If you are on a temporary residency permit which is up for a renewal any-time soon then please be aware of the most recent, new developments in the banking world.
It has come to our attention that banks are freezing the accounts of those residents who can no longer show a valid temporary residency permit in their passport. This becomes particularly problematic in light of the long Home Affairs processing times for applications that are submitted within South Africa.
According to the Department of Home Affairs applicants are legal within South Africa once their temporary residency permit has expired as long as they have submitted the application for an extension before the expiry date of their current permit. South African banks do not acknowledge this fact and adhere to their own rules in this regard, namely: No permit – no account.
To limit the inconvenience that this development can have on you we encourage you to get started with a permit renewal a good six months before your current permit expires. If you do not have the chance to start the process early enough then we urge you to prepare accordingly, even if this means transferring some funds out of South Africa temporarily. For assistance with a permit renewal or for further information on currency transfer in and out of South Africa please do not hesitate to contact us on: firstname.lastname@example.org