UNIVERSITY OF THE WITWATERSRAND, JOHANNESBURG

Banks and banking

Most major banks in SA offer banking services to international academics, students, post graduates and post doctoral fellows. The permit or visa you have will determine what kind of banking is open to you.

Student permits entitle you to open accounts at most, but not all banks, as long as you provide proof of residence and a copy of your permit.

Visitor’s permits are more restrictive and the only bank that offers banking facilities for the extended visitors permits which most post docs are on is FNB. Post Bank which is banking with the post office also offers limited banking facilities for visitor’s permits.

Academics on work permits are entitled to open whatever bank account they find suitable. You will need to fulfil the requirements about proof of residence when you initially apply for a bank account and to provide the letter of your appointment by the University as well as your work permit. It is advisable to create a credit history as soon as possible as banks require credit histories in order to grant bonds and other large loans.

Proof of residence

In order to open a bank account with any of the following banks you will need to provide proof of residence.
If you are staying on campus in residence then a letter from your residence is acceptable.
If you are renting an apartment, cottage or house from a landlord then a letter from the landlord stating that you are a tenant, together with a bill for the property (not older than three months) registered in the landlord’s name acts as proof of residence.
Standard Bank has an official form which needs to be filled out by your landlord.
Post Bank requires a form signed by your landlord and witnessed at a police station, which states that the landlord permits you to use their residence as your proof of residence.
our proof of residence must not be older than three months.
Do not lose your proof of residence as you will need it to register your cell phone number.

Study permits and letter stating you are a bona fide student/researcher

Study permits which are issued with your visa are required by all banks. The letter from Wits stating that you are a bona fide researcher/student can be obtained from your Faculty Office. It needs to be on Wits stationary and should state that you are here to study or do research.

Post Doctoral Fellows on visitor’s permits

Please contact Tembile Kulati for advice on your banking options: tembile.kulati@wits.ac.za

FNB - www.fnb.co.za

Documents you will need in order to open an account:

Valid passport
Study permit
Letter from Wits stating you are a bona fide student/researcher.
proof of residence

Benefits and services open to international students:

If you are under 25 you may open a Student account.
Cheque account/current account
Debit card
Savings account
Cell phone and internet banking
Receipt of money from abroad

If you are a post doc on a visitors permit you will need a letter on Wits stationary attesting to your residence which will suffice as proof of residence. This will allow you to open a smart account.

Standard Bank - www.standardbank.co.za

Documents you will need in order to open an account

Valid passport
Study permit
Letter from your faculty stating you are a bona fide student registered in that faculty
proof of residence ( you will be given an official Standard Bank form to have filled out but you need to go to the bank to get it)

You are eligible for the following:

A Student Achiever account if you are under 26
If you are over 26 then you have different banking options.
Internet and cell phone banking
You may receive money from abroad but you cannot send money out unless you can prove how your earned it (which would require a work permit)

ABSA - www.absa.co.za

Documents you will need to open an account:

Valid passport
Student permit
Proof of registration
Proof of residence

You are eligible for the following:

A Student Savings account.
Internet and cell phone banking
To send money abroad you have to use Western Union of ABSA foreign exchange in Rosebank, Eastgate or Sandton City.

NEDBANK - www.nedbank.co.za

Documents needed to open an account:

Valid passport
Study permit
Letter stating you are a bona fide student
Proof of address
You will also be required to sign a declaration at the bank stating that you are a foreign national

You are eligible for

Student or savings account.
Debit card, cell phone and internet banking.
It is possible for you to send money abroad through Nedbank but there is a restriction on the amount.