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Discussion Starter · #1 ·
Hi all
I am based in Uk and currently considering a SA investment, with a view to emmigrating to SA in few years. Can people please advise on banking and money transfer. My accountant suggests using a UK bank with a branch in SA - if this is wise what are my options ? Barclays ? others. As far as money transfer is concerned does FOREX offer best deal, or are their better options.

Could some one also please explain work options and controls in SA. As a UK vet, would I be able to work in SA if I wanted to.

Many thanks in advance.

Drhawk
 

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Hi all
I am based in Uk and currently considering a SA investment, with a view to emmigrating to SA in few years. Can people please advise on banking and money transfer. My accountant suggests using a UK bank with a branch in SA - if this is wise what are my options ? Barclays ? others. As far as money transfer is concerned does FOREX offer best deal, or are their better options.

Could some one also please explain work options and controls in SA. As a UK vet, would I be able to work in SA if I wanted to.

Many thanks in advance.

Drhawk

You do realise that its not that easy to get money out of South Africa.

Being a Vet I'm sure you'll get a working visa.

Good luck with the bank thing as I had a nightmare opening an account from abroad only to stick some inheratance money in to bring back to the UK.

PS you never said what the investment is as that would make a big difference.
 

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Discussion Starter · #3 ·
You do realise that its not that easy to get money out of South Africa.

Being a Vet I'm sure you'll get a working visa.

Good luck with the bank thing as I had a nightmare opening an account from abroad only to stick some inheratance money in to bring back to the UK.

PS you never said what the investment is as that would make a big difference.
The investment is in a game farm, shares in the company provide accommodation. The advise offered so far is:

1: invest via a 'reserve bank' in which case you can take it out - or
2: ensure your bank is a UK bank with a branch in SA - as that makes it easier

Comments would be valued
 

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After living in SA for a while, if you decide to return to the UK, you would not be able to take out all your money. The advice you received on opening a bank account with a bank that has a branch in SA is good advice.
 

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As a returning UK citizen you are only allowed to take back, all the money you bring in to SA, plus R2m.
You must have proof of all monies brought in.
 

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Standard Bank is a partner of Barclays, but either way opening up a South African Bank account when not a permanent resident has been a personal nightmare for me. Good luck with your venture.
 

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opening an account has been a nightmare for me as well. Got one now tho.
I bank in the uk with nationwide and I can use my credit/ dbit cards anywhere in SA using ATM and I'm not charged for it. Use there internet banking and you can transfer monnies (any amount) with a standard charge of £20
Using your SA bank account your charged for everything. ABSA Bank is Barclays.
 

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I am travelling to SA tomorrow for three months and I sorted everything out except banking! I will be working and getting a monthly salary that I cannot get out of my bank!! I bank with Nat West and have a solo card which I have heard I can use in certain places but not money (I will be living in Capetown).

My thoughts were:

Open a SA bank account OR
Ask to be paid in cash OR
Transfer my salary via internet banking to my boss at work and get them to give me the cash

ANY SUGGESTIONS PLEASE - bit worried as obviously flying in like 24 hours lol
 

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My thoughts were:

Open a SA bank account OR
Ask to be paid in cash OR
Transfer my salary via internet banking to my boss at work and get them to give me the cash

ANY SUGGESTIONS PLEASE - bit worried as obviously flying in like 24 hours lol[/QUOTE]

Hi, I would go into a branch of FNB as soon as you get there.

Here is the instructions I received from FNB a while back and can forward to you the forms if you need me to!;

Also be advised that a copy of original certified passport is required and 3 months bank statement from your bank abroad.
Please ensure that the waiver and Indemnity and the Non Resident Declaration forms are signed by two witnesses and are certified. On completion, all documents should be emailed to our address [email protected] for account processing and originals should be posted to our address, you can also visit the fnb website for more information about the Non-Resident accounts and also our latest bank charges.
We would also like to advise that the Non Resident accounts only allow Rand deposits which emanate from foreign source or those that re in compliance with the directives issued by the Exchange Control Department of the South African Reserve Bank. The Non Resident Declaration will explains that Rand deposits will be accepted if it falls within the current South African Exchange Control Rulings i.e. income, dividends on quoted securities, pension, etc.
Please note of you are an emigrate we normally do a background check on emigration formalities/ accounts with other institutions or existing accounts before opening accounts ,and we also check if you have formally emigrated.
We trust this meets your satisfaction and please don’t hesitate to contact us on the details below for any further information or queries you might have.



First National Bank

Non Resident Centre

P o Box 1153

Johannesburg

Cheers and Good Luck
 

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I you've got a job in SA, Standard bank will give you and account on the proof of a letter from your employer, but you must prove your address tho. (utility bill or landlord given written letter, plus an oringinal bill plus copy of their ID book.

Any monies transfered from oversea must be will be checked upon. so you boss will be checked by the bank and whoever!
Try your solo card when your here as it may work, although you may be charged for it, otherwise contact Nat West and ask for solution.
 

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My thoughts were:

Open a SA bank account OR
Ask to be paid in cash OR
Transfer my salary via internet banking to my boss at work and get them to give me the cash

ANY SUGGESTIONS PLEASE - bit worried as obviously flying in like 24 hours lol
Hi, I would go into a branch of FNB as soon as you get there.

Here is the instructions I received from FNB a while back and can forward to you the forms if you need me to!;

Also be advised that a copy of original certified passport is required and 3 months bank statement from your bank abroad.
Please ensure that the waiver and Indemnity and the Non Resident Declaration forms are signed by two witnesses and are certified. On completion, all documents should be emailed to our address [email protected] for account processing and originals should be posted to our address, you can also visit the fnb website for more information about the Non-Resident accounts and also our latest bank charges.
We would also like to advise that the Non Resident accounts only allow Rand deposits which emanate from foreign source or those that re in compliance with the directives issued by the Exchange Control Department of the South African Reserve Bank. The Non Resident Declaration will explains that Rand deposits will be accepted if it falls within the current South African Exchange Control Rulings i.e. income, dividends on quoted securities, pension, etc.
Please note of you are an emigrate we normally do a background check on emigration formalities/ accounts with other institutions or existing accounts before opening accounts ,and we also check if you have formally emigrated.
We trust this meets your satisfaction and please don’t hesitate to contact us on the details below for any further information or queries you might have.



First National Bank

Non Resident Centre

P o Box 1153

Johannesburg

Cheers and Good Luck[/QUOTE]
 

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banks continued

Thanks to the two people that kindly replied. I obviously will have my passport but I dont get paper bank statements however could print off three months worth from my internet bank account.

I guess I left everything way too late - I organised my two grown up sons here at home and the house and all my bills here for three months etc and forgot about myself as usual!
 
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