Banking and the South African Revenue Service

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Now that we have our permits, we need to settle some financial matters that weren't open to us with the permits. We managed to get all of the information together to register for a tax identification number with the South Africa Revenue Service (SARS); their office was well run, compared to our experiences with other bureaucracies we have been exposed to here. The number should be available in the early part of next week.

Our experience with getting a bank account was less pleasant and much more complicated. We visited the four national banks and had quite different reactions from each. Overall, the idea of explaining the bank’s accounts and being customer oriented was a new one for most of the folks we met with. It seemed that WE were the lucky ones to have walked in the door, and we should not forget it! One said all we could get (as temporary residents) was a savings account. Mind you, for this savings account, you pay a fee when you deposit money into it, you pay a monthly fee for them to manage the account, and you pay a fee when you withdraw anything. This is offset by a miniscule interest rate that might cover the first fee. In the meantime, they loan your money to other people and earn a big interest rate on it. I told Bob we were in the wrong business.

The next bank was little better, and we were learning more of the right questions to ask as we went along. Turns out there are different types of accounts you are eligible for depending on your income. At first I didn’t want to tell them my income; after all, wasn’t I there to choose what I felt would work for me, not share information I didn’t think was any of their business? However, soon I realized that I wouldn’t learn anything if I didn’t give up the Number.

The third bank told us flat out - no account for you, you temporary resident, you.

By the fourth bank visit we were getting discouraged, and then magic happened. We met someone who wanted to explain the accounts and make recommendations! Service-oriented! Helpful! WOW! We signed up, but then the process is one of approval by the bank, which could take two weeks. No, you don’t get to walk out of there with your account papers and temporary checks in hand like the US.

One striking thing: there is ALWAYS a fee, not matter what your income or perk level, if you deposit cash to the bank. You cannot have it waived, even if you have an account that has all other fees waived and you have lots of RRR in the bank. We imagine this is due to higher security required for cash accumulation at the bank, but it does seem backwards; after all, don’t they want our money in their bank? Anyway, there you have it.

All of the money here has pictures of animals: R10 - white rhino, R20 - African bull elephant, R50 - lion, and our favorite, the R100 - cape buffalo. We've taken to calling the bills by their animal names, as in, "Do you have a cape buffalo I can use at the market?" That's about $15. Our first major trip to the grocery store to fill the empty fridge cost us nine cape buffalo and a lion, and that represents a full trolley (grocery cart).

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