Banking in South Africa as a Brit: opening an account and moving your money

Opening a South African bank account is mostly a paperwork exercise, and the paperwork that matters most is your visa and a proof of address.

The short version

• South African banks must check who you are and where you live before they open an account, so expect to show your passport, your visa or permit and a recent proof of address [1].
• If you don't live in South Africa yet, you can open a non-resident account from abroad; Standard Bank, for example, asks for your passport, proof of address, three months of statements from your foreign bank and proof of income [1].
• Keep your UK current account. It's how many people get UK pensions, rent and refunds paid, and the State Pension can be paid into either a UK or a South African account [2].
• Money leaving South Africa is covered by exchange control. Since 8 April 2026, residents aged 18 and over can send up to R2 million a year abroad under the single discretionary allowance, double the old R1 million [3].
• Bigger sums need SARS approval first, so keep a paper trail for any money you bring in [3][4].

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = ZAR 22.20).

How banking in Cape Town differs from back home

The big names are Absa, FNB, Nedbank, Standard Bank and Capitec, with newer app-based banks alongside them. Day to day it feels familiar: contactless cards, banking apps, instant payments between local accounts. A few things catch Brits out, though.

Monthly account fees are normal. Back home in Blighty most of us are used to "free if in credit" banking. In South Africa, many current accounts carry a monthly fee, and fees rise with the account's perks. Standard Bank's non-resident private banking account, for instance, costs R490 a month (about £22) and needs an income of R58,000 a month (about £2,610) [1]. Cheaper and fee-free accounts exist, so compare the bank's own pricing guide before signing up.

Your visa matters. Banks treat foreign nationals living in South Africa differently from South African citizens. Your account is tied to your passport and the visa or permit in it, and when that visa is renewed, the bank will usually want to see the new one.

Security is taken seriously. Expect one-time PINs for almost everything, app approvals for new payees and the odd call from the fraud team. It's a faff, but it's there for good reason.

The documents banks ask for

South Africa's anti-money-laundering law, the Financial Intelligence Centre Act (usually just called FICA, as in "have you been FICA'd?"), requires banks to verify customers. In practice that means:

Proof of address is the classic snag. When you've just arrived you won't have a utility bill in your name. A signed lease usually does the job, and some banks accept a letter from your landlord or employer. Ask the branch what it will take before you go.

Opening an account step by step

1. Sort your visa first. Most banks won't open a resident account on a visitor's stamp. Our guide to moving to Cape Town as a Brit covers the visa routes.
2. Get a South African mobile number. Banks send one-time PINs by SMS, and a UK number on roaming is unreliable for this. Buying a SIM means registering it under RICA, which also needs your passport and address.
3. Pick your bank and account. Look at the monthly fee, what's included, and whether the bank has a foreign nationals or expat team. Some let you start online; others want you in a branch.
4. Bring originals and copies. If the bank asks for certified copies, a police station or a commissioner of oaths can certify them.
5. Set up the app and card. Register for online banking on the day, while you're in the branch and someone can help.

Keeping your UK bank account

Don't close your UK account when you leave. It's the easiest place to receive UK income, pay UK bills, and keep a credit history ticking over at home. The catch is that some UK banks restrict or close accounts once they learn you live abroad, so check your bank's policy before you go and keep a UK correspondence address if you can. Our guides to keeping a UK bank account when you live abroad and keeping a UK mobile number and address cover the practicalities.

Your State Pension. DWP will pay it into a bank in the country where you live, or into a UK bank or building society. Payments abroad are converted at the day's rate with a 0.39% conversion charge, and you choose to be paid every 4 or 13 weeks [2]. South Africa is one of the countries where the State Pension is frozen, so it won't rise each April while you live there; our State Pension abroad guide explains.

Many Brits keep both: pensions and rent land in the UK account, and they move money to Cape Town in chunks when the rate looks decent.

Moving money between the UK and South Africa

Bringing money in is straightforward. You can send pounds by international bank transfer (SWIFT) or use a specialist currency transfer service, which often beats the banks on the exchange rate. Both your UK bank and your South African bank may charge, and the receiving bank will ask what the money is for, because every cross-border payment is reported under exchange control. Keep the paperwork for large transfers, such as proceeds from selling a UK house. You may need to show where money came from if you later want to send it back out.

Sending money out is where exchange control bites. The South African Reserve Bank sets the limits, and banks apply them:

The R2 million figure came in with Exchange Control Circular 6/2026 on 8 April 2026, following the 2026 Budget [3]. Card spending abroad counts towards it.

To use the larger allowance, you apply to SARS for an Approval for International Transfer (AIT) PIN. Reporting on the 2026 changes notes that SARS wants recent bank statements, a statement of assets and liabilities and proof of where the money came from, and that applications can stall if your statements are more than 14 days old [4].

The rules for foreign nationals who are only temporarily resident are not the same as for South Africans, and the Reserve Bank's circular lets foreign nationals take a travel allowance within the R2 million limit [3]. If you're sending large sums home, such as savings built up from a South African salary, ask your bank's foreign exchange desk how your case will be treated before you start. A tax adviser who knows both countries can check whether SARS needs to clear it.

Standard Bank, as an example of costs, lists a 0.60% fee on outward international payments from its non-resident accounts to anywhere outside the Common Monetary Area [1]. Our guide to sending money between the UK and abroad compares the options without naming firms.

A few Cape Town money habits worth picking up

• Watch for skimming and shoulder-surfing at ATMs. Use machines inside shopping centres or bank branches, and don't accept "help" from strangers.
• Switch on app notifications for every card transaction, so you spot fraud the minute it happens.
• Tap, don't hand over. In restaurants, ask for the card machine to be brought to the table rather than letting your card leave your sight.
• Tell your UK bank you live abroad rather than letting them find out. It avoids surprise blocks on your card.

If you want to compare notes on which bank's branch is easiest about proof of address, ask in our community group for Brits in South Africa. Someone will have been FICA'd at every branch from Sea Point to Somerset West.

Sources

1. Standard Bank: Non-resident bank account (2026 pricing, checked 7 November 2026)
2. GOV.UK: State Pension if you retire abroad – how you're paid
3. South African Reserve Bank: Exchange Control Circular No. 6/2026, single discretionary allowance (8 April 2026)
4. Daily Maverick: You can take more cash offshore, but tax and timing traps still lurk (8 April 2026)

Keep reading

• South African taxes for Brits: the UK link and your State Pension
• Cost of living in Cape Town vs London and the UK average
• Keeping a UK bank account when you live abroad
• Sending money between the UK and abroad