Banking in South Africa
Best banks in South Africa for expats & digital nomads
Opening a bank account is one of the first things you do after moving to South Africa. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.
How to open a bank account in South Africa
Residents need a valid visa/permit, proof of address and (for interest) a tax number, plus FICA documents. Non-residents can open non-resident accounts with a passport and proof of a foreign address; South African exchange controls apply to moving funds.
Wise multi-currency account
Wise is the option we recommend for almost anyone moving to South Africa: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.
Open a free Wise account →Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.
Top banks in South Africa
Standard Bank
traditionalAfrica's biggest bank by assets; wide branch network.
Capitec Bank
traditionalHugely popular low-fee bank with a simple single account.
International accounts & neobanks
Used by South African freelancers/businesses for international payouts.
Availability changes; confirm on each provider's site.
Next steps in South Africa
See the full South Africa tax, cost and visa profile, or compare South Africa with other destinations. Not sure where to go yet? Take the finder quiz.