Standard Bank: all you need to know before open an account
Standard Bank is one of the largest and oldest banks in Africa, with a global presence and operations focused on the sustainable development of the continent.
This long history is full of milestones that you will follow in this content that will cover from its foundation to the present day, and show why you should open an account at this bank. Check it out.
History of Standard Bank and its services
Standard Bank is a banking group that provides financial services to individuals, companies, institutions and corporations in Africa and worldwide.
The group is headquartered in South Africa and operates in 20 African countries, in addition to having offices in other continents, such as Europe, America and Asia.
Its foundation was in 1862, in the city of Port Elizabeth, South Africa, by a group of British businessmen who wanted to finance trade between Europe and Africa.
The bank grew quickly and expanded into other African countries such as Angola, Mozambique, Nigeria and Kenya.
Over the years, Standard Bank has diversified its services and adapted to political, economic and social changes in Africa.
Today, the bank offers solutions for different segments and needs, such as retail banking, investment banking, credit cards, asset management, insurance and social investments.
What are the advantages of using Standard Bank?
Using Standard Bank has many advantages for you and your wallet. See some of them:
- Experience: Standard Bank has over 150 years of history and knowledge of the African market. The bank has a solid reputation and a long-term strategic vision for the continent.
- Innovation: it constantly invests in technology and innovation to offer faster, safer and more convenient services to its customers. The bank has online and mobile solutions that allow transactions anytime, anywhere.
- Diversity: it offers a variety of services to meet your financial needs. You can open an account in one of the three main currencies – dollars, pounds and euros – and have access to products such as deposits, loans, investments, foreign exchange and international remittances.
- Sustainability: Standard Bank is committed to the sustainable development of Africa and the world. The bank supports social, environmental and economic projects that contribute to improving the quality of life of people and ecosystems.
Standard Bank compared to other options on the market
Standard Bank stands out from other market options as an international bank with a strong presence in Africa.
In addition, it has competitive advantages over its main direct competitors:
Local banks:
Local banks can have advantages such as physical proximity and cultural knowledge of customers.
However, they may have limitations in offering services, transaction security and geographic coverage.
In addition, they may be subject to political or economic instability in the countries where they operate.
Global banks:
As for global banks, these may have advantages such as diversity of services, transaction security and geographic coverage.
However, as it is an international service, it can offer high costs, excessive bureaucracy and lack of customization of services.
Not to mention that these banks do not have the same knowledge and commitment to the African market that Standard Bank has.
Digital platforms:
Finally, digital platforms may have advantages such as practicality, speed and low cost of services, but fail to provide security, solidity and variety of services.
Furthermore, they may not offer the same support and service that Standard Bank does for customers in Africa.
Step by step to open a Standard Bank account
Now that you know the story and the advantages, how about opening your Standard Bank account?
The process is very easy, just follow these steps:
- Access the website: the first step is to access the Standard Bank International1 website and choose the country where you want to open your account. You can see the available country and currency options on the homepage of the site.
- Choose your product: after choosing the country, you can see the products offered by Standard Bank for that market. You can choose between checking accounts, savings accounts, time deposits, investments and other services. You can see the features, benefits and requirements of each product on the website.
- Make your application: after choosing your product, you can make your application online through the website. You need to fill in a form with your personal, financial and tax details. You also need to upload some supporting documents like ID, proof of address and proof of income. The process is fast and secure, and you can track the status of your application on the website.
- Receive your account: after making your application, you need to wait for approval from Standard Bank. The time may vary depending on the product and country chosen, but it is usually a few working days. Once approved, you receive an email with your account details such as number, password and debit card.
Now you are ready to go to your Standard Bank account and enjoy all its benefits.
Got any questions? Go to the Standard Bank website and check out all the financial services offered by the institution.
We hope this information has been very useful to you.
Thank you very much for reading us.
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