| What is the local currency? |
| The unit of currency in South Africa is the Rand; it can be further divided into 100 cents |
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| What denominations does it come in? |
Bank notes – R200, R100, R50, R20, and R10
Coins – R5, R2, R1, 50c, 20c, 10c, 5c, 2c, 1c |
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| What is the best way to exchange currency? |
| All commercial banks will exchange traveller’s cheques and foreign currencies for a nominal fee, which changes from facility to facility. Bureau de Changers are available in major cities. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| Cash and credit cards are used for payment of everyday purchases. Cheques are not favoured. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| Credit Cards are widely accepted; there are few stores that will not have credit card facilities. These include flea markets and smaller cafes. |
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| By what method are bills (such as rent and utilities) paid? |
| Internet banking has made life convenient although other methods of payment include debit or stop orders, cheques payments or cash. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
In order to open a bank account, you will be required to furnish positive identification; for most expatriates, a passport will be sufficient. You will also need to provide a letter of employment that states how long you are on contract for. A deposit is generally required immediately.
For non residents banks would require an original banking report from your foreign bank, stating when the account was opened, signed by the bank manager. It should also show your full name and the conduct of that account. You will also need your valid passport. |
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| Will foreign residents be able to find banking services in their native languages? |
| Only in the local language (English) |
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| Are there any restrictions on services for those who are new to your country? |
| No |
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| What are typical banking hours? |
| Banking hours are primarily from 9am to 3.30pm weekdays and from 8.30am to 11am on Saturdays. Banks do have extended banking hours at certain branches and these hours and names of branches are obtainable from the necessary banks. All banks are closed on Public Holidays and Sundays. |
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| Are automatic teller machines (ATMs) available around the clock? |
| Automatic Bank Tellers (ATM’s) are available which have set daily limited for cash withdrawals. Not all ATM’s are 24 hours, but you can find them at service stations and similar locations. |
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| Is there any other money information that might help me? |
| A 24hour emergency number is displayed at all ATM’s When drawing money from cash machines (ATM’s) do not accept unsolicited help and avoid drawing cash at night alone or after hours at deserted ATM’s. Never force your cash card into a machine, if the machine does not accept your card, this means the machine has been tampered with. |
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| Useful Links |
Standard Bank of South Africa
www.standardbank.co.za
Nedbank
www.nedbank.co.za
Absa Bank
www.absa.co.za
First National Bank
www.fnb.co.za
Currency converter
www.xenet/ucc/ |