What is the local currency?
The currency in South Africa is the Rand (ZAR) and it is subdivided in 100 cents.
(One Rand (R) = 100 cents (c) )
What denominations does it come in?
- Coins: R5, R2, R1, 50c, 20c, 10c and 5c
- Bank Notes: R200, R100, R50, R20, and R10
What is the best way to exchange currency?
All commercial banks will exchange traveler's checks and foreign currencies for a nominal fee. Bureau de Changers are available in major cities. Also, currency exchange rates are available at all banks and shopping centers, as well as in daily newspapers. Exchange rates can even be sent to you via your cell phone through some sites and apps.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash or credit and debit cards are commonly used as payment for everyday purchases. Checks are not favored and should be avoided.
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 a few stores that are unable to accept them, such as flea markets and smaller businesses.
By what method are bills (such as rent and utilities) paid?
Methods of payment that are acceptable to pay bills are cash, debit cards, stop orders or EFT (Electronic Funds Transfer). Many people also opt for the convenience of online banking as a form of payment.
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, and it must be signed by the bank manager. It should also show your full name and the conduct of the account. You will also need a valid passport.
Will foreign residents be able to find banking services in their native languages?
All banks provide services in the local language, which is English.
Are there any restrictions on services for those who are new to your country?
No, there are not any restrictions on banking services for those who are new to Cape Town.
What are typical banking hours?
Banking hours are primarily from 9:00 a.m. to 3:30 p.m., Monday thru Friday, and from 8:30 a.m. to 11:00 a.m. on Saturdays. Some banks have certain branches that provide extended banking hours and these branches and their hours are obtainable from the actual branch or from the main branch of the bank. All banks are closed on Sundays and all public holidays.
Are automatic teller machines (ATMs) available around the clock?
Some automated-teller machines (ATMs) are available 24 hours a day depending on the location. There is a daily limit amount for cash withdrawals. ATMs can be found at banks, service stations, shopping centers and similar locations.
Is there any other money information that might help me?
A 24-hour emergency number is displayed on the front of all ATMs. When withdrawing money from ATMs, do not accept unsolicited help and avoid withdrawing cash at night or after hours when alone. 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.
Banks, forex bureaus and many hotels accept all major foreign currencies (travelers' checks and cash). The best currency to use is the US dollar, British pound or the euro. Credit or debit cards such as Visa and MasterCard are accepted in most shops, restaurants and hotels. It is also possible to withdraw money from these cards at various cash points. The import and export of SA Reserve Bank notes is limited to ZAR 5,000.00. There is free import of foreign currency, subject to declaration. The export of foreign currency is limited to the amount declared on arrival. Most gas stations accept debit or check cards for refueling, but please ask before filling up.
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.