Below is How To Switch Banks In South Africa
If you want to switch your transaction account to a different bank, make sure that you are moving for the right reasons. You should take the following into consideration before you start the process:
Rates and fees of the new bank versus your old bank – being savvy can help prevent excessive fees and charges.
Location of bank branches/ATMs to meet your needs – having conveniently located ATMs and local branches that are easily accessible are an important aspect of customer service.
Additional benefits on offer from both banks – each bank and account type have different benefits and you should evaluate your needs and choose a bank with features to suit your requirements.
You should always remember the following when switching your transaction bank account:
Provide your Employer with your new bank details so your salary can be paid into the correct account.
Ensure that all the transaction originators have updated banking details for your debit orders and other transactions to prevent unpaid debit orders on your old bank account.
Ensure your new bank includes those once-a-year debit or stop orders by providing complete switching instructions.
Switching your transaction bank account from your old bank to the new bank is easy if you follow these three steps:
Step 1 – Open a New Account
Before you are able to transfer your transactions to your new bank you need to open a new account.
When you open your new account, your bank will provide you with the following information and assistance:
The terms and conditions applicable to your new account.
Standard fees, charges and interest rates that apply to your new account.
Contact information for further assistance in switching your account.
Once you have opened a new account, give your new bank the relevant information so that they can transfer debit orders, arrange new stop orders and if necessary, load your payment beneficiaries. After you give your new bank a signed debit order or salary redirect form, your new bank may inform existing debit order originators of your new account details. However, You may still have to confirm this with the originators.
Step 2 – Switch Transactions
Request the following information from your old bank, which they are required to provide within 10 business days:
Your last 3 months’ bank statements.
A list of all current stop orders loaded on your account.
A list of all current beneficiaries is loaded on your account.
Details of any supplementary or linked cards or accounts which may be affected by closing your account and switching banks.
After you have supplied bank statements, stop orders, beneficiaries, and supplementary details to your new bank and your new bank has loaded the relevant details you can close your old account.
Step 3 – Close Your Old Account
Once you have opened your new account and switched transactions, ask your old bank to close your transaction account.
Switching banks can take time and it is recommended that you keep the old account open for at least 6 weeks to identify and switch all transactions before closing your old account.
It is a good idea to keep funds in the old account to cover any transactions which may be delayed when switching.
When you close your account ask your old bank to transfer any remaining funds to your new account.
How to Switch your business bank account in SA
Find the right account for you
Compare the features and benefits of our bank accounts to find the one best suited to your business’s needs.
Apply online
Once you’ve decided which account you want, you can easily and safely apply online from any of our business bank account pages and we’ll call you back.
Activate your account
Once you have opened your business bank account, you can collect and activate your card at your nearest branch. You’ll need to bring the following with you:
- ID of owners and signatories
- Proof of address not older than 3 months
- Company registration documents if a registered company
Your card will be active as soon as you receive it. You can get your PIN in-branch or by calling 0860 123 000 if your card was delivered.
Link your card
You can register your Internet Banking profile before your business account is activated. You can link your card when you collect it from us or link it via Internet Banking.
Switch and cancel
You can switch your business bank account yourself or give us permission to switch all your debit orders and stop orders to your new account.
Once you’ve transferred your funds into your new account with us, you can cancel your old bank account.
Start banking
Downloading our Banking App to have more control over your card limits and different functionality.
You can choose to do your business banking through any digital channel or device you prefer.