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How to do Bank Verification in South Africa
How to do Bank Verification in South Africa
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Written by Developers
Updated over a week ago

Note: This document is for South African users only.

It is important to obtain KYC Level 3 - Bank verification as an essential requirement for us to reduce the risk of unauthorized access and safeguard your funds.

As a regulated financial service, Remitano is required to align with all international regulatory standards of FAFT (The Financial Action Task Force) or Basel. Therefore, KYC verification helps us to ensure that we are providing our service to legitimate customers.

By completing the KYC Level 3 – Bank Verification, you are able to access additional benefits, including higher transaction limits and advanced security features against financial fraud.

If your account verification level is at level 3, it is mandatory for you to complete the Bank Verification process. Failure to do so by July 19th will lead to a downgrade of your account to level 2. For users at other levels, we strongly advise you to also complete the bank verification to enhance the security of your account.

To complete your Level 3 KYC verification, follow the instruction we've included below.

Bank Verification

Step 1: Accessing the Bank Verification Page

Bank verification is the level 3 verification in the Remitano KYC process, which means to verify your bank account, you need to complete the first 2 levels of the KYC process, including Phone Verification and Document Verification.

  • Log in to your account and navigate to the KYC dashboard.

  • In the KYC dashboard, locate the Level 3 verification section.

  • If the Level 3 verification is pending, click on the provided link to proceed to the Bank Verification page.

Step 2: Input Bank Account Details

On the Bank Verification page, you will find a form requesting your bank account details.

Fill in the required information:

a. Bank Name: Select your bank from the dropdown menu.

b. Bank Account Number: Enter your bank account number in the provided textbox.

Once you have entered both fields, click on the "Continue" button to proceed to the next step.

Step 3: Upload Bank Account Ownership Proof

  • In this step of the bank verification process, you need to provide proof of bank account ownership.

  • Click the "Upload" control on the screen.

  • A file explorer, please choose your bank proof ownership file. It could be an image.

  • After the upload is finished, click on the "Submit" button.

  • You will be redirected to a screen displaying a message stating that your bank account verification is under review.

Congratulations! You have completed the bank verification process. Our system will now review your bank account details and ownership proof. Please allow sufficient time for the verification process to be completed. It may take up to 24 hours. Once the review is finished, you will be notified of the results via email or within your account dashboard.

How to find your bank ownership proof

You can typically obtain an official document called a bank account confirmation letter/proof of account or by accessing your bank's mobile or online banking application. Here is a guideline to help you navigate the process:

  1. Contact your bank: Reach out to your bank's customer service through the appropriate channel. This can be via phone, email, or by visiting a branch in person. Check your bank's website for the preferred method of contact.

  2. Request a bank account confirmation letter: Inform the bank representative that you require a bank account confirmation letter. Provide any necessary details, such as your account number, full name, and contact information and follow the instructions and steps from the bank to get your proof.

Alternatively, if your bank offers mobile or online banking services, you may be able to access a proof of account document or statement through their banking app or website. Here's how you can proceed:

  1. Log in to the banking app and navigate to account information: Once logged in, locate the section of the app that provides account information or statements. The specific location and terminology may vary depending on your bank's app design.

  2. Generate a proof of account: Look for an option to generate a proof of account or account statement. Select the appropriate account if you have multiple accounts with the bank and download proof of account to ensure it contains the necessary details, such as your name, account number, and date of confirmation, please note that we only accept the newest date of confirmation in your proof.

Here are some guidelines for getting a bank account confirmation letter/ Proof of Account from popular banks in ZA:

Ọr you can record the mobile screen when you log in to the banking application, choose the tab “My Profile” or Other tabs that show your personal detail (Mandatory to include: Name, ID number, and Phone number) and submit for our review.

Remember to consult your bank's customer service or refer to their website for any specific instructions or requirements related to obtaining proof of ownership. The exact procedures may vary depending on the bank and country of operation, and you can contact our CS team for your reference!

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