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Depending on your circumstances - whether you’re immigrating or travelling for business and pleasure - you can still access your local bank account from another country. People who live abroad have access to foreign and local bank accounts, but are more susceptible to a number of rules and regulations.
Those who are looking to travel overseas can go online or visit their bank and arrange access to their accounts without getting blocked. Financial transparency with your local bank will make all the difference while you’re overseas.
Get familiar with the following guide that will help you protect and enable the pleasures of accessing your bank account with ease.
Travellers
While some prefer to use more than one account - especially those who are travelling long-term - having the option can come in handy. However, you are still subjected to international charges when you are making payments and withdrawing money. You can use a number of methods to manage your spending - one convenient way is to have cash on hand for smaller items like refreshments and taxi services.
If you do plan on using two accounts - you must notify your bank ahead of time for the duration of your travels. If you’re exchanging local currency to foreign currency through your bank, be sure to check what documents you need to support your exchange request.
International residents
For many expats who have immigrated and engage in business activity abroad or invest in foreign accounts, South Africa’s exchange controls are strictly regulated and still apply to you. This is especially true if there are outflows of currency to and from South Africa. Be aware that the South African Reserve bank reserves the right to investigate local accounts that bring illegal activity into question. If you’d like to stay up to date on financial surveillance, be sure to visit the South African Reserve Bank.
With mobile banking, you can transfer funds from wherever you are. Transferring money into your local bank account has become easier than ever. South Africa has money transfer services that enable faster transactions between accounts. With online banking, it’s far cheaper and easier to transfer money to and from South Africa. Nedbank offers a safe and convenient mobile service through digital wallets that you can use to make your banking easier.
When receiving foreign currency into the country, the percentage and flat rate fees depend on the conversion rates and amount transferred. It may also take one to three business days for the funds to reflect in your bank account.
In this day and age, we’re constantly conducting online transactions, no matter where we may be. Accessing your bank account abroad is the main concern when it comes to online security. If your bank is not notified and suspects unusual activity with your transactions and other financial activities, your account may be blocked or frozen for security purposes.
One of the safest ways to manage your account is through digital wallets. Digital wallets act as a mobile bank account and are perfect for storing, spending and transferring money. They are safe, convenient, and make it easier to keep track of your finances wherever you are. One mistake that a lot of first-time travellers make when it comes to using their account is by logging into cafe’s and public wi-fi networks. This is very unsafe and could lead to fraudulent activity on your account.
Typically, these networks are compromised due to lack of security - even if you’re innocently checking your social media. The good news is that there is a way to keep your bank account safe and secure.
This is where virtual private networks (VPNs) come in. VPNs help interfere with hackers, phishing scams and fraudsters while protecting the potential victims. However, fraudulent services are still a reality today, so you should make sure that you sign up to a reputable and legitimate VPN service. Remember if something is too good to be true, it normally is.
However, the benefits of a reputable VPN includes compatibility with most devices, encrypts your personal and banking data, and sets you up with a verified IP address matched to your location. It’s a recommended action that helps you get a step ahead of fraudsters.
Nedbank Money App
Clients can do so much with the Money app. You can transfer and receive money safely and securely at the touch of a button. Wherever you are in the world, Nedbank’s Money app is incredibly easy to use and convenient for
on-the-go spending.
What makes this app work for our clients is that managing money has become second nature. While some prefer traditional banking as an option, the Money app is there for you with round-the-clock access to all your banking needs.
MobiMoney wallet
Our MobiMoney wallet is a digital service that enhances your banking experience in more ways than one. You’re able to send funds with ease and give friends and family the support they need when you’re overseas.
Security is very important to us, whenever money goes in and out of your account, you’ll get a notification. You’ll also have 24/7 access to our fraud hotline anytime, anywhere.
This information is intended for general information purposes only and does not constitute legal advice.
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