What are the Standard Bank account opening requirements for foreigners? It’s something that people have been asking about. Standard Bank is the country’s biggest bank, making it attractive to foreigners. Perhaps you have recently gotten a job and you are in the process of migrating to South Africa. In order to settle in, you need to have a bank account. Standard Bank would be one of the banks that you are considering. But what do you need to have in order to open an account?
What do foreign nationals need to open accounts with Standard Bank?
The following are the Standard Bank account opening requirements for foreigners;
- A valid passport from your country of origin.
- A South African work permit.
- Proof of residence.
- If you are an assylum seeker, you will need to an Assylum seeker permit.
- Proof of income for those coming to South Africa to work.
- Retired person’s permit if you are retiring to South Africa.
Who are these requirements for?
Those are the Standard Bank account opening requirements for foreigners. So, far in this post, we have been generalizing by covering all foreigners who are looking to open bank accounts in the country.
One thing to note is that you need to be legally in South Africa in order to open a bank account with Standard Bank. You could be an asylum seeker, in which case you will need to present relevant papers from the Ministry of Home affaris.
The biggest group of foreigners looking for Standard bank account opening requirements is composed of people coming to South Africa as workers. There are currently millions of people who fall into this category in the country.
Again, you will only be able to open a bank account if you have valid papers. You need to have a valid work permit and you need to be legally employed. It’s well known that most foreign nationals do not fall into this category. In that case, these people will not be able to open Standard Bank accounts.
There are also a lot of people who retire to South Africa. The warm weather is a major draw for people across the cold parts of Europe and the United States. In that case, you will also need to present relevant papers to be able to open a bank account with Standard Bank.