South Africa is endowed with a large number of non-South Africans within its borders. This population has banking needs which require fulfilment. Nedbank, a popular andmajor South African banking institution identified a niche market that could benefit from a product it has introduced into the market: Non-Resident Relationship Banking.
Individuals with non-resident status are those who have not been granted permission to live or work in South Africa, but who can be granted a visitor’s visa and visit South Africa on holiday. Nedbank provides financial solutions to diplomats and embassy officials and non-residents. The bank offers transactional and investment products, investment security and competitive returns.
With this product, clients are offered a tax-free investment account, current and savings account, vehicle and asset finance, savings deposit account, credit and debit cards and house loans.
The tax-free investment account gives clients effortless banking solutions, convenient banking including security for funds invested in South Africa.
Current and savings accounts offer deposits as often as clients wish. This option allows electronic transfers into the account, a facility for withdrawing cash at ATMs, branches, PicknPay tillpoints or Saswitch ATMs.Payments can also be made into the account via cellphone banking, internet banking or self-service banking. Furthermore, clients have the option of opening multi-currency accounts denominated in US dollars or other currencies. This benefits clients by leaving their bank balance unaffected by fluctuations in the exchange rate of the rand. This creates the opportunity to convert as much cash as is needed into rands to pay for living expenses. Alternatively, non-residents are offered rand-denominated account options.
Funds can be transferred into a Nedbank account in South Africa, using SWIFT.
The vehicle and asset option means Nedbank will handle vehicle-sourcing, arrangement of test-drives, organising of trade-ins, facilitation of private-to-private vehicle sales, licensing and registration.
The Savings deposit account provides a secure way of saving funds at market-related rates and gives clients immediate access to cash, while credit and debit cards offer alternatives to carrying cash. Home Loan solutions offer flexibility when purchasing a home in South Africa, at competitive interest rates.
Contact Nedbank on 021 412-3627