In our guide today, we will focus on the Absa non-resident account in South Africa.
We will first explain what a non-resident account is.
What Is A Non-Resident Account
You can open this account in a central location based in a country or region you don’t currently reside in.
They are also known as offshore accounts.
You can use this account to hold money, send and receive payments.
You can also set up savings and investment accounts in different currencies with this account.
If you regularly travel between countries for business or owe assets overseas, you should consider getting this account.
Now that you get the basics of a non-resident account, we will show you exactly how it works in South Africa.
Absa Non Resident Account
You can qualify for the account if you have a valid work, study, retirement, or spousal permit.
When you register for this account, you have access to Absa mobile banking and can make transactions anywhere.
You also get a debit card that you can trade with.
This account makes it easy to manage finances while still living or working outside your home country.
You can link your Absa non-resident account to your local account.
You can use the account if you want to retire abroad, receive a pension in a foreign currency, or if you are supporting family members abroad.
Deposits made to your account from local sources while in South Africa will be made available only if you provide supporting documentation to validate the source of funds and exchange control requirements.
This is how the Absa non-resident account works in South Africa.
We will show you the requirements to open the Absa foreigners
Requirements For Absa Foreigners Account
Below are the basic requirements to open an account:
- You need a fully completed letter of authority from your home bank containing the details of your existing bankers who Absa can contact to verify your identity.
- Provide a certified copy of your passport.
- You need a utility bill under your name showing your current residential address.
- You need all the relevant application forms.
Once you fill out all the documentation and submit the forms at Absa, the bank will review your application, and if successful, your account will be opened.
These are the requirements to open an Absa non-resident account in South Africa.
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