What is a Bank?
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Top Banks In South Africa
1. Standard Bank
The Standard Bank Group is the largest African banking group with total assets of around R2 Trillion (USD 153 Billion), with a market cap of approximately R310 Billion, offering a range of banking and related financial services across sub-Saharan Africa.
2. FirstRand
FirstRand was created in its current form in 1998 through a merger of the Anglo-American Corporation of South Africa Limited and RMB Holdings(RMB). It was headquartered in Johannesburg, South Africa, and employs more than 44,000 people.
3. Barclays Africa Group Limited
It was formerly known as ABSA Group Limited. Barclays Africa Group Limited is a financial services provider in Africa offering personal and business banking, corporate and investment banking, wealth, and investment management services.
4. Nedbank
It is one of the largest Banks in South Africa, with a Market Capitalisation of R128 Billion as of 31st December 2017. They offer a wide range of wholesale and retail banking services, growing insurance, assets management, and wealth management services in 39 countries worldwide through its 2000-plus branches and employ more than 31,000 employees.
5. Investec
Investec is an international specialist banking & asset management firm. It provides a range of financial products and services, including investment, assets and wealth management, retail, corporate, and investment banking to the clients’ base in Europe, Africa, and Asia-Pacific.
6. Capitec
Capitec is a retail bank in South Africa, headquartered in Western Cape and operating through 800 retail branches nationwide with 9.9 Million active clients. About 11,400 employees are working with the bank. It has total assets of around R87 Billion.
7. African Bank
African Bank Limited is a private sector financial service provider retail bank offering a wide range of products and services to the consumers of South Africa, including loans, investment, debit, and credit card services.
8. Grindrod Bank
It is a private-sector commercial bank in South Africa licensed as a “Locally Controlled Financial Institution” by the Reserve Bank of South Africa. It was founded in 1994 and had offices in Johannesburg, Durban, Cape Town, and Pretoria of South Africa.
9. Mercantile Bank
Mercantile Bank is a commercial bank founded in 1965 and headquartered in Sandown. It is a fully owned subsidiary company of Mercantile Bank Holdings Limited. Mercantile Bank Holdings Limited is a bank controlling an investment holding company with (100%) vesting in its Portuguese parent company, Caixa Geral de Depositos (“CGD”).
10. Bidvest Bank
Bidvest Bank is a private sector commercial bank in the Republic of South Africa licensed as a “Locally Controlled Financial Institution” by the Reserve Bank of South Africa. It was founded in 1998 and had its head office in Johannesburg, South Africa.
Which Banks Support Paypal in South Africa
You have the flexibility to transfer your PayPal funds to any bank account in South Africa, including popular banks like Standard Bank, Nedbank, ABSA, and others. It’s a simple process that involves linking your South African bank account to PayPal, as explained in detail here.
Which Bank Is Best for Foreigners in South Africa?
If so, the FNB non-resident account might be the ideal solution for you. Widely recognized as one of the leading non-resident account options in the country, the FNB non-resident account offers a range of benefits tailored to meet the needs of individuals like yourself.