Any experience with standardbank?

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MiddleEuroAsia

Divergent thinker
Entrepreneur
Any one here has a real experience with standardbank? it's the biggest bank in SA, and they have offices in jersey, isle of man and Mauritius, which are pretty reputable jurisdictions. 5k as a min deposit, and $60 monthly fee if your account falls below the min deposit. pretty low for an international bank, when you compare it to citi gold Ipb and similar banks.

So, any experience with them?
 

MiddleEuroAsia

Divergent thinker
Entrepreneur
Over all good experiences for many years.
Standardbank in Mauritius is a great bank, worked with them a few years ago, it's pretty good.
are they useful as a transactional account, or are they the same as other banks that are catered to wealth management and the likes? how strict is their KYC? is it straightforward process? or is it an exhausting one? any more useful info that you like to share?
 

Sols

Staff member
Mentor Group Gold
KYC is in line with what you can or should expect from banks nowadays. Neither better nor worse. Have your ducks in a row and it'll be fine. They do a pre-check when you apply to quickly weed out bad matches.

An upside is they are very accustomed to transactions in Africa and are more comfortable with transactions involving Africa than many other banks

Suitable for transactional banking.
 

Sols

Staff member
Mentor Group Gold
What do you mean by that?
@MiddleEuroAsia asked if Standard Bank was useful for transactional banking or if they are more focused on wealth management.

Standard Bank is suitable for transactional banking, meaning once you have an account opened, they are the type of bank which is OK with you using the account for high volume of transactions. In contrast, some banks are focused on keeping money and selling you products and services to grow your wealth (wealth management).
 

paacapital

New member
Standard Bank or Stanbic Bank in some countries is a very good bank, with a great business banking platform. They have the largest correspondent banking network in Africa. Transactions are managed through their HQ in South Africa, regardless in which country you have your account with them. You cannot handle any crypto related transactions with them though.
 

MiddleEuroAsia

Divergent thinker
Entrepreneur

UPDATE:​

I opened an account with them 2 days ago, transferred the minimum amount with them and my account is opened and fully functional.

So, I transferred 100k from DBS Singapore - via Wise today - to my optimum account ( I emailed their CS before handed with my notarized SOF, so I shouldn't face any issues) and the money should arrive tomorrow morning, I will update and tell you how it goes.
 

ganga

New member

UPDATE:​

I opened an account with them 2 days ago, transferred the minimum amount with them and my account is opened and fully functional.

So, I transferred 100k from DBS Singapore - via Wise today - to my optimum account ( I emailed their CS before handed with my notarized SOF, so I shouldn't face any issues) and the money should arrive tomorrow morning, I will update and tell you how it goes.
Please can you provide contact via whom u opened account. Nice that. This bank deals with emi
 

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