You can open a US bank account from South Africa, but you must carefully assess your needs before doing so. If you want to open a payroll account in USD, for instance, your options (and restrictions) will be very different than if you want to invest in foreign currency.
Here are your major choices for opening a US dollar bank account in South Africa, in brief:
Create a foreign exchange account with a significant South African bank like Absa, FNB, Standard Bank, or Nedbank.
Open a US bank account in USD (not strictly possible from SA).
Join Zenus Bank and open an entirely remote account.
Utilize a fintech currency solution.
Below, we discuss each of these four possibilities:
Via a South African bank is Option 1
Not so much opening a bank account in the US as opening a foreign currency bank account in South Africa is one option you have for opening a US bank account from South Africa. For the majority of South Africans who only want to spend or save in foreign currencies (for example, for international payments, international travel, managing exchange rate risk, etc.) but lack American identification like a proof of address, an SSN, or an ITIN, this will likely be the most practical option.
We’ll be examining the options from FNB, Standard Bank, Absa, and Nedbank — all of which provide foreign currency account products — if you want to open a foreign currency account in US dollars at a South African bank. Below, we list them:
FNB
The South African bank FNB is recognized as providing the best FX services. You will be able to open a Global Account if you already have a FNB Cheque Account.
Typical Bank
The Optimum Account is made available by Standard Bank to both clients and non-customers (not just in South Africa but worldwide.) It differs from FNB’s product due to its superior coverage, however the minimum balance requirement is high.
Absa
Absa’s selection of overseas bank accounts is much more constrained than that of Standard Bank and FNB; it can only be used for currency investments and is unsuitable for deposits and checking. Absa’s Currency Investment Account is not the best option, so unless you wish to build up larger USD investments, check at the other options on this list instead.
Nedbank
Customers with active Nedbank accounts have access to an impressive range of foreign currencies at a very competitive rate thanks to Nedbank’s Foreign Currency Account. The Nedbank Travel Card must first be applied for since the account does not come with a card and cannot be used for foreign currency card purchases on its own.
Using an American bank is Option 2.
American banks do not accept foreign applicants at all, unlike British, Australian, and New Zealand banks, even if they currently reside in the US or intend to do so soon. This effectively means that you must travel to the US and physically visit a branch to create a US bank account with a major US bank from South Africa.
Even so, you’ll typically still be asked for a US ID (such as a passport or a Green Card), a Social Security Number (SSN), or an Individual Taxpayer Identification Number (ITIN), however these requirements may occasionally be less stringent depending on the state and the specific bank location.
Opening a US bank account from South Africa with a reputable bank is typically a write-off since it isn’t an option for many people. However, if you live in the US and have the chance to travel there to open a bank account in person, you should have no trouble doing so with major financial institutions like Wells Fargo, Bank of America, Capital One, and many more.
In South Africa, am I able to open a USD account?
Yes. Private South African residents are allowed to create a foreign currency account for legal transactions.
Can a foreigner open a US bank account online?
You don’t need to fly to the US to open an account because you can do it from your home country. You may even open a bank account online through the majority of banks’ web offerings. HSBC, Charles Schwab, and Citibank are a few of the biggest banks with a significant international presence in the US and elsewhere.
How can I open a bank account overseas in South Africa?
Apply through challenger banks
It requests personal data such as your name, contact information, and UK or US address in addition to details about your career and how you intend to use your new account. You must send a photo of your passport or residence permit, as well as a selfie or a video, to prove your identity.
