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Maintaining Sa Bank Account

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Just wondering if anyone has trouble/difficulty maintaining their SA bank account/s while living in the USA? Problems with internet banking transactions - receiving RVN's via SMS etc? . Is it perhaps good to let someone in SA have power of attorney over your accounts to let them transact on your behalf?

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I have operated a number of bank accounts with Nedbank since I left South Africa in 2009 with no problems. The online banking works great and have never had any problems, I use online banking at least once a week, I have had no problem with receiving sms on my American cell from Nedbank. There is no good reason to let someone in SA have power of attorney over your accounts to let them transact on your behalf.

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My SA account is with Investec and I get my one time passwords on my US cell. Everything is easily transacted via Internet banking.

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That sounds good, but how do you change the cell number at your SA bank (I'm with ABSA) to your US cell number from within the US?

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That sounds good, but how do you change the cell number at your SA bank (I'm with ABSA) to your US cell number from within the US?

 

You just tell the bank.... I don't know how Absa works, surely they have an email or phone number you can call if you don't have a personal banker?

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You just tell the bank.... I don't know how Absa works, surely they have an email or phone number you can call if you don't have a personal banker?

 

[at]Old

 

As far as I know to be able to give email instructions you had to complete a form at your ABSA branch before you left. (Even Private / Personal Banking)

 

I do think you will have to phone your absa branch or the internet online service to change this

 

0860151 151 - International Banking

 

​International callers for Digital banking: +27 (11)501 5110

 

08600 08600 toll free General enquiries

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I am also asking this question because I have been told by Standard Bank offshore that they will close my account if I become a US permanent resident. I know that SA banks are all FATCA compliant but I guess that does not mean they won't close your account when they become aware you are a US person? And of course as you have to declare foreign accounts (FBAR), they will notify those banks that you are a US person.

So anyone had any hassles with SA bank accounts in this regard?

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I am with ABSA and left SA in 2006 and had issues with getting RVN;s to my cellphone. The easy way around it was to change the delivery method from sms to email - now i simply get them via email and everything works just fine. I also didnt tell them that I live in the USA (none of their bloody business). I get statement emailed to me so the fact that they dont have my residential address is not a problem.

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I am also asking this question because I have been told by Standard Bank offshore that they will close my account if I become a US permanent resident. I know that SA banks are all FATCA compliant but I guess that does not mean they won't close your account when they become aware you are a US person? And of course as you have to declare foreign accounts (FBAR), they will notify those banks that you are a US person.

So anyone had any hassles with SA bank accounts in this regard?

Standard were absolutely useless on this - really bizarre as their corporate forex side is excellent but they are completely useless for individuals - so I closed my accounts with them. (I had accounts with Standard offshore (isle of man) that I had had for a while before we won the green cards, no problem with those, they just wanted proof of US residence when I changed my address from SA to US. ) Investec simply converted my resident to a non-resident account as I formally emigrated, however, my husband did not formally emigrate and also still has an Investec account but his is a SA resident account - and both of us get SMS on our US phones. Change your bank...

 

FBAR is not for the US to notify anyone, it has a dual role of keeping an eye on potential money laundering and ensuring taxable income is declared.

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I am with ABSA and left SA in 2006 and had issues with getting RVN;s to my cellphone. The easy way around it was to change the delivery method from sms to email - now i simply get them via email and everything works just fine. I also didnt tell them that I live in the USA (none of their bloody business). I get statement emailed to me so the fact that they dont have my residential address is not a problem.

I should point out that this actually means Absa isn't being compliant with FICA legislation....not your concern...but they are actually supposed to verify things like address by law. (So technically/legally it is actually their " business" ;) )

Edited by SJ27

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SJ27, do you still have your Standard Bank Isle of Man accounts? They were pretty clear that they will close my accounts.

And yes you are right about ABSA not being FICA compliant - Superkruz may have a problem when ABSA asks him to re-FICA (which they are now doing every few years it seems), unless he can still provide proof of a South African address.

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SJ27, do you still have your Standard Bank Isle of Man accounts? They were pretty clear that they will close my accounts.

And yes you are right about ABSA not being FICA compliant - Superkruz may have a problem when ABSA asks him to re-FICA (which they are now doing every few years it seems), unless he can still provide proof of a South African address.

Yes, I still have them, mainly because I've just been too lazy to get round to closing them tbh. Now that I think of it I think there was some form I needed to fill out - probably something FATCA-related - when I changed my address. There was no indication of any problem; this would have been early last year.

Investec also wanted proof of address as per FICA which we didn't have a problem providing.

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