In this article,I’m going to teach you easy guide on how to Bank with the United States from South Africa fast and easy.It is very important having a USA bank account right from your country without living in the United States.
Most times,our vendors receive questions on this aspect from South Africa, if it’s really possible to open a USA Bank Account from their country? that’s why we going to precisely discuss on that aspect today.
How to open a USA bank account in South Africa now
If you are living in South Africa, there are so many reasons and benefits, why you should open a USA bank account which includes to diversifying against rand exchange rate risk, depositing foreign earnings etc.
Before opening a US Bank account from South Africa,there are some options you need to consider which is If you’re looking to invest in foreign currency,or want to open a salary or business account in USD.
Opening a US Bank account from South Africa is very easy with Zenus Bank
First you have to choose any bank of your choice from South Africa in which you want to open USA account with which includes the following banks.
1.Open a USD account at a US bank (not strictly possible from SA).
2.Open a foreign currency account with a major SA bank such as Absa, FNB,Standard Bank,or Nedbank.
3.Use a fintech forex solution.
4.Open an all-remote account with Zenus Bank.
Opening a bank account via American Bank
American banks don’t allow non united states residents applicants to bank with them.unlike Australian, Zealand banks, even if you are planning to relocate to the United States but you want to open the USA bank account from South Africa, you wouldn’t be allowed. You are only expected to visit any of the branches in the United States in physical appearance for successful opening of your USD account with the American Bank.
America Bank Requirement before opening USD account
Proof of identity: which includes the following :
A valid government-issued identification document
such as an ID card,passport,or driver’s license.
Proof of address:Utility bills,bank or credit card statements,
Lease agreements,or mortgage statements that list the address of a US residence
Opening the USD Bank account with the American Bank is more easier,when you resides,in the United States.You can easily decide to open any bank of your choice such as Wells Fargo,Bank of America,Capital One etc
2.Opening a US bank account via South Africa Bank
You can decide to open the USD bank account from South Africa Banks especially when you wanna spend and save using the dollar currency may be for international payments, overseas trips, managing exchange rate risk etc.
In opening the USD bank account from South Africa, there are certain benefits you derived from any of the banks in which you want to apply for the USD bank account which includes the following south Africa banks.
Benefits of opening the United States Dollars Account from South Africa As A Non USA residents Includes the following
USD account with Standard Bank of South African
This Bank offers the Optimum Account to customers and non customers not just in South Africa but worldwide. And also comes with a steep minimum balance requirement. Here are the overviews
Currencies: USD, GBP, EUR, AUD
Annual fee: $25
Currency conversion: 2.75%
Minimum balance: $7,000
Card: Visa debit.
ATM withdrawal: 1.75% (min. $3)
Int’l payments:Yes
USD Account with FNB Bank of South Africa
FNB bank offers the best forex services. If you already hold an FNB Cheque Account, you’ll have the option to open up a Global Account. This flexible account and card come with the following benefits:
Currencies: USD, GBP, EUR
Annual fee: $20
Currency conversion: 1.5%-3%
Minimum balance: $0
Card: Visa debit.
ATM withdrawal: $5
Int’l payments: Yes
USD account with Absa Bank of South Africa
Absa’s international bank account offering is quite limited, it can only be used for forex investments and isn’t suitable for deposits and checking.
Absa’s Currency Investment Account isn’t the right option, and we recommend looking at other options on this list includes
Nedbank’s
Nedbanks,South Africa allows Foreign Currency Account customers with existing Nedbank accounts to transact in an impressive number of foreign currencies at a very low cost.
However, the account doesn’t come with a card and cannot be used by itself for foreign currency card spending without first applying for a separate product, the Nedbank Travel Card.
Below are the benefits recieved
Currencies: USD, GBP, EUR, AUD, CAD, HKD, JPY, ILS
Annual fee: R0
Currency conversion: 3%-6%
Minimum balance: R1,500
Card: N/A
ATM withdrawal: N/A
Int’l payments: Yes
USD account with Zenus Bank
Zenus Bank is a licensed and regulated American bank that provides both US residents and non US residents to open the USD bank accounts , either from south africa, Kenya, aside United States.
Before opening a US bank account from South Africa with Zenus Bank,
Zenus Bank will require four pieces of information from you, which includes :
1.A valid South African passport;
2.Proof of address in South Africa;
3.A completed Form W-8 BEN IRS(this is for the IRS)
Proof of employment
Frequently asked questions about opening a US bank account in SA
Although it’s certainly possible to open a US bank account from South Africa, you’ll first need to consider your needs closely. If you’re looking to invest in foreign currency, you’ll have completely different options (and requirements) than you would if you were looking to open a salary account in USD, for example.
In short,here are the main options you have to open a US dollar bank account in South Africa:
Open a foreign currency account with a major SA bank such as Absa,FNB, Standard Bank, or Nedbank.
Open a USD account at a US bank (not strictly possible from SA).
Open an all-remote account with Zenus Bank.
Use a fintech forex solution.
We go through all four of these options below:
Option 1 — Via a South African Bank
Discott (CC BY-SA 4.0, modified)
One option you have for opening a US bank account from South Africa isn’t so much to open a bank account in the US, but rather to open up a foreign currency bank account in South Africa. This will probably be the most practical option for most South Africans who’re only looking to spend or save in a foreign currency (e.g. for international payments, overseas trips, managing exchange rate risk, etc.) but don’t have American documentation such as proof of residence, an SSN, or an ITIN.
To open a foreign currency account in US dollars at a South African bank, we’ll be looking at offerings from FNB, Standard Bank, Absa, and Nedbank — all of which offer foreign currency account products.We outline them below:
FNB Bank of South Africa
FNB is the South African bank that’s widely regarded to offer the best forex services. If you already hold an FNB Cheque Account, you’ll have the option to open up a Global Account. This flexible account and card come with the following benefits:
Currencies: USD, GBP, EUR
Annual fee: $20
Currency conversion: 1.5%-3%
Minimum balance: $0
Card: Visa debit.
ATM withdrawal: $5
Int’l payments: Yes
Standard Bank
Standard Bank offers the Optimum Account to customers and non-customers alike (not just in South Africa but worldwide.) This excellent coverage sets it apart from FNB’s offering, although it comes with a steep minimum balance requirement. Here’s an overview:
Currencies: USD, GBP, EUR, AUD
Annual fee: $25
Currency conversion: 2.75%
Minimum balance: $7,000
Card: Visa debit.
ATM withdrawal: 1.75% (min. $3)
Int’l payments: Yes
Unlike Standard Bank and FNB,Absa’s international bank account offering is quite limited:it can only be used for forex investments and isn’t suitable for deposits and checking. Therefore, unless you’re wanting to set up larger USD investments, then Absa’s Currency Investment Account isn’t the right option, and we recommend looking at other options on this list.
Nedbank
Nedbank’s Foreign Currency Account allows customers with existing Nedbank accounts to transact in an impressive number of foreign currencies at a very low cost. However, the account doesn’t come with a card and cannot be used by itself for foreign currency card spending without first applying for a separate product, the Nedbank Travel Card. An overview of the account can be found below:
Currencies: USD, GBP, EUR, AUD, CAD, HKD, JPY, ILS
Annual fee: R0
Currency conversion: 3%-6%
Minimum balance: R1,500
Card: N/A
ATM withdrawal: N/A
Int’l payments: Yes
Recommendation icon
Provided you don’t mind the rather high fees, opening a foreign currency account in SA is best:
To receive a salary in USD and convert it into ZAR.
To invest or hold money in USD.
To visit the US regularly.
Option 2 — Via an American Bank
Ken Teegardin (CC BY 2.0, modified)
Unlike British,Australian,and New Zealand banks, American banks don’t allow applicants from overseas at all — even if they have a residence in the US or are planning to relocate in the near future.
In effect,this means that you cannot open a US bank account from South Africa with a big bank in the US without physically going to the US and visiting a branch in person to open one.
Even then, you’ll still usually be required to provide a US ID document (e.g. a passport or a Green Card), a Social Security Number (SSN), or an Individual Taxpayer Identification Number (ITIN), although these requirements can sometimes be more relaxed depending on the state and the bank branch in question.
Because it isn’t an option for many people,opening a US bank account from South Africa at a big name bank is usually a write off. However, if you are a US resident and have the opportunity to visit the country to open up a bank account in person,then you should have an easy time opening a US bank account with big banks such as Wells Fargo, Bank of America, Capital One, and many others.
info icon
If you’re relocating to the US, you can always also open a bank account once you’ve arrived in the country. Take a look at our guide to opening a US bank account, even without proof of residency.
Option 3 — Zenus Bank
Zenus Bank
Zenus Bank is a licensed and regulated American bank that provides all-remote US bank accounts in almost every country in the world (including South Africa) without the requirement to be a US citizen or resident. To open a US bank account from South Africa, Zenus Bank will require four pieces of information from you:
A valid South African passport;
Proof of address in South Africa;
A completed Form W-8 BEN (this is for the IRS);
Proof of employment (or pension or unemployment)
Zenus Bank’s USD personal current account costs a one-time application fee of $50 and a membership fee of $50 per month. This fee is admittedly very steep and stems from the fact that Zenus Bank is a full-reserve bank, meaning it doesn’t loan out or invest your money and instead charges a higher membership fee to make its money. (In contrast, fractional reserve banks make money from personal customers by loaning out their money and charging lower account fees as a result.)
Once successful opened the USD account with Zenus Bank,you’ll be allowed to manage and transfer your finances with US bank details from the Zenus internet banking app.
And There is absolutely No minimum balance required.
Complete security with your funds (Zenus doesn’t lend your money).
No charges on ATM withdrawals.
Insurances and other offers and benefits are included.
The Zenus’physical and virtual debit cards are available in many countries,but currently not yet available in South Africa.
Moreover,clients who want to deposit money and aren’t bothered with withdrawing or transferring out will likely benefit most from using Zenus since incoming payments are all free. On the other hand, ACH payments from the account cost $15 and international wires and SWIFT payments cost $25.
How to Fund Your Zenus Bank Account From South Africa?
Zenus doesn’t publish its daily exchange rates, only charges an exchange rate margin if you want to send money abroad. In other words, the currency conversion rate they apply will be weaker than the true rate you see on Google, also known as the mid-market rate.
You can reduce and even avoid many of these hidden fees by using money transfer specialists instead.
LIST OF THE BEST MONEY TRANSFER Company 2022
1.XE MONEY TRANSFER
2. OFX
3.SENDFX
4.TORFX
5.WORLDFIRST
6.WISE (FORMERLY TRANSFERWISE)
7.CURRENCYFAIR etc.
You can as well use any of these companies to transfer funds to your USD account, safely and secured.
Zenus Bank is a secure and conservative (albeit costly) banking method. , Zenus is highly recommended for those wanting to save large sums of money in stable US dollars and who don’t plan to make frequent withdrawals or transfers from the account and don’t mind paying high costs of $600 per year in account maintenance.
Opening USD account with Wise Multi-Currency Account
This is the fastest, cheapest, and most flexible option to open a US dollar bank account in South Africa is without a doubt the Wise Multi-Currency Account. This account, run by the UK’s leading forex fintech, is a totally free online multi-currency account that gives you bank details in the US and eight other countries around the globe, as well as the option to hold over 50 other currencies and switch between them when you want and make and receive payments across the globe.
A major benefit of the bank details is that they’re fully legitimate bank accounts. Your Wise USD account will come with the following:
ACH routing number;
Wire routing number;
Account number;
SWIFT/BIC code
This means you’ll be able to spend and be paid just like a local in the US, as well as convert your USD balance into ZAR without being charged exorbitant bank fees.
Registering for the account is straightforward:you simply sign up online or in the app with an email address, or Google, Facebook or Apple account and then verify your ID with your SA ID or passport.
Unfortunately,Wise’s physical Visa debit card (which normally comes with the account) isn’t yet available to South Africans, meaning it will be a cardless account. On the plus side, you’ll automatically be given a free virtual Visa debit card,meaning you’ll be able to spend online as usual and even pay in-person via Apple or Google Pay.
Once your Wise Multi-Currency Account is set up, you’ll be able to take advantage of the following unique perks:
Hold,exchange and add up to 56 currencies.
Local bank details in the US, Eurozone, UK, Australia, New Zealand, Singapore, Romania, Canada, Hungary, and Turkey.
A virtual Visa debit card to pay in foreign currencies without fees.
Access to Wise’s forex platform right from your account balance.
Transferring Between USD and ZAR
The drawback of Wise is that you’ll only be able to convert USD to ZAR in your balance, and not the other way around. In this way, it’s a great tool for receiving payments in dollars and converting them to rands (where you can then transfer them into your local bank account), but not ideal for buying USD using ZAR, for example, to pay for an overseas holiday or a foreign investment.
However,if you’re looking for USD to ZAR transfers only,then Wise will probably completely meet and even exceed your expectations.For example,let’s say you wanted to deposit USD earnings from the US into your SA bank account in rands. The conversion would go as follows:
Receive US dollars into your Wise USD account
;
Add money to your ZAR balance and specify the amount in rands;
Convert at an industry-low fee (e.g. 0.71% or $8.73 to add R10,000*);
Transfer the ZAR balance to your South African bank account, or pay directly with your virtual Wise card.
With the above guide,I strongly believe we have answered the questions asked by most of our clients over there in south africa,which are
Can a South African open a foreign bank account?
Can I open a US bank account from South Africa? Etc
Provided you don’t mind the rather high fees, opening a foreign currency account in SA is best:
To receive a salary in USD and convert it into ZAR
.
To invest or hold money in USD.
To visit the US regularly and
If you want to receive dollars in a US bank account and convert it into rands at the lowest rates on the market, we recommend opening a free Wise Multi-Currency Account.
On its industry-leading online platform, you’ll be able to receive money via US banking details and spend with a multi-currency account in 50+ foreign currencies (including rands and dollars) with a virtual debit card.
Here comes to an end of this article please don’t hesitate to ask your questions, if any.You can always reach via telegram or click on the what’sapp botton,don’t also forget to comment on our comments section to know how you are doing.
Thank you