What are Banks?
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
How Many Banks In South Africa?
There are 63 banks operating in the Republic of South Africa (RSA) including 17 local banks and 46 subsidiaries, branches, and representative offices of foreign banks.
List Of Top 10 Banks In South Africa
- Standard Bank.
- FirstRand.
- Barclays Africa Group Limited.
- Nedbank.
- Investec.
- Capitec.
- African Bank.
- Grindrod Bank.
What are the main banks in South Africa?
Banks
- Absa Group Limited.
- African Bank Limited.
- Bidvest Bank Limited.
- Capitec Bank Limited.
- Discovery Limited.
- First National Bank.
- FirstRand Bank – A subsidiary of First Rand Limited.
- Grindrod Bank Limited.
Can a foreigner open a South African bank account?
Yes, it is possible to open a bank account in South Africa as a non-resident, and South African banks have international accounts designed for this purpose. There will be differences such as higher fees and maximum deposits and these need to be checked with your choice of bank.