What is the local currency?
The South African Rand (R) is the local currency. Each rand is equivalent to 100 cents.
What denominations does it come in?
Coins come in denominations of 5c, 10c, 20c, 50c, R1, R2 and R5. Notes are issued in values of R10, R20, R50, R100 and R200.
What is the best way to exchange currency?
Banks and Bureau de Changes are the best bet. Some hotels will also exchange currencies for their guests.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash and credit cards, such as Visa, MasterCard and American Express, are most common.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Most retail outlets will accept credit cards, but some smaller shops and restaurants may only accept cash. Fuel outlets (petrol/gas stations) only accept cash or fuel card.
By what method are bills (such as rent and utilities) paid?
Internet banking, telephone banking and some ATMs will allow payment for utilities. The major supermarket chains (Checkers and Pick 'n Pay) have facilities for payment of utilities at their check-out counters.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
Opening a bank account requires producing an identity document, a salary pay slip, residence permit, tax number and proof of residence, such as a utility bill no older than 3 months. A deposit may also be required. It is best to check with the relevant bank as to their exact requirements.
Will foreign residents be able to find banking services in their native languages?
Many foreign banks are represented in Johannesburg.
Are there any restrictions on services for those who are new to your country?
No restrictions are known, but best to check when opening the account.
What are typical banking hours?
Monday to Friday 9:00 a.m. to 3:30 p.m., Saturday 9:00 a.m. to 11:00 a.m.
Are automatic teller machines (ATMs) available around the clock?
Yes, although some do not accept deposits.
Is there any other money information that might help me?
Reward systems are linked to many credit cards whereby benefits are awarded depending on points accrued.
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.