Many South Africans understand how the Absa cheque account works but if you are among the few who do not know, worry no more!
This guide will explain.
We will first briefly discuss what a cheque account is.
What Is Absa Cheque Account
This transaction account is used as a debit card to swipe when making purchases.
The account makes it easier to manage your income as it’s more affordable to make different transactions.
Now that you know what a cheque account is, we will go ahead and show you how the account works.
Absa Cheque Account
If you have an Absa cheque account, you are entitled to unlimited cash withdrawals, unlimited debit or cheque card purchases, and free SMS and email notifications.
There are many Absa cheque accounts tailored to meet every customer’s needs.
The monthly fee for this account is R50.00
You earn interest on the money in your cheque account.
You will receive rebates on your account fees when you maintain an account balance of R15 000.
You can withdraw money from your cheque account in any ATM across South Africa.
This is all you need to know about the cheque account in South Africa.
Types Of Absa Cheque Accounts In South Africa
The following are the various Absa cheque account types:
- Gold cheque account
- Platinum cheque account
- Flexi value bundle account
- Islamic cheque account
- Prosperity cheque account
- Private banking transaction account
These are the Absa cheque accounts in South Africa.
We will now show you the requirements to open a cheque account.
Requirements For Cheque Account
Below are the general requirements to open an Absa in South Africa:
- You need a valid South African ID or smart card or a valid passport if you are a foreigner.
- You must provide proof of residence is not older than three months
- A minimum account opening balance of R50
- A monthly income of at least R3000
- Proof of income of the last three payslips or bank statement
These are the basic requirements to open an Absa cheque account in South Africa.