If you are a South African adult that is above 18 years with some source of income from a business or employment, you will definitely need to have a bank account. Through this post, you will learn how to open a bank account in South Africa. How to open a South African Bank account easily
It is also possible to open a bank account in South Africa as a foreigner. South African bank account can be in 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.
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 some 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 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