Nedbank Retail

All registered South African taxpayers over 18 and in good standing with the South African Revenue Service are legally permitted to remit funds outside of South Africa.

The maximum amount an individual may transfer is specified by the South African Revenue Service and is currently R2 000 000.

An account with Nedbank London will allow you to:
  • diversify risk and hold part of your savings in a non-rand currency;
  • accumulate foreign currency to provide liquidity for the purchase of foreign assets;
  • transfer funds globally and efficiently;
  • benefit from the stability of having funds deposited in the UK – Nedbank is the oldest established branch of any South African bank in London;
  • benefit from the UK’s deposit protection scheme, run by the UK Financial Services Authority, which guarantees the security of your funds – 100% of the first £2 000 invested, then 90% of the next £33 000;
  • benefit from an online service, available on request; and
  • benefit from the non-applicability of withholding tax on interest for non-UK residents.

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