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I left South Africa years ago and have no South African bank account. Why do I have to open a South African account?

April 26, 2017account African ago bank account Left south south africa

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I left South Africa years ago and have no South African bank account. Why do I have to open a South African account?

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South African exchange control requires a South African bank to be the intermediary between the reserve bank and you. Only a South African bank can certify your form 336 (b) for SARS and the life assurers can only pay the proceeds of your Retirement Annuity into a blocked account. This account can be opened, the proceeds received and remitted to you in your new country. The account can then be closed.