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Things You Need to Open a Bank Account?

As much as opening a bank account is a hassle free process, there are people who are still clueless on which documents they need to open one.

Lee-Anne van Zyl, CEO of FNB Points of Presence brings you a list of documents required before opening a bank account in South Africa:

  1. Proof of Identity – This must be a valid bar coded green ID book or a Smart ID card that belongs to the prospective account opener.
  2. Proof of address – A document which reflects a permanent residential address such as a municipal utility bill or clothing account statement that is not older than 3 months from the date of issue.
  3. Minimum Opening Deposit – This is the minimum amount required to activate the account, it may vary on the type of account you are opening.

If you’re a foreign national and reside in South Africa, you can open bank accounts, but before the account opening process commences there’s declaration you must sign. This is a list of the required documents:

Passport – A valid passport clearly stating the full names and country of origin of the applicant.

  1. Proof of address – An official document such a utility bill which reflects the applicant’s residential address, which is not dated older than 3 months.
  2. Study permit/Work permit – This would apply to either foreign nationals who work or study in South Africa, the bank requires a valid study permit or a work permit issued by the Department of Home Affairs. It’s important to note there are other permits that the bank accepts, these include: business permit, residence permit, retired persons permit, exchange permit, relative permit, medical treatment permit and visitors permit.
  3. Minimum Opening Deposit – This is the minimum amount required to activate the account.

SOURCE: FNB. Image: Pixabay.com

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