Banking
South Africa — Banking: Online Banks
Online banking is a relatively recent development in South Africa, where several digital banks offer full ranges of services and no-fee or low-fee accounts. Relocating individuals should be aware that online banking may not be as widespread as in other countries.
Key facts
- Several digital banks in South Africa offer no-fee or low-fee accounts
Steps
- Setting up an online bank account — Visit the website or mobile app of a chosen online bank, provide the required identification documents, and follow the online application process. Note that some online banks may have specific requirements or restrictions for international customers.
Costs
- Account opening fee: varies by digital bank
Timelines
- Account opening time: 1-3 business days
Required documents
- Valid identification (such as a passport or ID book)
- Proof of address (such as a utility bill or lease agreement)
Common mistakes
- Assuming all online banks are licensed and regulated in South Africa
- Not researching the specific requirements and restrictions for international customers