What is the local currency?
The unit of currency in South Africa is the Rand; it can be further divided into 100 cents.
What denominations does it come in?
Bank notes – R200, R100, R50, R20, and R10
Coins – R5, R2, R1, 50c, 20c, 10c, 5c, 2c, 1c
What is the best way to exchange currency?
All commercial banks will exchange traveler’s checks and foreign currencies for a nominal fee, which changes from facility to facility. Bureaux de Change are available in major cities.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash and credit cards are used for payment of everyday purchases. Checks are not favored.
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.
By what method are bills (such as rent and utilities) paid?
Bills can be conveniently paid via Internet banking. Other methods of payment include debit or stop orders, check payments or cash.
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 the length of your contract. 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 and 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.
Will foreign residents be able to find banking services in their native languages?
Only in the local language (English).
Are there any restrictions on services for those who are new to your country?
What are typical banking hours?
Banking hours are primarily from 9 a.m. to 3:30 p.m. weekdays and from 8:30 a.m. to 11 a.m. on Saturdays. Banks do have extended banking hours at certain branches; the hours and names of branches are obtainable from the necessary banks. All banks are closed on public holidays and Sundays.
Are automatic teller machines (ATMs) available around the clock?
Automated teller machines (ATMs) are available that have set daily limits for cash withdrawals. Not all ATMs are available 24 hours, but you can find them at service stations and similar locations.
Is there any other money information that might help me?
A 24-hour emergency number is displayed at all ATMs. When drawing money from cash machines (ATMs) do not accept unsolicited help and avoid drawing cash at night alone or after hours at deserted ATMs. Never force your cash card into a machine; if the machine does not accept your card, this could mean the machine has been tampered with.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.