# Banking and renting out SA property after moving abroad



## BJ100 (Jun 6, 2011)

Hi all, 

I understand that temporary resident permit holders can only have a SA bank account for as long as their temporary permit is valid. Are there exceptions for temporary permit holders who own South African property? 

If you are a temporary resident permit holder who leaves SA when temp permit expires are you allowed to keep your bank account if you are renting out your SA property? Rental income from the property needs to be paid into a South African bank and we are wondering what arrangements to make with a property agent that will be renting out the property on our behalf. Thanks!


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## 2fargone (Jun 14, 2011)

BJ100 said:


> Hi all,
> 
> I understand that temporary resident permit holders can only have a SA bank account for as long as their temporary permit is valid. Are there exceptions for temporary permit holders who own South African property?
> 
> If you are a temporary resident permit holder who leaves SA when temp permit expires are you allowed to keep your bank account if you are renting out your SA property? Rental income from the property needs to be paid into a South African bank and we are wondering what arrangements to make with a property agent that will be renting out the property on our behalf. Thanks!


Not sure I haven't heard of this restriction. I have TR and I have Nedbank, but I have had the account for quite a while. Before I had Nedbank 5+ years I had FNB. So I would try those banks.

Sorry I can't help with the renting and putting money in your account maybe speak to a rental agent. But I don't think the account will expire when the TR does so to speak.


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## BJ100 (Jun 6, 2011)

2fargone said:


> Not sure I haven't heard of this restriction. I have TR and I have Nedbank, but I have had the account for quite a while. Before I had Nedbank 5+ years I had FNB. So I would try those banks.
> 
> Sorry I can't help with the renting and putting money in your account maybe speak to a rental agent. But I don't think the account will expire when the TR does so to speak.


Thanks @2fargone! So are you back in the US now and your SA account was not frozen (i.e. you can add and withdraw funds)? 

I know that in recent years the SA banks do FICA (taking note of your permit and when it expires) and for a friend of mine one bank asked him to bring updated permit/passport after his first permit expired.


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## shumifan49 (Sep 18, 2013)

I am not sure about this, but I believe your account gets converted to a 'blocked account' when you leave the country. Money can be deposited in a blocked account, but cannot be withdrawn without a clearance from the Reserve bank. To make a transfer you need to complete the forms provided by your bank, get a tax clearance certificate and your bank will apply to the Reserve Bank for the clearance to do the transfer. I AM NOT SURE ABOUT THIS, check with the international section of your bank.


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## 2fargone (Jun 14, 2011)

BJ100 said:


> Thanks @2fargone! So are you back in the US now and your SA account was not frozen (i.e. you can add and withdraw funds)?
> 
> I know that in recent years the SA banks do FICA (taking note of your permit and when it expires) and for a friend of mine one bank asked him to bring updated permit/passport after his first permit expired.


Hi,

I'm in S.A. currently, but when I was in the U.S.A. I remember Nedbank would freeze up after there hadn't been any activity. I don't remember how long that was. I think 60 days. But not 100% sure.


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## MissGlobal (Aug 4, 2012)

Absa will freeze an account that's inactive and wait for you to show up again. 

However - I know Absa told us that if we opened an account on my husband's TR - they account would "lock" when his TR expired......


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## BJ100 (Jun 6, 2011)

2fargone said:


> Hi,
> 
> I'm in S.A. currently, but when I was in the U.S.A. I remember Nedbank would freeze up after there hadn't been any activity. I don't remember how long that was. I think 60 days. But not 100% sure.


Great, this is exactly the kind of information I was looking for. We'll have to figure out how to keep an A/c in SA without having it frozen. Thanks!


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## BJ100 (Jun 6, 2011)

shumifan49 said:


> I am not sure about this, but I believe your account gets converted to a 'blocked account' when you leave the country. Money can be deposited in a blocked account, but cannot be withdrawn without a clearance from the Reserve bank. To make a transfer you need to complete the forms provided by your bank, get a tax clearance certificate and your bank will apply to the Reserve Bank for the clearance to do the transfer. I AM NOT SURE ABOUT THIS, check with the international section of your bank.


Thanks Shumifan! My fiance was told by his bank manager that nothing will happen to his a/c after he leaves. We suspect she is not familiar with rules regarding bank A/c's for TR permit holders and have been trying to get info from alternative sources. We'll give the intl dept of his bank a try.


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## BJ100 (Jun 6, 2011)

MissGlobal said:


> Absa will freeze an account that's inactive and wait for you to show up again.
> 
> However - I know Absa told us that if we opened an account on my husband's TR - they account would "lock" when his TR expired......


Thanks MissGlobal. Glad to get confirmation that there is an account lock tied to TR expiration date.


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## shumifan49 (Sep 18, 2013)

As a matter of interest: Even while living in RSA you are under exchange control and cannot spend money overseas for which you have not had prior clearance from your bank( they will contact Reserve Bank) and from what I remember they also keep a tally in your passport. So be careful as you could get in trouble if you issue a RSA cheque overseas or pay with a credit card which has not been authorised. There are limits on how much you can take out of the country in a year (unless you are returning to your home country when there are additional allowances). This is how I remember it, but it might have changed - my experience is from long ago, but my family still complain about it.


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