Want to open a Bank Account in South Africa and don’t know where to start and what requirements are needed for residents or non-residents? We have published below the steps you will follow to open a bank account easily in South Africa.
South African bank accounts can be in two (2) major categories: resident or non-resident and this depends if you are residing in South Africa or abroad. For all bank accounts, there are basic requirements which include the following:
- Proof of identity: This can be in the form of an original and valid passport or other acceptable forms of official identification.
- Proof of address: This can be in the form of a utility bill or a previous bank statement.
- Statement or reference from your existing bank (as a form of reference).
- Cash or bank draft for account opening: This is the initial money that will be deposited into your account to activate it.
- Letter from your current employer confirming that you work with them and your monthly salary.
RELATED: South African Banks USSD Codes – Latest Edition
How To Open A Resident Bank Account in South Africa
If you are a foreign national and you want to open a resident bank account in South Africa, there are just a few credentials you would need to make available which would in addition to the ones listed above include:
- Complete the form for Foreign National Declaration and Confirmation of Employment by a South African Employer
- Declare all the funds and foreign assets brought into the country belonging to you
- Submit a written declaration stating that the foreign assets will not be given to a third-party resident in South Africa
- Provide copies of the following:
- Valid passport or travel document
- Work or study permit
- Proof of address in South Africa usually in the form of a utility bill
How To Open a Non-Resident Bank Account in South Africa
Even though it is very easy to open a savings bank account as a non-resident of South Africa, there are still some requirements for opening such a bank account based on the individual banks. Some South African banks may require that one or more of the following conditions apply:
- Non-resident accounts may only be funded by foreign currencies.
- Non-residents may be required to prove that they are “actually” non-residents
- Most banks have a condition attached in such a way that a foreign currency account for a non-resident would also require that a Rand account be opened.
Requirements for opening a non-resident account:
- Provide at least the minimum opening deposit
- Have a certified copy of your passport authenticated at your overseas branch
- Provide at bank statements for at least three months
- Provide proof of income
SHARE THIS POST WITH OTHERS:
