1 Who is a Non-Resident?
An individual whose normal place of residence, domicile is outside the borders of South Africa.
2 Do I need to be within the borders of South Africa to open the Non-Resident account?
No, you can open the account via the Non-Resident Centre if outside of country.
3 What is the minimum age requirement to open a Non-Resident account?
You must be 18 years or older to qualify.
4 Can I open investment accounts with FNB as a Non-Resident?
Yes, Non-residents are eligible to invest in FNB's range of investment products.
5 Is it compulsory to complete the electronic Waiver and indemnity form?
No, it is not compulsory to complete an electronic Waiver and indemnity form. However, should you require the Non-Resident Centre to perform any transaction or maintenance on your behalf, a signed Waiver and indemnity form will be required. The FNB App and Online Banking are available for you to perform transactions by yourself.
6 Can I use the card linked to my Non-Resident account abroad?
No, the debit card can only be used within the borders of South Africa.
7 Can an individual from the common monetary area (CMA) open a Non-Resident account?
Yes, they can, provided that they are not residing and working in South Africa.
8 Can I qualify for a Home Loan as a Non-Resident?
Yes, a Non-Resident can qualify for a home loan with FNB, provided they meet specific criteria including a 50% deposit from foreign funds and income requirements.
9 How must the Non-Resident account be funded?
The account to be funded in foreign currency, Payments from other Non-Resident account, re-deposits of funds previously withdrawn from the account as well as permissible South African rand (ZAR) deposits in line with the Currency and Exchanges Manual issued by the SARB. Common permissible includes but are not limited to rental income, pension payout, dividends etc.
10 What happens if I receive Rand (ZAR) deposits into my Non-Resident account?
South African Rand (ZAR) deposits to the Non-Resident account will be placed on hold, and you will need to provide appropriate source of funds documentation to Transactionsnonres@fnb.co.za, in order for the funds to be released into your account.
11 Can an RSA ID holder who does not reside in South Africa open a bank account?
Yes, an RSA ID holder can open a Non-Tax Resident account, however, to qualify for the account you must have formalised your financial emigration, and the following supporting documents will be required such as the MP336(b) form submitted to the SARB if you have formalised your emigration Prior to March 2021 and Post March 2021 the TCS Pin letter will be required.
