Why south Africa is not popular among the offshore banking scene ???

[troubled soul]

I read online that , Anyone can open account in south Africa with big bank .
You can apply online and FIll up the form that's it.
I want to know why it is not worth ??
Why It is not popular as many othere?
Any downfall??

 

[Sols]

Banking in South Africa is absolutely horrible. The fees are very high, compliance is almost‌ as bad (as in incompetent and clueless) as @JohnnyDoe thinks, and products and services in‍ general are of low quality.

Non-resident banking in South Africa is not common. Maybe for⁠ citizens, but every South African I've met who has managed to leave South Africa doesn't⁤ want to continue banking in South Africa.

 

[troubled soul]

I also thinking⁣ the same. If you go to the biggest bank website. It is very simple process⁢ indeed. Just Give passport number and another information That's It.
It reminds me

'All That︀ Glitters Is Not Gold' ​

 

[Dasilva]

Had a bank account in 2017 with ABSA as a non-resident. It was a complete‌ nightmare, i canceled it after 3 months. I tried before with Standard bank and Ned‍ bank both refused me with no reason.

 

[Martin Everson]

No because of capital‍ controls.

South Africa has capital controls. These controls largely should not apply to non-resident accounts but Central⁠ Bank (SARB) approval is required for certain transactions on non-resident accounts etc.

There is a⁤ good reason South African banks setup offshore units in Jersey to get around the capital⁣ controls.

I used Standard Bank in South Africa just one time. To open they required⁢ me to send 3 certified passport pictures and 3 certified copies of my passport plus︀ opening doc.

They also had a list of 15 permissible transaction types I could conduct︁ over the non-resident account. Crypto related transactions are not permitted on non-residents accounts due to︂ SARB policy. Any transaction related to gambling must also get SARB approval for example etc︃ etc.

Also I may add the below. You really want to be careful of their︄ laws.

https://www.offshorecorptalk.com/th...erseas-exchange-is-a-crime.34432/#post-182034

 

[extremedox101]

https://www.businesswire.com/news/h...ancing-Organisations---ResearchAndMarkets.com