Do I need to close my SA bank account when I financially emigrate?

Expats often are under the assumption that they need to close their South African Bank account prior to financially emigrating. A South African bank account is required for one to be able to financial emigrate, as the South African Reserve Bank process has to be initiated through a South African Bank.

Your South African bank account number will not change however the status of the account will change from a “Resident” bank account to a “Blocked Asset/Non- Resident bank account once the Financial Emigration process is concluded.

There are limitation to a “Blocked Asset” bank account such as no internet banking or card facilities. However you are able to transfer funds in and out of the account by personally informing the bank accordingly. Furthermore, should there be debit orders running from that account, they will remain as such.

We always advise our clients to speak to their South African bank with regards to the formalities of transacting with such an account for peace of mind and future planning.