Money Matters
Introduction
South Africa has a first-class financial sector, abreast of all the latest technological trends. From the moment you step off the plane you'll start seeing banks, bureaux de change and automatic tellers (ATMs). All major credit cards can be used in South Africa, with American Express and Diners Club enjoying less universal acceptance than MasterCard and Visa. Foreign banks are well represented, and you can bank by ATM, telephone or internet.
With a favourable exchange rate for many international currencies, SA may be surprisingly cheap for you, should you bring along some of your own currency. South Africa's currency is the Rand, which is divided into 100 cents.
Setting up a bank account in SA
You will need to open a South African bank account as soon as you arrive in South Africa as it is not possible for Kelly to pay your salary into your international account.
The process is as follows
Kelly will make an appointment with a South African Bank for you as soon as you arrive. Ideally, a bank representative will come to your place of work and bring all the relevant documentation.
You will need to bring the following to work on your first day
- a copy of the front page of your passport (with your picture)
- a copy of your Kelly Employment Contract
- copy of your work permit in your passport
- you will also need to fill out the relevant documentation given to you by the bank.
It will then take approximately a week for your account to be set up and for you to receive your debit card. You will then have access to your South African bank account at any ATM in South Africa.
Banking Tips
It is important to be aware when you are withdrawing your money from an ATM. Being robbed at an ATM is a regular occurrence and you need to keep your eyes and ears open. Here are a few tips…
What to do
- Never let your credit card or debit card out of your sight (whilst paying at a restaurant or store)
- Try draw your money from inside a bank if possible. If not, then in a shopping mall that has security guards nearby - NEVER draw on a street.
- Don’t let anyone into your space.
- Do not hesitate.
- Ask about the ATM's at your place of accommodation.
- The latest trick is to put a plastic strip in the slot. So run your finger along the slot when you get to the ATM.
- Only take out your card at the last moment, just before using it.
- If there was only 1 person in front of you and suddenly there are 5 people in the queue - you are more than likely being set up. They are all there to distract you (sometimes there are real queues too, so use your common sense).
- Block the sight of the keys when you punch your pin in. If you have a friend let him watch your back.
- Do not to walk around with excessive amounts of money.
Budget/Costs
Your First Month in SA
Below is an approximate breakdown of what costs you need to cover for your first month in South Africa:
| Accommodation: |
R3 500 (to pay the guesthouse on your first day of arrival) |
| Transport: |
R135 per day; or +/- R3 000 per month |
| Food: |
R1 500 |
| Extras: |
R500 |
We recommend that you bring with you a minimum of €1500 to assist you in settling down in the first month and also to ensure that you have enough money for a deposit on your permanent accommodation.
This may vary according to the accommodation you choose and your form of transport. However keep in mind that you will need to pay for certain necessities on an ongoing basis. See below a graphic of an estimated budget.
Example of an Estimated Monthly Budget in SA
Basic Salary |
|
R10 575 |
Less: Taxation (PAYE – see below for more information) |
R1 325 |
|
Net salary available for cost of living |
R9 075 |
|
Medical Insurance |
R575 |
|
Subtotal |
R8 500 |
|
Rent: Based on an unfurnished apartment in most of South Africa’s suburbs depending on location, furniture, etc. You can expect to pay approximately 20% more for a fully furnished apartment. Remember that this rate is only for sharing accommodation and we recommend that you always share so as to cut down on costs. |
R2 500 |
|
LESS: MONTHLY COST OF LIVING |
Household Expenditure
This includes the cost of electricity, water, refuse removal etc. |
R750 |
|
Telephone Costs
Based on mobile phone Pay As You Go for your usage |
R300 |
|
Monthly Groceries
Based on basic monthly grocery needs such as bread, milk, vegetables, meat and some basic necessities |
R1 500 |
|
Transport to Work
Based on sharing in a lift club |
R2 000 |
|
Monthly Surplus Amount |
R1 520 |
|
Tax Calculator
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