Cash is close at hand
South Africa has an extremely sophisticated banking system with very high levels of infrastructure. SA banks are world leaders in technology, including full-service internet banking. In 1996, SA Banks ranked 6th out of 46 countries in the World Competitiveness Report.
Automatic Teller Machines (ATM’s) are widely used and largely replace the need to enter banking halls The network of ATM’s is extensive, located adjacent to banks, in shopping malls and petrol service stations. In secure environments, such as the latter, they are open 24 hours a day although in some city centre locations they have limited times of operation.
Care needs to be exercised when using ATM’s or when carrying cash. Don’t accept offers of help because you may find your card is switched or your infomration skimmed. Ensure that others cannot see your PIN code when you enter it. If the ATM does not return your card, notify the bank immediately. Card fraud worldwide is very sophisticated.
ATM’s accept transactions for American Express, Diners Club, Mastercard and Visa credit cards as well as Maestro and Visa Electron debit cards.
The major commercial banking groups in SA are Absa Bank, FNB, Nedcor and Standard Bank. They have correspondents in most major cities around the world, and transactions can be negotiated in all leading currencies.
The SA Reserve Bank is responsible for formulating and implementing monetary and credit policy It also supervises banks, administers the foreign exchange reserves, issues currency, and acts as banker and financial agent of the Government.
Banking hours for the public:
Monday - Friday: 08h30/09h00-15h30.
Saturday: 08h00/09h00-11h00.
Certain banks at major tourist destinations, eg V&A Waterfront and Cape Town International Airport, provide extended service hours.
Hotels, large shops, restaurants, etc. accept travellers cheques and credit cards, and many will also accept major foreign currencies. The rates of exchange are usually displayed.
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