Offshore Bank Accounts

Offshore banking means placing money in a bank account that is not the same country as where you live. In South Africa you can take up to a maximum of R4 Million per year out the country and an extra R1 Million as a discretionary or spending allowance. Many people find Offshore Banking attractive as your funds are converted into another currency so when the Rand depreciates your money becomes more valuable here. Your funds can also be accessed when travelling to the foreign destination. Please note that transaction fees apply to these accounts, contact your bank for more information. To Apply for these accounts you need to be over the age of 18 and be in good standing with the South African Revenue Service as well as being able to meet the minimum opening deposit criteria.

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