa that offer accounts to non-residents
The following are some of the banks in South Africa that offer non-resident accounts;
Standard Bank is the biggest bank in South Africa in terms of capital. At the moment, the bank is worth over 17.8 billion USD. If you are a foreigner looking to open a bank account in South Africa, Standard Bank should probably be your first port of call.
They offer a number of non-resident accounts. These include investment accounts, savings accounts, and transactional accounts. You can manage your money from any part of the world using the Standard Bank online portal.
In order to open a non-resident account with Standard Bank, you need to provide proof of residence. This should not be older than 3 months. You also need to provide a copy of a valid passport, along with proof of income. Also required are statements from a bank in the country where you are living and working.
Absa is another bank that offers banking services to non-resident South Africans. That’s not really surprising, considering that Absa is one of the most recognizable names in the banking sector across the country.
Absa also has operations in other African countries, including Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda, and Zambia. This scope of operations makes Absa ideal for those looking to open this type of account.
The great thing about Absa is that it allows non-residents to open transactional and investment accounts from abroad. In order to do so, you will need to provide a letter of authorization from your current bank, a copy of your passport, and proof of residence in the form of a utility bill.
You will also need to complete a number of application forms. Please note that you cannot open a non-resident account with Absa if you live in South Africa, Lesotho, Namibia, and Swaziland. On top of that, if you are a foreigner legally living in South Africa, you will not be able to open this type of account.
Nedbank is among the South African bank that has tentacles across the region. It’s also one of those that offer accounts for non-residents. The Nedbank offering is tailored for individuals and international investors who are interested in banking their money in South Africa. Foreign-owned businesses and embassies are also covered by Nedbank.
It is also ideal for South Africans who have emigrated. We have already noted that this has been happening a lot over the past few years. There are better opportunities out there, and South Africans have been taking them to move to countries like Canada, Australia, the United States, and the United Kingdom.
In order to open this account, you will need to provide the minimum opening deposit, a statement from your current bank going back three months, proof of income, and a certified copy of your passport. The copy of the password will have to be notarised by your overseas bank.
FNB is another major South African bank that allows foreigners to open bank accounts. The bank offers a number of solutions in this regard, including the non-resident investment account and the non-resident cheque account.
The non-resident cheque account provides a number of benefits, including the ability to use your bank card when you come to South Africa for local expenses. You can also make international transactions using this account.
In order to open this account, you will need to provide a copy of your payslip, a certified copy of your passport, and a bank statement going bank 3 months. That should be from a bank in the country in which you are living and working. You will also need to provide proof of residence from abroad.
Here are all the requirements for opening an FNB non-resident account.
Why open a non-resident account in South Africa?
Those are the requirements for opening a non-resident account in South Africa. But why would you bother doing so? It’s something to which we have already alluded. We noted that this type of account is meant for people falling into a range of categories.
In the first place, it’s ideal for South Africans living and working abroad. If you fall into this category, you may wish to save some of your earnings back home in South Africa. That way, should you ever decide to come back, you will have a great nest egg put aside.
Other people who may be interested in this type of account are investors. The South African economy has been fairly stable over the past decade. That makes the country a good place in which to bring your investment.
Foreign individuals may also be interested in opening this account. That would particularly be useful if you plan on visiting South Africa at some point. Or maybe you plan on retiring to the country within the coming few years.