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The South African banking sector is comparable with most industrialized nations. The South African Reserve Bank is the country's central bank and ABSA, Standard Bank, Nedbank and First National Bank are the country's four major financial institutions. However, a number of smaller ones do exist, and many foreign banks are represented within the country as well.

All major credit cards are accepted and the country possesses both a nationwide network of Automatic Teller Machines (ATM) and a robust, rapidly growing online banking system. Personal banking via each of the banks' specific online portals is convenient and mostly trouble-free.

The Financial Intelligence Centre Act (FICA), otherwise referred to as "know your client", imposes record-keeping and reporting obligations on South Africa's banking institutions in an effort to curb organized crime and the laundering of illegal monies. As such, applications for basic personal banking services such as savings and/or check accounts require an identification document, proof of residential address (such as a council bill reflecting your water and electricity payments), income tax number and usually proof of income (such as the previous three months' payslips). An initial deposit is also required but this varies based upon the banking institution and the type of account (there are disparate options available each offering different fee structures, benefits and restrictions).

The Prime Rate is currently (June 2005) 10.5%

Useful Links:
http://www.standardbank.co.za/
http://www.fnb.co.za/
http://www.absa.co.za/
http://www.nedbank.co.za/

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