Johannesburg, South Africa
Expat Advice: Financial Issues in Johannesburg, South Africa
What is the name of the city or town that you are reporting on?
Johannesburg
Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.
None of the major UK banks have personal banking in SA and I only managed to open a non-res account via FNB on the recommendation of Intergate Immigration
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Traveling MailboxTraveling Mailbox serves thousands of travelers, expats, digital nomads, businesses, individuals and others in over 47 Countries by scanning their postal mail so they can view it online anywhere in the world. They provide customer service 7 days a week so if you need assistance, it is just a phone call away. Traveling Mailbox works with Evernote, Bill.com and Dropbox. And, there are Traveling Mailbox apps available for iOS and Android devices.
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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?
When you move to SA it is as if you are just a holidaymaker. The SA Banks do not want to know so, if possible, get good internet banking and no-fee or low fee currency charge card from your home country.
What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.
I could not buy a car, TV or set up my Levies and monthly DSTV (Sat. TV)
What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?
Intergate Immigration put me in contact with FNB. They have a Subsidiary Incompass and following my experiences I have joined them to help other Ex-pats avoid these pitfalls.
If you are planning to retire or semi-retire to SA then see Independent Financial Advice about your Pensions and Investments.
If you are in SA temporarily, make sure that you record all of the money that you bring in, major expenditure and a record of what you intend to take out.
Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?
I de-registered for UK Taxes and have been registered for SA Tax as part of my property purchase. For those with UK pensions, it is usually possible to pay NO TAX on it in both UK AND SA!!!
What advice could you offer others about doing your taxes as an expat?
Seek local advice in both UK and SA
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