Can You Earn Interest on Foreign Currency Accounts?
Opening position Clients often ask whether they can earn interest on USD, GBP, EUR or other foreign currency balances. The simple answer is: sometimes. The better answer is that it depends on the type of account, the bank, the jurisdiction and the client’s tax position. Foreign currency is not one single product. A local foreign […]
Can You Open a South African Bank Account Remotely?
Opening position Bank account opening has changed. Many banks now use digital onboarding, electronic verification and remote document submission, especially for clients who are not able to attend a branch in person. That does not mean every account can be opened easily from anywhere. Non-face-to-face onboarding is still a compliance process. The bank must be […]
Why Foreigners May Need a SARS Tax Number in South Africa
Opening position Many foreign nationals assume that a SARS tax number is only relevant if they live and work in South Africa. In practice, that is not always the case. A foreigner may need a SARS tax number when buying or selling property, earning rental income, receiving certain South African-sourced income, investing locally or dealing […]
Buying Property or Moving Money in South Africa? Why a Non-Resident Bank Account Matters
Opening position For foreign nationals and South Africans living abroad, a South African bank account can become important very quickly. Property purchases, rental income, sale proceeds, inheritance distributions and investment flows often need a clear banking trail. A non-resident bank account helps create that trail. It allows funds introduced from abroad to be identified, managed […]