In South Africa there are several international and local banks whereby each of them offer expats various options for managing their finances.
The currency in South Africa is known as the South African Rand (ZAR) and subdivided into 100 cents.
Notes – R10, R20, R50, R100 and R200
Cents – 10c, 20c, 50c, R1, R2, R5
The major banks in South Africa are –
- First National Bank
- Standard Bank
Private banks such as Investec and Rand Merchant Bank (RMB), by opinion, offer more professional services and advice to expats.
Visa and MasterCard are widely accepted in South Africa, whereby America Express and Diner’s Club are mostly accepted in major centres and tourist locations.
Many expatriates choose to remain non-residents due to taxation purposes. If an expatriate is a resident in South Africa he/she will be taxed on their worldwide income, including any assets that remain overseas. A non-resident only gets taxed based on his/her South African income and assets.
It is advised that an expat consult with a South African accountant and an accountant from their home country. However, in addition to our Work Permit Services, we are also able to provide you services based on taxation.