Today I'm going to show the easiest way to open a bank account in South Africa.
And also what you'll need to finally own a bank account to keep your money safe.
Let's get started.
How To Open An Account
A bank account in South Africa is very important to have, to keep your safe, and in some types, earn interest from your savings.
It may seem intimidating when thinking about opening an account for the first time but you don't have to worry, it's very easy to get started.
In fact, most banks in South Africa follow a simple and straight forward process of helping clients own bank accounts.
First, choose a bank you'd want to open the account with.
Visit the preferred bank and tell the cashier/consultant you want to open a bank account.
You'll need to have a South African ID book or valid passport and proof of residential address with you.
For a starter, you'd want to open a savings account because depending on the bank, some accounts don't charge monthly fees.
And you'll earn interest.
To open and activate your bank account, you may be required to make your first deposit - usually a small amount just to activate the account.
Want to know the best part?
Opening the account doesn't take too long.
In fact, it may take you about 15 minutes, depending on the bank processing your account.
Choose Your Perfect Bank
Here's a list of the top banks in South Africa.
- Standard Bank
- First National Bank (FNB)
- Absa Bank
- Capitec Bank
- Old Mutual
Each of the above-mentioned banks offers almost the same services at a different price rate.
The reason for this includes:
- Security & Accessibility
- Customer service
- Technology Innovation
You can expect the following banking services from banks in South Africa.