Money & Banking

One of your first steps upon relocating should be opening a South African bank account. Fortunately, many of the country’s “big five” banks—Standard Bank, FirstRand (including FNB), Absa, Nedbank, and Capitec—are well-established and well-equipped to serve both residents and non-residents.

How to Open an Account

Depending on whether you’re a resident or non-resident, different documentation will be required. Generally, banks ask for:

• A valid passport, often certified or notarized,

• Proof of legal status in South Africa (visa, permit, etc.),

• A local address (e.g. utility bill in your name),

• An initial deposit, and

• Proof of income (pay-slips, employment contract) or banking history (e.g. three months’ foreign bank statements)

Some banks allow you to open certain account types before you relocate (non-resident or temporary accounts), though these accounts may come with restrictions.

Additional Considerations

• U.S. credit history does not carry over. South African banks will assess your eligibility based on local criteria and provided documentation, not your U.S. credit score.

• Fees and exchange rates matter. Be sure to read the fine print. Banks may charge for ATM withdrawals, international transfers, account maintenance, and foreign currency conversions.

• Choose a bank with a strong network. Since many fees are tied to how often you use non-partner ATMs, selecting a major bank with many branches and ATMs near you can reduce costs.

• Digital banking is common. Many South African banks provide robust mobile and internet banking platforms, so daily transactions can often be handled online.