How to Open a Bank Account in South Africa
1.
Choose a Bank & Account Type
Major banks: Standard Bank, FNB, Absa, Nedbank, Capitec, TymeBank.
Account types:
Everyday transactional account (daily use, debit card).
Savings account (for interest and saving goals).
Student/youth accounts (reduced fees).
Business accounts (for companies or self-employed)
2.
Required Documents
Bring the following to the bank branch (or upload online if digital signup is allowed):
South African ID book/smart card (or valid passport for foreigners).
Proof of residence (e.g. utility bill, bank statement, or rental agreement, less than 3 months old).
Proof of income (recent payslip or employment letter – sometimes required for cheque/current accounts).
For foreign nationals: valid passport, work/study/residence permit, and sometimes a Traffic Register Number for linked services.
3.
Account Setup
Bank captures your details and runs a FICA check (Financial Intelligence Centre Act compliance).
Deposit a minimum opening balance (usually small, e.g. R20 – R100, but some premium accounts require higher deposits).
Receive your debit/cheque card (often instantly printed in-branch).
Fees (Typical)
Monthly account fees:
Entry-level / youth accounts: R0 – R60.
Mid-range accounts: R100 – R200.
Premium accounts: R200 – R500+.
ATM withdrawal fees: around R7 – R12 per R1000 withdrawn (varies by bank).
Debit card swipes: free at most retailers.
Account maintenance: usually included in monthly fee.
(Capitec and TymeBank offer some of the cheapest everyday banking options.)
Using Online Banking
Register for online or app banking when you open your account.
Set up username, password, and one-time PIN (OTP) via SMS/email.
Online banking lets you:
Transfer money (instant or standard EFT).
Pay bills (municipal, DSTV, traffic fines).
Buy airtime, data, electricity.
Download bank statements.
Security tip: Never share your OTP or password. Always check the site/app URL.
International Payments & Transfers
Receiving money:
Provide your SWIFT code, branch code, and account number.
Fees apply (typically R150 – R500 per inward transfer).
Funds may take 2–5 working days.
Sending money abroad:
Use your bank’s SWIFT transfer service or platforms like Western Union, PayPal, Wise.
You’ll need your ID, proof of source of funds, and recipient’s banking details.
Fees vary: usually 1–3% of the transfer amount, plus fixed bank charges.