South African Banks: An Expatriate’s Guide

Published on October 29, 2025 and written by Cyril Jarnias

Understanding South Africa’s banking system is essential for expatriates planning to settle in this dynamic country. With a growing economy and a well-developed financial sector, South Africa offers numerous banks ready to welcome new foreign clients.

One of the first challenges for an expatriate is opening a bank account that facilitates the transition and offers services tailored to international needs. Through this article, discover how to navigate the South African banking landscape, the steps to open an account, and modern services like banking apps and dedicated expatriate support that can transform your financial experience in this fascinating country.

Banks Suitable for Expatriates in South Africa

Main banks recommended for expatriates in South Africa:

• Capitec Bank
• FNB – First National Bank
• TymeBank
• Standard Bank
• Discovery Bank
• ABSA
• Nedbank
• African Bank

These institutions are recognized for their customer satisfaction, reliability, and national presence.

Types of Accounts Available for Expatriates

• Standard checking account (transactional)
• Savings account
• Multi-currency account (available at some banks or through international neobanks)

Online banks like Revolut, N26, and BoursoBank also offer accounts suitable for expatriates with multi-currency management and 100% remote opening.

Account Opening Procedure & Specific Requirements for Non-Residents

Common list of required documents:

• Valid passport
• Visa or residence permit
• Proof of local address (recent utility bill, rental contract)
• Proof of employment or letter from a local employer

Opening is generally done in-branch; some banks allow partial pre-opening online. Neobanks facilitate the process remotely without local proof.

Banking Services Offered to Expatriates

Service	Availability	Details/Main Fees
International transfers	Yes	Variable fees depending on bank/neobank
Local currency management	Yes	South African Rand
Foreign currency management	Partially	Multi-currency via neobanks/international
International bank card	Yes	Mastercard/Visa – premium options available
Mobile application	Yes	All major banks + neobanks

Most traditional institutions charge for international transfers; neobanks significantly limit these fees and facilitate simultaneous management of the rand and foreign currencies.

Common Banking Fees

• Monthly account maintenance fees (often between $5 and $15)
• Commission on international transfers (~0.5% to 2% depending on amount)
• ATM withdrawals outside network may incur fees at some traditional banks; often free with neobanks up to a certain monthly threshold

Accessibility & Language Resources

Most offer:

• A vast national branch network, especially in all major cities.
• Banking services accessible via mobile/tablet/computer applications.
• Customer service available in English; some offer phone support in several major international languages.

Physical branches are numerous in Cape Town, Johannesburg, Durban. Digital access is comprehensive with all major brands as well as Revolut/N26/BoursoBank.

Practical Tips for Choosing a Bank as an Expatriate

• Prioritize a bank with a user-friendly mobile app and responsive English-speaking support.
• Carefully compare fees for international transfers if you regularly send money to your home country.
• Check the ease of account opening before arrival if possible (pre-registration with neobanks).
• Choose an institution with branches near your residence if frequent in-person service is needed.
• Inquire about multi-currency offerings if you need both South African rand AND other major currencies simultaneously.

Expatriate Testimonials / Reviews

Many expatriates report positive experiences with FNB and Standard Bank for their speed during account openings and English-speaking support. Mobile users particularly praise TymeBank and Capitec for their simple applications. Some recommend Revolut/N26 when wanting to avoid any in-person procedures before final settlement—especially practical during the first months without a fixed local address.

“I chose Standard Bank because of its many ATMs everywhere in Cape Town: I was able to open my account during my first week here.”

“Capitec offers a really easy-to-use app; I manage everything from my phone.”

“Revolut allowed me to receive my first transfers without complications or local proof even before my arrival.”

To maximize your financial comfort during your South African stay, carefully compare digital services vs. physical presence according to your personal needs.

How to Open a Bank Account as an Expatriate in South Africa

Documents Needed to Open a Bank Account in South Africa:

• Valid passport
• Visa or residence/work permit
• Proof of address in South Africa (recent utility bill, rental contract)
• Employer letter stating monthly salary
• Possibly a bank recommendation letter from a bank in your home country
• French RIB or equivalent to verify previous banking status

Bank Account Options for Expatriates:

Account Type	Advantages	Disadvantages
Checking Account	Easy access to payments, withdrawals, and local transfers	Sometimes high monthly fees, fees for routine transactions
Savings Account	Interest on deposits, savings management	Limited access to funds, withdrawal conditions
Foreign Currency Account	Multi-currency management useful for international transfers	Strict conditions, additional fees

Steps in the Opening Process:

1. Compare offers from local banks according to your needs.
2. Choose a branch near your residence.
3. Gather all required documents.
4. Schedule an appointment and submit the application with an advisor.
5. Provide personal information and requested proofs.
6. Wait for document verification by the bank (sometimes additional interview).
7. Receive confirmation and account access (bank card and login details).

Expected Timeframes for Opening:

Generally between 48 hours and one week, depending on the complexity of the file and the type of account requested.

Common Banking Services Offered to Expatriates:

• International bank cards
• Multi-currency accounts
• Fast international transfers
• Mobile/online banking services
• Dedicated English-speaking advisors

Practical Tips for Dealing with Language or Cultural Issues:

• List your questions in English before the appointment
• Don’t hesitate to ask for a French-speaking advisor if available
• Use translated forms or request assistance when filling them out
• Be patient with administrative procedures that are often more formal

Subscription to Online Banking Services:

Most South African banks offer:

• Partial or even full online opening (depending on resident/non-resident status)
• Daily management via secure mobile applications
• SMS/email alerts for significant transactions

Some advanced features may require an initial branch visit.

Typical Fees for an Expatriate Opening a Bank Account:

Fee Type	Indicative Amount
Opening fee	Free to moderate
Monthly maintenance fee	50 – 200 ZAR/month
Out-of-network withdrawals	~10 – 30 ZAR
International transfers	Variable depending on amount

Traditional institutions are generally more expensive than digital banks.

Real Anecdotes

A French expatriate settled in Cape Town had to provide his proof of address several times because his bill was too recent; he resolved this issue with a certificate signed by his landlord that was locally recognized.

A Belgian family was able to open their first account thanks to direct help from the French-speaking international service offered by their local bank after having difficulties filling out forms available only in English.

A young German executive strongly recommends Wise after finding that some local banks imposed too many constraints on the initial non-resident deposit; he now manages his finances via app without physical travel.

Banking Services and International Transfers

Bank	Accounts Suitable for Expatriates	International Transfer Procedures	Timeframes	Fees	Exchange Rate	Digital Tools
Standard Bank	Checking accounts, multi-currency accounts	Transfers online, in-branch, via mobile apps. Supporting documents required per regulations.	Generally 1-3 business days	Fixed fees + percentage depending on amount, varies by destination	Margin on interbank rate, compare with market	Mobile app, online banking, security alerts
First National Bank	Accounts for non-residents, expatriate accounts	Transfers via FNB Online, branches, mobile platforms. Proof of fund origin required.	1-3 business days	Competitive fees for FNB-FNB transfers, higher for international	Competitive rate, but margin applied	High-performance mobile app, multi-currency management
Absa	Expatriate accounts, international accounts	Transfers from Absa app or website, branch assistance. ID documents mandatory.	1-4 business days	Fixed + variable fees, transparent on website	Rate adjusted based on currency and amount	Mobile app, real-time transfer tracking
Nedbank	Expatriate accounts, customized solutions	Transfers via Nedbank Money App, in-branch, access to specialized advisors.	2-5 business days	Fees displayed before validation, depending on destination country	Rate displayed at transaction	Nedbank mobile app, secure remote management

Procedures and Documents to Open a Bank Account in South Africa

• ID document (valid passport)
• Proof of address (water, electricity bill, or rental contract)
• Employer letter confirming employment and monthly salary
• Residence or work permit (for non-residents or expatriates)
• Sometimes, local tax identification number or proof of long-term address

International Money Transfer Procedures

• Initiation possible in-branch, via website, or bank’s mobile app
• Provide beneficiary’s bank details (IBAN, SWIFT/BIC, bank name)
• Proof of fund origin sometimes required for large amounts
• Validation through strong authentication (SMS, mobile app, secure token)
• Timeframes vary by destination, currency, and regulatory checks

Digital Tools and Mobile Applications

All major South African banks offer secure mobile applications enabling:

• Remote account viewing and management
• International transfers in a few clicks
• Real-time transaction notifications
• Exchange rate tracking and fee estimation before validation
• Customer assistance via integrated chat or messaging

Practical Tips for Comparing Banking Services

• Compare account maintenance fees, international transfer fees, and exchange rate margins
• Check ease of access to digital tools and quality of mobile application
• Prioritize banks offering multi-currency accounts or specific services for expatriates
• Analyze average timeframes for transfers to frequent destination countries
• Ask if the bank provides a dedicated advisor or support in English/French for expatriates

Key Takeaways

Expatriates benefit from a varied banking offering, but it’s essential to compare fees, transfer speed, and flexibility of digital tools before choosing your bank in South Africa.