Zimbabwe and regional technology news and updates

Nyaradzo logo

23 thoughts on “How and why you should open a South African FNB Non-Resident Account

    1. Yes you can make withdrawals from the account,however, most of the claims made by this article are from an uninformed perspective regarding how this account really operates.You are not encouraged to receive direct rand payments into the account for example,it only accepts forex wires which you still cant withdraw as forex.It will be converted from forex to rand transactional account first,then from rand account to forex again,you lose a lot through this seemingly unnecessary process,that’s the law anyway.If someone makes a direct rand payment into your account,it will be frozen by the algorithms,it takes you doing a lot of formal justifications to access the funds.
      Lastly,you cant buy online or do international payments using this card as it is only limited to transact within South Africa.
      I found it inconvenient on some aspects of banking but it also served me well with my forex salary being wired directly into that account.I had to apply for a SAn work permit so that the account can be converted to a normal one,only then I started to enjoy all the convenience of banking and doing international transactions online.Unless the policy has changed recently,this is the position of non resy banking.

      1. Hi,

        Thank you for the contributions and clarifications. It’s true, the account can only receive USD or Forex payments, a fact that I cleary state multiple times in the article. According to FNB, you can receive Rand payments if you justify the receipts. There is a misconception that this account is only meant for Zimbabweans and foreigners. It’s also meant for South African expats e.g you leave SA and are in a foreign country where you have been living for a while but want to receive money locally. For example, get paid rent on your SA property. So you can receive Rands as long as there is a stated reason.

        You can buy online as long as you are buying locally e.g. Takealot or paying SA business such as webhosts, DSTV etc.

        1. Thank you for the eye opening article. Please confirm if l can make withdrawals from the account at an atm, in the bank or cash bank at supermarkets in SA?

    2. You can but there are rirdiculous limits and restrictions on this account. Think twice before going for it. Getting money out of this account is a huge problem unless you are just transacting very small figures.

  1. Is it possible to open the account at any branches near the border like Limpopo province or Messina?

    1. Yes indeed, it’s actually surprising that branches like messina know more about the account compared to other inland branches. They only need your passport which should be stamped to show that you used an authorised port of entry. And a minimum deposit of 20USD only. No need of other paperwork like proof of residence and bank statement. Just your passport and USD cash.

    1. I am aware that the Zimbabwean PayPal business account exists but it’s an aberration, a bug that exists in PayPal rather than an actual feature. It’s only available in certain instances for example when you choose to upgrade your personal account after following a link. I would not use it under any circumstances.

    2. I tried opening the business account but still cannot receive money from other PayPal users. Is there something I missed.

  2. Can somebody brief me on how it works when you receive a wire transfer on your FnB non resident account. I received my money in usd and it asked me to authorize the release of funds l just did but now this money hasn’t been debited to my balance.

    My second question is what is your advice on how to withdraw money from this account while l am in the US. Again how can you send this money via money gram, western union or world remit from this fnb non resident account

  3. I have been investing on the JSE since I was a student in SA six years ago. I am back in Zimbabwe and do not have a valid study permit anymore. I would like to move those funds into a bank account. Would a non resident account be suitable, as the funds are in ZAR?

    1. Can do but opt for a non resident business account instead. Also know that there are huge limits and restrictions when trying to get that money out either via EFT or cash withdrawals. Anything above R5k wont work – at least per my experience with one.

      1. Point of correction. It doesnt seem like limits are an issue. Ive used one and the limits worked fine.

  4. Currently using this account. Most of what the article has said is true. I also realised that you can’t withdraw from ATMs in Zimbabwe as I was declined that once in Zim on vacation. I don’t know about using western union or world remit.

    1. No it doesn’t. It cant do any international transactions. FNB has support for Paypal but not for non res accounts. This account is close to useless. Strongly consider before opening one.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.