With a wide range of local and foreign banks 11 local South African banks and more than 45 foreign-controlled banks in South Africa. Choosing a bank to open your personal or corporate account could be difficult. At Foster Swiss we advise and guide you so that the choice of the bank is a success as well as the creation of the bank account.

If you are a foreigner and want to open a bank account resident in South Africa, there are some credentials that you will need to provide easily and simply you will need to complete the Form of National Declaration of Alien and Confirmation of Employment by a South African Employer.

Declare all foreign funds and assets brought to the country that belongs to you. Submit a written statement stating that foreign assets will not be given to a third party resident in South Africa.

Provide copies of the valid passport or travel document, work or study permit, proof of domicile in South Africa usually in the form of a utility bill.

In general, some similar requirements between banks are mentioned.
However, some South African banks may require less than these.

How to open a non-resident bank account in South Africa?

A South African bank account can be set up in two main ways: resident or non-resident and this depends on whether you reside in South Africa or abroad. It is also possible to open a bank account in South Africa as a foreigner. For all bank accounts, there are basic requirements.

Although it is easy to open a savings bank account as a non-resident of South Africa, there are many more variations in the requirements for opening such a bank account depending on the individual banks. It may happen that some bank requires that one or more conditions be applied, such as that non-resident accounts can only be financed 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 a Rand account to be opened.

Requirements to open a non-resident account:
 Provide at least the minimum opening deposit
 Have a certified copy of your passport authenticated at your overseas branch
 Provide on bank statements for at least three months.
 Provide proof of income
Bank accounts can be opened from abroad; however, the application form and accompanying declarations must be accompanied by a certified signature.

Remember that it is possible to open bank accounts in South Africa, even when you do not have a current job, but depending on the bank, quarterly maintenance fees may apply.

For more information on this topic or any requirement related to our services, you can contact directly through info@fosterswiss.com