Having a South African bank account will be essential when starting at SU as you will need it to receive your monthly remuneration. When opening a bank account in South Africa, it important to consider what it is that you want from your account. In terms of features, you might enquire whether you can make free, limited or unlimited transactions, what the transaction or withdrawal fees are, exception fees, interest rate, any minimum opening balance requirement and any ongoing minimum account balance restrictions. Services to check out include electronic banking (internet, telephone, mobile), Direct Debits, overdraft facility, chequing facilities and the ability to make overseas transactions.
Additionally, ask about fraud and security protection, how the bank handles complaints, financial counselling, the locations of branches and offices you may want to visit, its hours of operation and accessibility for any disabilities, both in terms of correspondence (eg for blind people) and in person (wheelchair access to branches or services for the deaf).
Visit different South African banks or go online via the bank websites and find out about the different products on offer. For example, ask about fees on your transaction account and how these fees might be impacted if you open a high-interest savings account.
Below is a list of some the financial institutions you can choose from:
When opening a bank account, you will have to provide FICA documentation.
What is FICA?
- The Financial Intelligence Centre Act, 38 of 2001 (FICA), came into effect on 1 July 2003. FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.
- FICA brings South Africa in line with similar legislation in other countries
designed to reveal the movement of moneys derived from unlawful activities, thereby curbing money laundering and other criminal activities
- Each bank will provide a list of documents needed to FICA your account
All the above listed institution's main branches are all within a walking distance of the campus, you can also find the in the Neelsie student center. Please use the map below to locate the banks.
* Interactive Campus Map - https://campusmap.sun.ac.za/