Why south Africa is not popular among the offshore banking scene ???

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azb1

Mentor Group Gold
I read online that , Anyone can open account in south Africa with big bank .
You can apply online and FIll up the form that's it.
I want to know why it is not worth ??
Why It is not popular as many othere?
Any downfall??
 

Sols

Staff member
Mentor Group Gold
Banking in South Africa is absolutely horrible. The fees are very high, compliance is almost as bad (as in incompetent and clueless) as JohnnyDoe thinks, and products and services in general are of low quality.

Non-resident banking in South Africa is not common. Maybe for citizens, but every South African I've met who has managed to leave South Africa doesn't want to continue banking in South Africa.
 

azb1

Mentor Group Gold
Banking in South Africa is absolutely horrible. The fees are very high, compliance is almost as bad (as in incompetent and clueless) as JohnnyDoe thinks, and products and services in general are of low quality.

Non-resident banking in South Africa is not common. Maybe for citizens, but every South African I've met who has managed to leave South Africa doesn't want to continue banking in South Africa.
I also thinking the same. If you go to the biggest bank website. It is very simple process indeed. Just Give passport number and another information That's It.
It reminds me

'All That Glitters Is Not Gold'

 

Dasilva

Mentor Group Light (Private use!)
Had a bank account in 2017 with ABSA as a non-resident. It was a complete nightmare, i canceled it after 3 months. I tried before with Standard bank and Ned bank both refused me with no reason.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
You can apply online and FIll up the form that's it.
I want to know why it is not worth ??

No because of capital controls.

Why It is not popular as many othere?

South Africa has capital controls. These controls largely should not apply to non-resident accounts but Central Bank (SARB) approval is required for certain transactions on non-resident accounts etc.

There is a good reason South African banks setup offshore units in Jersey to get around the capital controls.

I used Standard Bank in South Africa just one time. To open they required me to send 3 certified passport pictures and 3 certified copies of my passport plus opening doc.

They also had a list of 15 permissible transaction types I could conduct over the non-resident account. Crypto related transactions are not permitted on non-residents accounts due to SARB policy. Any transaction related to gambling must also get SARB approval for example etc etc.

Also I may add the below. You really want to be careful of their laws.

 

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