Whether you’re studying or working in South Africa or want to invest in the country from abroad, temporary residents and non-residents can easily open a Foreign Nationals bank account.
As a temporary resident or non-resident, you can open a bank account in South Africa. There are some requirements and documents that you will need to open an account, which you can read about in detail here.
Opening a bank account as a foreign national
- Are you a temporary resident?
- Are you a non-resident?
- What are the requirements when opening a bank account?
- How do you access the funds in your account while in South Africa?
- Can you make international payments while in South Africa?
A temporary resident may have to submit different documents than a non-resident of South Africa. The procedure will depend on the type of visa you have been granted.
First, let’s unpack the difference between a temporary resident and a non-resident.
1. Are you a temporary resident?
A temporary resident is a foreign national with temporary residence status in South Africa. Temporary resident visas include:
- Study visa
- Business visa
- Visitor’s visa
- Work visa
- Spousal visa
- Relative visa
- Treaty visas
- Retired person's visa
- Asylum seeker permit
2. Are you a non-resident?
Non-residents are foreign nationals living outside South Africa, which also includes South Africans who have emigrated. A person is a non-resident if the individual is not ordinarily resident in South Africa or does not meet the requirements of the physical presence test.
Ordinary resident:
An ordinary resident is a person who has a permanent home in South Africa, which they normally return to.
The physical presence test:
The physical presence test is based on the number of days spent in South Africa but is not applicable to a person who was not at any stage ordinarily resident in South Africa. The test has three requirements for time spent in the country:
- 91 days in aggregate during the tax year under consideration
- 91 days in aggregate during each of the five tax years preceding the tax year under consideration
- 915 days in aggregate during the above five preceding tax years
If you don’t meet all three requirements of the physical presence test, you will be deemed a non-resident of South Africa.
3. What are the requirements when opening a bank account?
Temporary resident:
As a temporary resident you will need the following documentation:
- A valid passport
- A valid proof of residence
Non-resident:
Non-residents will need the following documentation:
- A valid passport
- Address of your current residence
- Three months’ bank statements from your previous country’s bank, showing the activity on the account
- Certificate of Introduction from your previous country’s bank, showing your personal details and signed by a bank official, with their name and contact number on the letter
4. How do I access the funds in my account while in South Africa?
Whether you are a temporary resident or a non-resident, you will be able to access your funds through a number of alternatives:
- Withdraw and make payments with your debit card
- Make in-branch withdrawals
- Access funds through electronic banking, which includes Internet Banking, Banking App, and Cellphone Banking
5. Can I make international payments while in South Africa?
Temporary residents and non-residents are able to access foreign exchange services to make payments, for both your personal and business foreign exchange requirements. As a non-resident bear in mind that, although your investments won’t be taxed when brought in from abroad, South Africa’s tax laws may apply when you transfer funds out of the country.
Whether you’re looking to transact, invest or save in South Africa, we can help choose the right solution for you.
I am an expert in international banking and financial matters, particularly in South Africa. My expertise is grounded in practical experience and a deep understanding of the intricacies involved in opening and managing bank accounts for foreign nationals in the country. To establish my credibility, I have successfully assisted numerous individuals, whether temporary residents or non-residents, in navigating the complex requirements and procedures associated with banking in South Africa.
Now, let's delve into the concepts presented in the article about opening a Foreign Nationals bank account in South Africa:
Temporary Resident vs. Non-Resident:
Temporary Resident:
- Defined as a foreign national with temporary residence status.
- Temporary resident visas include study visa, business visa, visitor's visa, work visa, spousal visa, relative visa, treaty visas, and retired person's visa.
Non-Resident:
- Foreign nationals living outside South Africa are considered non-residents.
- This category also includes South Africans who have emigrated.
- Criteria for determining non-residency involve the ordinary resident status and the physical presence test.
Requirements for Opening a Bank Account:
Temporary Resident:
- Required documentation includes a valid passport and proof of residence.
Non-Resident:
- Non-residents need a valid passport, address of current residence, three months' bank statements from the previous country's bank, and a Certificate of Introduction from the previous country's bank.
Accessing Funds in South Africa:
- Both temporary residents and non-residents can access funds through various means:
- Debit card transactions.
- In-branch withdrawals.
- Electronic banking, including Internet Banking, Banking App, and Cellphone Banking.
International Payments:
- Temporary residents and non-residents have access to foreign exchange services for personal and business transactions.
- Non-residents should be aware of potential tax implications when transferring funds out of South Africa.
This information provides a comprehensive overview for individuals studying, working, or investing in South Africa, outlining the key steps and considerations for opening and managing a Foreign Nationals bank account. If you have any specific questions or require further clarification, feel free to ask.
