Offshore accounts are not just for the rich and famous
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I will still be employed by a South African company and receive a salary into my FNB bank account monthly. I will forex bank account south africa mostly forex bank account south africa in Serbia but plan on travelling a lot. Does anyone have any advice on the best bank account to have? Is there a way to not get charged a small fortune in ATM charges and avoid getting my account frozen for using it in lots of countries? I also have a British Passport if that makes a difference.
For both of these, at times the exchange rate was the rate you get when you google it, at the worst it was around 0. I wanted to look into https: The legal issues surrounding keeping money in a foreign bank account is not very clear to me though - SA is quite strict about forex. Their actual transaction fee was around R40 for ATM withdrawals though I see theunis says it is now R45but the key was that they did not charge any currency conversion fees.
For the past year I have been using a local bank in Thailand as I have sort-of settled down here for a while, but before that Forex bank account south africa used the Capitec bank card all the time and never had a any problems. I had to use it again about 3 months ago and all still worked fine. That should protect you a but against the Rand fluctuating, and also since it is already in the foreign currency there should be no currency conversion fees.
Also as you mentioned there may be a lot of legal implications in having an offshore account. And only then for a visit.
My boyfriend is originally from there and has family there. We plan on using it as a base as we forex bank account south africa stay and live there very cheaply to save money to fund our travels. I was thinking multiple banks would be a good idea. Do you know anything about the legal implications in South Africa of having an offshore bank forex bank account south africa since you have one in Thailand? I am not aware of any legal implications, but also my situation was a little different from what I suspect yours will be.
I worked for a local Thai company so it was Thai income that went into my Thai bank account. I never moved money from SA into my Thai bank account. If I understand your situation correctly you want to take money out of the country and deposit in a foreign bank account? If so you will be limited by the exchange control laws. Last I checked the amount you are allowed to take out of the country per annum was quite generous - somewhere in the R1 million region.
Share forex bank account south africa you learn here though please. If you go into an actual bank to withdraw money its 2.
If you are in a country that does forex bank account south africa use those currencies i. Serbia where I will mostly be based then the fees become much higher and it makes it not worth it. It seems so from the website so its probably the way to go. Should be - at least mine still forex bank account south africa the same.
Hi, so you are right, Capitec does work the same as you have said theunis. However I have just come across this which looks amazing! Works with a lot of currencies and worldwide, no ATM fees and uses the interbank exchange rate. Here is a thread on this forum discussing the service. Ah I had thought you could only get one if you were in the UK.
I was actually planning on signing up when I go to London next month. With the ZAR tanking, it seems like a good idea though. Kirst85 have you been using revolut? If so, how has it been working for you? What's the best bank for South African digital nomads? If any of you have any experienced advice I would be very grateful, Thanks in advance! Whereabouts will you be travelling to? I can basically just confirm what theunis says… When I left SA about 3 years ago I did research and at that time Capitec was the cheapest.
I would suggest though that you have a backup card from another bank just in case… Edit: Thanks jerriep I was thinking multiple banks would be a good idea. Just came across this article this morning which may also help you: Hi, here for an update.