The South African Reserve Bank is the country's central bank while ABSA, Standard Bank, Nedbank and First National Bank are the country's four major financial institutions. All major credit cards are accepted and South Africa possesses both a nationwide network of Automatic Teller Machines (ATM) and a robust, rapidly growing online banking system.

Opening a bank account in South Africa

Current accounts opened for non residents are twofold, depending on the entry visa

1. Should you have a work permit, you will be able to open a normal resident account with no restrictions.
2. Should your entry visa not permit you to earn an income in South Africa, a non resident account will be opened. This account is subject to the restriction of NOT permitting South African currency to be deposited ie can only be funded by foreign currency

In both instances you will require the following documentation:

• Valid passport with entry visa
• Letter of introduction from your foreign bank
• 3 months bank statements from your current bank
• Proof of residential address

Non residents are permitted to purchase property in South Africa and may raise a loan at a financial institution (this is normally to the amount of 50% of the purchase price).

Non residents may acquire investment accounts in South Africa. 

Our Investment Section is under development. Please check back soon.