The South African banking system is renowned for being one of the most sophisticated and efficiently-run banking systems in the world.
In addition to creating numerous solutions for local clients, banks also offer an array of banking solutions to non-residents.
A leading banking institution in South Africa is Nedbank.
The bank was established in 1831 as the Cape of Good Hope Bank. The institution has extensive history in the South African financial industry and continues to expand its services within the South African market.
Offering a range of services, Nedbank provides clients with flexible financial solutions, including services specifically designed for non-residents.
In addition to assisting non-residents with opening non-resident bank accounts, Nedbank investments offer non-resident clients the very best in tax-free foreign exchange returns at highly competitive interest rates.
Types of Nedbank Non-Resident FAQ’s
What benefits come with choosing non-resident banking offered by Nedbank?
- Interest rates paid in South Africa are usually higher than in developed countries
- Funds can be repatriated
- If you are 55 or older, special interest rates and lower service fees are available on both transactional and investment products
- Non-residents get access to dedicated relationship managers
- Nedbank offers a reliable and trustworthy service
Can I apply for a loan as a non-resident?
The bank provides assistance for foreign loan applications.
Nedbank submits applications to the South African Reserve Bank on your behalf.
What do you need to open an account as a non-resident?
- Valid passport
- Visitor’s Visa if visiting South Africa
- Utility bill not older than 3 months
- Signed letter of introduction from overseas primary bankers on a letterhead
Can I get assistance even if I’m not employed permanently in South Africa?
Nedbank provides assistance to foreign nationals employed in South Africa on contract
More Nedbank Non-resident FAQs relate to banking controls in South Africa, electronic banking, access to your account as well as how secure investments in South Africa are.