How to open up a bank account and what is needed?
Sounds simply enough right? But there is nothing more painful than standing in a lone line at the bank only to get the front and be told-“Where is your proof of Residence?” And Yes, we have all had that experience of that famous question. So here is some guidelines and tips to get it right!
Go to the bank of your choice and ask to speak to a consultant as you would like to open up a bank account. Do not stand in the teller’s line as the do not assist with this. Dependent which bank you go to it will differ in the organizational structure but the principles are the same.
What you need:
- South African ID or valid passport (ie-Green barcoded or new ID cards only)
- Proof of residence (ie-Utility Bills, Bank letter completed by your Landlord, Lease agreements ect. If possible take documentation that is directly posted to your place of residence)
- Account opening balance (Usually starts from R50 and up)
- Dependent on which bank they may recommend that you to have a minimum monthly income of some sort or can provide a work or study permit.
TIP: DISCUSS WITH THE CONSULTANT WHICH ACCOUNT OPTION IS BEST FOR YOU TO SELECT. TAKE INTO CONSIDERATION THE BANK CHARGES AND BENEFITS RELATED TO THE ACCOUNT YOU WISH TO CHOOSE
Only South African Citizens or foreign nationals living in South Africa can qualify to open up a bank account.
LINKS TO FURTHER ASSIST YOU:
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