How To Open a UK Bank Account From South Africa

There are many reasons to open a UK bank account in South Africa. From diversifying against rand exchange rate risk, to paying for holidays, to depositing foreign earnings and everything in between, more South Africans than ever before are looking to the internet to open a bank account abroad.

Although the process can be tricky and will heavily depend on your needs, preferences, and nationality, the good news is that it's certainly possible to open a UK bank account from South Africa. In this guide, we explore exactly how.

How To Open a UK Bank Account From South Africa

Although it's certainly possible to open a UK bank account from South Africa, you'll first need to consider your needs closely. If you're looking to invest in foreign currency, you'll have completely different options (and requirements) than you would if you were looking to open a salary account in GBP, for example.

In short, here are the main options you have to open a UK bank account from South Africa:

1. Open a foreign currency account with a major SA bank such as Absa, FNB, Standard Bank, or Nedbank.
2. Open a GBP account at a British bank.
3. Open a foreign currency account with Investec.
4. Use a fintech forex solution.

We go through all four of these options below:

Option 1 — Via a South African Bank

Discott (CC BY-SA 4.0, modified)

The first option you have for opening a UK bank account from South Africa isn't so much to open a bank account in the UK, but rather to open up a foreign currency bank account in South Africa. This will probably be easier than doing the former (which will require lots of paperwork) and is the more practical option for most South Africans who're only looking to spend or save in a foreign currency (e.g. for international payments, overseas trips, managing exchange rate risk, etc.).

To open a foreign currency account in British pounds at a South African bank, we’ll be looking at offerings from FNB, Standard Bank, Absa, and Nedbank — all of which offer foreign currency account products. We outline them below:

FNB

FNB is the South African bank that's widely regarded to offer the best forex services. If you already hold an FNB Cheque Account, you'll have the option to open up a Global Account. This flexible account and card come with the following benefits:

• Currencies: GBP, USD, EUR
• Annual fee: £15
• Currency conversion: 1.5%-3%
• Minimum balance: £0
• Card: Visa debit.
• ATM withdrawal: £3
• Int'l payments: Yes

Standard Bank

Standard Bank offers the Optimum Account to customers and non-customers alike (not just in South Africa but worldwide.) This excellent coverage sets it apart from FNB's offering, although it comes with a steep minimum balance requirement. Here’s an overview:  

• Currencies: GBP, USD, EUR, AUD
• Annual fee: £15
• Currency conversion: 2.75%
• Minimum balance: £5,000
• Card: Visa debit.
• ATM withdrawal: 1.75% (min. £3)
• Int'l payments: Yes

Absa

Unlike Standard Bank and FNB, Absa's international bank account offering is quite limited: it can only be used for forex investments and isn't suitable for deposits and checking. Therefore, unless you're wanting to set up larger GBP investments, then Absa's Currency Investment Account isn't the right option, and we recommend looking at other options on this list.

Nedbank

Nedbank's Foreign Currency Account allows customers with existing Nedbank accounts to transact in an impressive number of foreign currencies at a very low cost. However, the account doesn't come with a card and cannot be used by itself for foreign currency card spending without first applying for a separate product, the Nedbank Travel Card. An overview of the account can be found below:

• Currencies: GBP, USD, EUR, AUD, CAD, HKD, JPY, ILS
• Annual fee: R0
• Currency conversion: 3%-6%
• Minimum balance: R1,500
• Card: N/A
• ATM withdrawal: N/A
• Int'l payments: Yes

Option 2 — Via a British Bank

Håkan Dahlström (CC BY 2.0, modified)

Opening a fully-fledged UK bank account from South Africa is generally only possible if you plan to relocate to the country (although there are some exceptions). This is because UK banks tend to be stringent about account opening for non-residents. Fortunately, if you're planning to live in the UK, then the following high-street British banks offer provisions for new applicants, before even arriving in the UK:

Barclays

At Barclays, you'll be allowed to open a UK bank account from South Africa within 90 days of relocating there. You'll then be required to complete the application process upon your arrival in the UK at a Barclays bank branch. You'll be eligible to open the following two types of accounts this way:

• Barclays Bank Account: This is a standard, everyday UK current account that comes with internet and mobile banking and a debit card. It costs £0 per month.
• Premier Current Account: This account has a high barrier to entry (£75,000 gross annual income or £100,000 saved or invested with Barclays) and comes with a lucrative rewards program. Like the basic current account, it costs £0 per month.

HSBC

HSBC doesn't confirm on its website whether or not they accept account applications before moving to the UK. However, the bank offers standard current accounts that are eligible to all UK or EU residents. If you're interested in opening up an account with HSBC, you should therefore give them a call to discuss whether it's possible before your move (banks can often be quite flexible and helpful to potential new clients from abroad).

Lloyds Bank

Lloyds offers the International Current Account in GBP to customers before they move in from abroad. To open an account from South Africa, you can apply online, though you must have a £50,000 gross annual income or £25,000 saved or invested with Lloyds (which is a lower barrier to entry than Barclays).

Option 3 — Investec Private UK Bank Account

Sutirta Budiman on Unsplash

Investec is a wealth management firm with a specialist banking license in South Africa. It offers a wide range of international banking services, including the option to open a full UK bank account from South Africa.

This account — the Investec Private UK Bank Account — is flexible and cheaper than those offered at other South African banks. However, it's only available as a secondary account next to a primary SA Investec bank account, meaning you'll need to be an existing Investec customer (or be ready to sign up with the bank) to use this account.

Here's an overview of the account:

• Currencies: GBP
• Annual fee: £10
• Currency conversion: 2%
• Minimum balance: £0
• Card: Visa debit.
• ATM withdrawal: £0
• Int'l payments: Yes

We think this account is particularly well suited if you're already an Investec customer and want to open a UK bank account from South Africa in order to receive earnings in British pounds or make frequent trips to the country. In these cases, we even recommend it over forex accounts at big SA banks, because its pricing is simply much better.

Option 4 — Wise Multi-Currency Account

Wise

The fastest, cheapest, and most flexible option to open a UK bank account from South Africa is without a doubt the Wise Multi-Currency Account. This account, run by the UK's leading forex fintech, is a totally free online multi-currency account that gives you bank details in the UK and eight other countries around the globe, as well as the option to hold over 50 other currencies and switch between them when you want and make and receive payments across the globe. 

Product Features

A major benefit of the bank details is that they're fully legitimate bank accounts. Your Wise GBP account will come with the following:

1. A sort code;
2. An account number;
3. A British IBAN (stating with "GB").

This means you'll be able to spend and be paid just like a local in the UK, as well as convert your GBP balance into ZAR without being charged exorbitant bank fees.

Registering for the account is straightforward: you simply sign up online or in the app with an email address, or Google, Facebook or Apple account and then verify your ID with your SA ID or passport. Unfortunately, Wise's physical Visa debit card (which normally comes with the account) isn't yet available to South Africans, meaning it will be a cardless account. On the plus side, you'll automatically be given a free virtual Visa debit card, meaning you'll be able to spend online as usual and even pay in-person via Apple or Google Pay.

Once your Wise Multi-Currency Account is set up, you'll be able to take advantage of the following unique perks:

• Hold, exchange and add up to 56 currencies.
• Local bank details in the UK, Eurozone, US, Australia, New Zealand, Singapore, Romania, Canada, Hungary, and Turkey.
• A virtual Visa debit card to pay in foreign currencies without fees.
• Access to Wise’s forex platform right from your account balance.

Transferring Between GBP and ZAR

The drawback of Wise is that you'll only be able to convert GBP to ZAR in your balance, and not the other way around. In this way, it's a great tool for receiving payments in pounds and converting them to rands (where you can then transfer them into your local bank account), but not ideal for buying GBP using ZAR, for example, to pay for an overseas holiday or a foreign investment.

However, if you're looking for GBP to ZAR transfers only, then Wise will probably completely meet and even exceed your expectations. For example, let's say you wanted to deposit GBP earnings from the UK into your SA bank account in rands. The conversion would go as follows:

1. Receive British pounds into your Wise GBP account;
2. Add money to your ZAR balance and specify the amount in rands;
3. Convert at an industry-low fee (e.g. 0.63% or £3 to add R10,000*);
4. Transfer the ZAR balance to your South African bank account, or pay directly with your virtual Wise card.

* Conversion made on 8/2/2022