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Non-resident banking solutions
Enjoy low cost and convenient banking in South Africa no matter where your from with all our banking solutions.
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Banking solutions for non-residents living in South Africa

Are you planning to invest, visit or emigrate to South Africa. We can assist you with everything from international money transfers to setting up accounts and investments.
 

Flexible banking solutions

Flexible banking solutions

A wide range of services, from international transfers to investment accounts.

Emigration services

Emigration services

Support with emigration formalities and open a bank account.

Exchange control regulations

Exchange control regulations

Find out more about foreign exchange regulations.

What you need to know
 

  • Non-resident banking in RSA

    Did you know:

    • Non-resident means a person whose normal place of residence or domicile is outside of the CMA (Common Monetary Area).
    • The Common Monetary Area consists of Lesotho, Namibia, South Africa and Swaziland.
    • If you have a valid work, study, retirement or spousal permit, you may qualify for a Temporary Resident Account. Visit one of our branches to apply.

  • Benefits of non-resident banking

    Why open an account in SA?

    • A secure place for your money and banking that can serve your needs wherever you are in the world
    • A full range of services and facilities that you would expect from a major international bank
    • Peace of mind that your account is in a well-run, stable banking environment
    • Diversification of your banking portfolio.

  • What do you need to apply

    You will need the following:

    • A fully completed Letter of Authority in respect of Bank containing the details of your existing bankers whom we may contact to verify your identity
    • Certified copy of your passport
    • A utility bill showing your name and current residential address
    • All relevant application forms.
       

    Once you have filled out all the documentation and submitted it to us, we will review your application and, if successful, open your account.

  • What you need to know when in RSA

    Tips for travelling safely in South Africa:

    • There are limits on the amount of currency you can bring into South Africa. 
    • Don’t change or withdraw large sums of money in busy public areas, including foreign exchange facilities or ATMs.
    • Be aware of ATM theft — never be distracted by a stranger asking for assistance at an ATM.
    • Don’t give personal or financial account information details to anyone.
    • Protect any documents containing details of credit cards or bank accounts.
    • Always carry your identity documentation or a copy of your passport.
    • Keep photocopies of your credit and debit cards in a safe place.
    • Avoid wearing flashy, expensive watches and jewellery and carrying large amounts of cash in public areas.
    • Always travel with a cell phone. The emergency number to call for the police is 10111.

     

     

Tips on exchange rates, travel and emigrating

  • Non-tax residents

    Good to know: Tips on exchange rates, travel and becoming a non-tax resident:

    • Private individuals who cease to be residents for tax purposes will be regarded as non-tax residents. Absa as an Authorised Dealer may, on confirmation that a private individual has cleared his/her tax residency status with SARS, allow the transfer of assets abroad, subject to tax compliance.
    • In respect of the withdrawal of retirement funds when South African residents cease to be residents for tax purposes in South Africa, payment of lump sum benefits to individuals who are no longer South African tax residents per SARS definition, shall only be allowed by Authorised Dealers if the individual member has remained a non-tax resident for at least 3 (three) consecutive years.
    • All private individuals who wish to be regarded as non-tax residents will have to prove their tax compliance with SARS and submit the applicable TCS PIN for verification to the Authorised Dealer.
    • Unsecured debt, like overdrafts and credit cards, have to be settled and closed prior to capital transfers being effected.
    • Visit one of our dedicated foreign exchange branches, with your TCS PIN to arrange capital transfers and formalise your non-tax residency status.


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Need more help

Contact us
Call us on : 0860 151 151
International: +27 (0) 11 335 4019
Email us at : forex@absa.co.za
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