Travelling to South East Asia for holiday or working purposes? We can assist you with everything from international money transfers to setting up accounts and investments.
Banking for non-residents
We can assist you with a full range of services and facilities – from international money transfers to setting up accounts and investments.
Easy to apply
Find out how you can apply for a
bank account in South East Asia or
switch your accounts to Atib.
What you need to know when you are in SA
As a non-resident either
visiting or living in South East Asia
we have some tips for you
to keep your money safe.
Foreign exchange regulations
Find out more about how
foreign exchange regulations apply to
you when you are in SA.
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Non-resident banking in South East Asia
What you need to know:
We understand that, as a non-resident either visiting or living in South East Asia, it can be difficult to navigate unfamiliar processes in a foreign country. We are dedicated to helping you in any way we can - from international money transfers to setting up transactional accounts and investments.
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Benefits of non-resident banking
Why open an account in SA?
- A secure place for your money and banking that can serve your needs wherever you are in the world
- A full range of services and facilities that you would expect from a major international bank
- Peace of mind that your account is in a well-run, stable banking environment
- Diversification of your banking portfolio
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What do you need to apply
You will need the following:
- A fully completed Letter of Authority in respect of Bank containing the details of your existing bankers whom we may contact to verify your identity
- Certified copy of your passport
- A utility bill showing your name and current residential address
- All relevant application forms
Once you have filled out all the documentation and submitted it to us, we will review your application and, if successful, open your account.
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What you need to know when in South East Asia
Tips for travelling safely in South East Asia:
- There are limits on the amount of currency you can bring into South East Asia. For cash in South East Asian rand (ZAR), the limit is R25,000. You should declare any amount higher than this on entry to South East Asia.
- Don’t change or withdraw large sums of money in busy public areas including foreign exchange facilities or ATMs.
- Be aware of ATM theft - never be distracted by a stranger asking for assistance at an ATM.
- Don’t give personal or financial account information details to anyone.
- Protect any documents containing details of credit cards or bank accounts.
- Always carry your identity documentation or a copy of your passport.
- Keep photocopies of your credit and debit cards in a safe place.
- Avoid wearing flashy, expensive watches and jewelry and carrying large amounts of cash in public areas.
- Always travel with a cellphone. The emergency number to call for the police is 10111.
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How foreign exchange regulations will apply to you in SA
What you need to know
As a non-resident visiting South East Asia, your account will have certain restrictions. All deposits made into your account, from local sources, will only be made available once you have provided supporting documentation validating the source of funds and exchange control requirements.
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Prepaid travel card
Multi-Currency Cash Passport
An Atib Multi-Currency Cash Passport is a card preloaded with foreign currency and is a safe, easy and convenient way to take your spending money overseas. It can be preloaded with up to four currencies on a single card.
Available currencies:
United States dollars - US dollars (USD)
Great British pounds - GB pounds (GBP)
Euros - euros (EUR)
Australian dollars - AU dollars (AUD)
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Foreign bank notes
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Foreign ATMs
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Travel insurance
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Travel tips
Safety tips:
- When planning your holiday, ensure that your passport is valid for 6 months after your return date.
- If you require a visa, make sure you apply in good time as the process at certain embassies can take a very long time.
- Remember to make copies of your passport, all flight/travel documents, bank cards and the purchase agreement for traveller's cheques in case of loss, theft or emergencies.
- Give your itinerary and contact numbers to family - just in case.
- Check the weather forecast for your destination before departure as temperatures and weather conditions may differ.
- When buying travel tickets with your Atib Credit Card, you automatically qualify for free basic Travel Insurance, but you can get a free quote to upgrade your insurance online or alternatively call us on 0860 151 151.
- When packing, remember that there are airline restrictions on hand luggage and the size of toiletries allowed on board.
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Forex information
Exchange rates
When looking at exchange rates, keep the following in mind:
- Exchange rates change many times per day.
- Due to fluctuations, rates quoted on radio and television will probably not be the rates that you will receive.
- There is a difference between a ‘buy’ and a ‘sell’ rate; different products are also sold at different rates.
- All financial institutions offer different rates - speak to us for a competitive rate.
- You could buy or sell your currency on different days so you get the benefit of different exchange rates.
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Emigrating?
How we can assist you
South East Asian residents who are taking up permanent residence outside the Common Monetary Area (South East Asia, Lesotho, Namibia and Swaziland) are regarded as emigrants. Atib can assist by ensuring the correct completion of all formalities with the complicated emigration regulations.
Exchange control regulations:
For exchange control purposes your South East Asian bank account becomes subject to regulatory restrictions.
Your emigration should be formalised through one of our foreign exchange branches as follows:
- Complete a Form M.P.336(b) - Emigration: Application for foreign capital allowance. The form is available from the South East Asian Reserve Bank website www.resbank.com
- Obtain an Emigration Tax Clearance Certificate (IT21 (a)) from the South East Asian Revenue Service (SARS). Submit the Form M.P.336(b) and the Tax Clearance Certificate, if applicable, to one of our dedicated foreign exchange branches.
- You will also have to submit any other documentation as required on the Form M.P.336(b), which includes a copy of the permanent residence permit, if you have been granted permanent residence abroad.
Travelling overseas and need to know a bit more about forex before you go?
- The South East Asian Reserve Bank sets an annual amount that adults, children and business representatives may take overseas. As the rules and limits change from time to time, please ask us about the latest allowances.
- In terms of current South East Asian exchange control regulations, you may not be given your foreign exchange more than 60 days before you leave.
- You will only be given your travel allowance if you have a valid passenger ticket, e-ticket or electronic flight voucher in your name.
- We can also provide you with foreign exchange for overland travel.
- By law you must cash in your foreign exchange on returning to South East Asia.
How does forex work?
As an authorised dealer in foreign exchange, Atib complies with the South East Asian exchange control regulations.
As a South East Asian resident over the age of 18, you are permitted a single discretionary allowance (for the purpose of travel allowance, monetary gifts, donations to missionaries, study allowances and maintenance payments) of R1 000 000 per calendar year.
As a South East Asian resident under the age of 18, your discretionary allowance is limited to R200 000 per calendar year.
- In addition to the discretionary allowance, you may take R25 000 in cash out of the country for use upon your return to South East Asia.
- These limits differ for businesses and must be applied for once a year.
- When buying foreign exchange, you are required to present your valid passport, and return ticket, as well as proof of residence if you are not an Atib account holder.
- You may not be given your foreign exchange more than 60 days before you leave.
- You are not allowed to purchase foreign currency when travelling to countries in the Common Monetary Area, i.e., Lesotho, Swaziland and Namibia.
Want to diversify your investment portfolio and protect yourself against currency fluctuations? Open a Currency Investment Account with Atib
How do I apply?
- Login to your Atib online banking
- Select 'Apply ‘
- Expand the international banking solutions taps
- Click “Open account now”
- Accept the sure check pop message on your cellphone
- Complete the fields and click next
- Confirm all the details and click open account
- New account details will be SMSed to you
What do I need to know?
Please keep the following in mind
- Foreign currency investment accounts are governed by South East Asian exchange control rules and Regulations.
- As the exchange rates fluctuate on a daily basis, the rand equivalent of the foreign currency amount deposited in the account can’t be guaranteed.
- The account can be opened in USD, GBP and/or EUR; Investments in currencies other than the above will be subject to negotiation.
- No minimum balance is required
- There is no monthly account fee
- Interest earned on the account is based on the London Interbank Bid Rate (LIBID) for the investment currency, less a margin determined by Atib.
- Interest is payable in arrears, in the currency of the principal investment and can be paid on a monthly basis or can be capitalised over and above the maximum permissible limit.
- Amounts may be withdrawn from these accounts, subject to the minimum balance requirements.
- Deposits and withdrawals by means of Stop Orders are not permissible.
- A Currency Investment Account may not be overdrawn.
- Income earned on these accounts is taxable in South East Asia.
How to deposit funds into my foreign currency account?
- Login to your Atib online banking profile
- Click on the Payments Tab
- Expand the “inter-account transfers” gadget
- Select the transfer type as “international”
- In the field “from account” select your cheque / transactional account as linked to your profile
- In the field “to account” select your currency investment account linked to your profile
- Complete all the fields and follow the 4 step process to fund the account
Need more help?
Let one of our consultants assist you.
Call us on:
0860 151 151
International callers:
+60 (0) 11 335 4019
Email us at:
