FNB expat bank help

[whatwhat]

I changed my SARS status to non tax resident, which means my FNb account was changed from private to expat as well.

SARS have refunded me my tax I paid this year, as the status change happened after i submitted my tax, since i didn’t know hope long it would take for the stuff to change.

Now FNB is not releasing the refund and say they need statement of income for it. However, i cannot get any response from them for almost a week as to what they actually need or what do to. Just the auto emailer. Their service suite only responds 3 hours later, which is useless as I am in a very different time zone and the app notifications don’t work.

Any suggestions on what to do? Anyone dealt with similar issues that can provide ideas?

 

[Tman*]

Where are you based?

There are loads of similar stories of saffas in the UK. Basically what I comes down to is you need to find the cheapest possible way to phone SA, phone a call centre and hang on for dear life.

 

[whatwhat]

I'm in Asia. It's just frustrating that this bank is so useless. But the options for expat banking is so limited.

I asked Investec and they want 150 million ZAR in assets to be a client, if you weren't a client with them before you left.
Discovery Bank said they dont deal with expats.
lol.

 

[Tman*]

I'm in Asia. It's just frustrating that this bank is so useless. But the options for expat banking is so limited.

I asked Investec and they want 150 million ZAR in assets to be a client, if you weren't a client with them before you left.
Discovery Bank said they dont deal with expats.
lol.

best "expat" bank is capitec TBH.

Low fees, super simple banking options and you can still run some local debit orders if you want.

Bonus is, last time I checked they charge a very low fee for non ZAR transactions if you use your card abroad.

 

[killerbyte]

best "expat" bank is capitec TBH.

Low fees, super simple banking options and you can still run some local debit orders if you want.

Bonus is, last time I checked they charge a very low fee for non ZAR transactions if you use your card abroad.

This.
I use my Capitec account as the destination for my remittance.
I send money back to pay off some debts and child support. Sometimes there is a little left in the account and I use the card this side of the world. No issues at all.

 

[whatwhat]

and to send money out of SA? They can support that? Since I have unit trusts I need to cash out and transfer out, and I can already see the sea of **** that would FNB.

 

[killerbyte]

and to send money out of SA? They can support that? Since I have unit trusts I need to cash out and transfer out, and I can already see the sea of **** that would FNB.

I would have thought that you'd have to cash out your unit trusts before becoming a non-tax resident.

I am awaiting my status to be updated. Its been a week since I sent in the docs.

 

[whatwhat]

I would have thought that you'd have to cash out your unit trusts before becoming a non-tax resident.

I am awaiting my status to be updated. Its been a week since I sent in the docs.

It took about a week for mine to change and another 2 days to get the PIN.

No need to cash out the unit trusts, they do a CGT flush at the point when you are non-resident. For me it was backdated 7 years. From that point on, it's tax free in South Africa if you cash it out (unless the unit trust is in immovale property) and you are expected to declare this as income in whatever country you are resident in.

 

[JayM]

I changed my SARS status to non tax resident, which means my FNb account was changed from private to expat as well.

SARS have refunded me my tax I paid this year, as the status change happened after i submitted my tax, since i didn’t know hope long it would take for the stuff to change.

Now FNB is not releasing the refund and say they need statement of income for it. However, i cannot get any response from them for almost a week as to what they actually need or what do to. Just the auto emailer. Their service suite only responds 3 hours later, which is useless as I am in a very different time zone and the app notifications don’t work.

Any suggestions on what to do? Anyone dealt with similar issues that can provide ideas?

This is interesting. Did you tell FNB or did they just automatically do it?

Some forum members here seem to still have their normal FNB account years after after emigrating and ceasing tax residency.

 

[whatwhat]

This is interesting. Did you tell FNB or did they just automatically do it?

Some forum members here seem to still have their normal FNB account years after after emigrating and ceasing tax residency.

I told them. Since i thought it was the right thing to do.

Wouldn’t have done it if i knew what i know now.

 

[JayM]

I told them. Since i thought it was the right thing to do.

Wouldn’t have done it if i knew what i know now.

Roger that. Others on the forum have even been able to update their address to a foreign address and FNB allowed it.