How To Open A South African Non-Resident Bank Account Amid Zimbabwe’s 15% Digital Tax
Faced with a new 15% Digital Services Withholding Tax on online subscriptions, Zimbabweans are actively seeking ways to keep their costs down. One solution gaining significant attention is opening a non-resident bank account in South Africa. This guide explains the step-by-step process, using one of the most popular options, to help you navigate this route.
Why Zimbabweans Are Looking Offshore Now
The Digital Services Withholding Tax, effective from 1 January 2026, is collected by local banks and mobile money platforms, adding a significant cost to every online payment. For users, the combined effect of this tax, existing bank charges, and the 2% Intermediated Money Transfer Tax (IMT) has been immediate and severe.
“The digital services tax is officially here, and the impact is massive,” stated a widely shared analysis by Zimpricecheck, which showed a US$100 (approx. R1,900) payment now attracting total charges of up to US$23 (approx. R437) with some local cards.
This dramatic increase has fuelled claims of double taxation and sparked urgent interest in offshore payment options to protect savings and reduce transaction fees.
Step-By-Step: Opening Your FNB Non-Resident Account
The process for opening a non-resident account with major South African banks like First National Bank (FNB) is designed to be straightforward for foreign nationals. Here is what you need to know and do.
1. Required Documents and Eligibility:
Your primary requirement is a valid passport. These accounts are tailored for individuals not born in South Africa or those who have formally emigrated. You do not need a South African ID or proof of residence in South Africa to qualify. It is advisable to have a South African mobile number for SMS alerts; a number can be acquired and set to roaming for use in Zimbabwe.
2. The In-Branch Process:
You must apply in person at any FNB branch in South Africa. You cannot open this account online from Zimbabwe. Simply walk in and request to open a non-resident account. The staff will guide you through the paperwork. The account is typically opened while you wait, and you will be set up on the FNB banking app on your phone before you leave. You can order a debit card for local use, which is usually delivered to a chosen South African address within two weeks.
3. Funding and Managing the Account:
To activate the account, you need a small initial deposit. This can be as little as R100 (approx. US$5.30) or US$10 (approx. R189). The account holds South African Rand (ZAR). All foreign currency deposits, such as US dollars, will be converted to Rand. You can receive payments from outside South Africa for work or transfers. For each incoming foreign deposit, you will receive an email prompt to confirm the source of funds—a clear, honest description is sufficient.
“When you receive a deposit you will get an email prompt to confirm the source of funds. A simple clear response e.g. ‘fees from consulting work in the region’ will suffice,” noted a previous explainer on such accounts.
Monthly account fees are generally under US$5 (approx. R95), and you can link a savings account with tiered interest rates.
Key Considerations and Practical Tips
Before you make the trip, understand the account’s capabilities and limitations to ensure it meets your needs for managing digital expenses.
What You Can Do:
Save and Transact in Rand: The account is ideal for saving in a stable currency and paying for South African services (like DSTV) directly via the app or card.
Avoid the 15% DSWT: When your streaming subscriptions are paid from this Rand account, the 15% Digital Services Withholding Tax levied by Zimbabwean financial intermediaries is not applied.
Regional Use: The debit card works in South Africa, Namibia, Lesotho, and Eswatini.
