Whether you’re looking to relocate abroad or want your money off South African shores, the chances are that you’ve wondered at some point whether it’s possible to have a bank account overseas. Undoubtedly, your online investigations ended abruptly when you discovered that you had to visit the bank in person to open an account.

That shouldn’t come as too much of a surprise, though. Opening a bank account in South Africa is just as tedious and inconvenient. You have to present yourself at the bank and be armed with a stack of paperwork to prove where you live, who you are, how much you earn, and if you’re paying your taxes.

Which brings us to the exciting question: how can a South African open an overseas bank account without being there in person? Well, ladies and gents, that’s where FinGlobal comes in. We want to toot the horn, stand on the proverbial soapbox and shout it from the rooftops: FinGlobal can now open bank accounts for South Africans abroad, even if they haven’t moved yet. Your money can get overseas before you do, which means you won’t have to hassle over getting set up financially while in a brand new country where everything’s foreign (including the money!) Bank accounts set up through our service will be located in the Isle of Man.

 

Offshore bank accounts for Saffas: Did you know that South Africans can open a bank account abroad?

This convenience is undoubtedly worthy of celebration, but before cracking the champagne and start with the festivities, let’s consider what type of bank account options are available to you. Believe it or not, you’ve got options!

Internet banking will be made available to all South Africans banking abroad through a service called International Online. And we can offer you two accounts that work with this service thanks to Standard Bank. Are you ready to hear more about them? Here they are:

1. Call Account
2. Optimum Account

 

Introducing the call account

• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Danish Krone (DKK)
• Emirati Dirham (AED)
• Euro (EUR)
• Hong Kong Dollar (HKD)
• Japanese Yen (JPY)
• New Zealand Dollars (NZD)
• Norwegian Krone (NOK)
• Russian Ruble (RUB)
• Singapore Dollar (SGD)
• South African Rand (ZAR)
• Sterling (GBP)
• Swedish Krone (SEK)
• Swiss Francs (CHF)
• United States Dollar (USD)

The Offshore Call Account is Standard Bank’s Money Market account. You get an instant access saving account with monthly interest payments conveniently linked to international money market rates when using it. Of course, you can also make as many deposits and withdrawals as you want. However, there are minimum opening balance requirements for this particular account, which are pretty steep. If you think that the minimum balances are a little too costly and want something more affordable, the Optimum Account might be better suited to your budget.

Here’s a look at the minimum opening balance requirements for the Call Account:

• £25,000
• US$50,000
• €50,000

 

Introducing the optimum account

The Optimum Account is another excellent option, and it is designed to support your daily transactional banking requirements. With this account that allows mobile and online banking, you can manage your finances across borders, receive money from international sources, and even make payments from anywhere in the world with absolute ease.

The Optimum Account doesn’t offer a full range of currencies like the Call Account, but it does work with the major currencies used abroad as follows:

• Sterling (GBP)
• United States Dollar (USD)
• Euro (EUR)
• Australian Dollar (AUD)

There is a minimum account balance expected, and you pay no maintenance fees on the account if you always have the minimum balance in place. Minimum balances to expect on this account include one of the following, dependent on the currency you will be working with:

• £4,000
• US$6,000
• €6,000
• AU$6,000 

With this account, you can process an unlimited amount of deposits and withdrawals. You will have access to a wide range of international banking services, including foreign exchange and even a savings account. Even better, you get a nifty Visa card so that you’re in control of your money at all times.

 

Why open an offshore account?

Moving overseas comes with its perks. It means more money, better safety, and more opportunities, but it also means initial setup costs. Having your money reach your overseas destination ahead of you is a great way to streamline the process and ensure that you have available funds from the moment you arrive. There are additional reasons to open a Standard Bank offshore account, of course, and these include the following:

• Excellent security for online and mobile banking features
• Consolidate money in different currencies
• Quick and easy access to foreign exchange services
• Ability to manage your money on the go with professional and streamlined mobile services
• No deduction of tax at source on interest on savings and investments (tax liability elsewhere may apply)

 

Let FinGlobal help you get set up financially abroad, even before you go

What’s great about the offshore bank accounts we have on offer is that they are open to any South African who wants to move their money abroad, even if they aren’t relocating themselves any time soon or for the foreseeable future. Of course, there could be a myriad of reasons why you want to shift your funds, and that’s okay.

We’re here to make the process as simple and effective as possible. Opening a bank account abroad is nerve-wracking. And while there are multiple services online that act as money apps for foreigners abroad, none come with the security of a big brand behind them, like Standard Bank. So if you want to have complete peace of mind, an easy setup process, and the type of hassle-free service you’re after in your new life abroad, get in touch with us at FinGlobal. Simply give us a call on +27 28 312 2764 or email us at info@finglobal.com.