Non-Resident Banking

South Africans may only open a Non-Resident bank account once they’ve formally emigrated.

The concept of emigration as recognised by the Financial Surveillance Department has now been phased out with effect from 2021-03-01.

Private individuals who have ceased to be residents for Tax purposes (formerly regarded as emigrants) are required to declare with the South African Revenue services their non tax resident status.

The Non-Resident Centre will assist with the transfer of assets abroad, provided a private individual:

• has ceased to be a resident for tax purposes in South Africa;
• has obtained a TCS in respect of “emigration” from SARS; and
• is tax compliant upon verification of the TCS.

If you have formally emigrated and wish to inquire about opening a Non-Resident account, please do not hesitate to contact us on the following email address [email protected]

Standard Bank’s Non-Resident Centre prides itself with creating a personalised relationship banking experience with all its clients.

Here are some of the ways we can help you move your money across borders:

1. Internet Banking
   Get a card and register for Internet Banking to:
   • Make local payments to South African banks
   • View and download your statement
      
2.  International Transfers
   • We help you facilitate your international payments by ensuring that your funds are secured and routed correctly in line with international SWIFT and Exchange Control regulations.
   • We provide all documents required for international transfers (Balance of Payment (BOP) form). Send your completed BOP form to [email protected]
3. Standing Instructions
   • Standing instructions are a way of making automatic payments through the bank for a fixed amount on regular intervals (annually, quarterly, monthly, or weekly upon request) by debiting your operative account
   • Document Required for international transfer  (Standing Instruction (SI) form). Send your completed form to [email protected]

The bank fees you’ll pay depends on the type of account you choose and the type of transactions you make.

• Annual fee for safe custody and share-related transactions: R447
• Renewals fee: R1 050
• Outward International Payments (excluding travel-related transactions) sent to parties outside the Common Monetary Area ‒ foreign currency and Rand: 0.60%
• Standing instructions additional R75 to outward international fees
• Exemption from Reg 3(1)(f): R1589
• Written/ Electronic (Exceptions) application: R1589
• Application to remit funds in Excess of R10 million: R1589

See 2023 pricing guide

To start banking with us as a non-resident, we need certified copies of:

• Valid passport
• Proof of address not older than 3 months
• 3 months’ statements from your offshore bank
• Proof of income

You’ll also need to send the following forms to [email protected]

• Non-resident account application
• Card application New, replacement
• Card Indemnity
• Financial Advisory and Intermediary Services (FAIS)
• Terms and conditions for the Trade Customer Foreign Currency account
• MyMo, MyMo Plus and Puresave
• General terms and conditions
• Personal Information for additional signatory
• Product Specific Terms and Conditions
• Terms and conditions for Personal transaction accounts

To learn more view our Frequently Asked Questions