Banking in South Africa

Banking in South AfricaOpening a bank account in South Africa as a foreigner can be tiresome, frustrating and time consuming. The normal course of events is to gather all required documentation and queue at the bank, where a number of issues could arise. These could range from confusion regarding the residency status to a lack of credit history.

InsideSA clients are not subjected to any of this. InsideSA has set up special arrangements with a number of South Africa’s most prominent banks. This allows us to set up bank accounts for our clients in our boardroom, which means there is no need to step into a bank.

Our dynamic Cash Account

Our Cash Account is a fantastic alternative for foreigners to a money market account available from the banks. It is fully managed and service-driven, with competitive interest rates and offers personal banking facilities. Other reasons to consider a Cash Account are:

  • Your Cash Account can be opened from abroad.
  • Transfer foreign currency into the account whenever it suits you.
  • Money can be transferred directly from the Cash Account to third party accounts.
  • Debit orders can be set up on the account, so that expenses such as insurance or medical aid can get paid out of the account automatically.
  • Your money is available within 24 hours.
  • Each Cash Account comes with a dedicated account manager. All instructions for payments, debit orders and so forth go directly to the manager for processing.

For more information on banking in South Africa, contact us

To find out more about the banking services InsideSA’s team offers, call us in Johannesburg on +27 (0) 11 234 4275 or in Cape Town on +27 (0) 21 424 2460. Alternatively, request a free call back or complete a quick and easy online assessment for us to contact you. Our immigration consultants have assisted thousands of foreigners moving to South Africa with their banking needs and can do the same for you.